Civeo Corporation (NYSE:CVEO) defied analyst predictions to release its quarterly results, which were ahead of market expectations. It was overall a positive result, with revenues beating expectations by 9.4% to hit US$189m. Civeo also reported a statutory profit of US$0.56, which was an impressive 140% above what the analysts had forecast. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.

View our latest analysis for Civeo

After the latest results, the consensus from Civeo's three analysts is for revenues of US$678.9m in 2024, which would reflect a small 4.3% decline in revenue compared to the last year of performance. Statutory earnings per share are forecast to plunge 87% to US$0.31 in the same period. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$666.0m and earnings per share (EPS) of US$0.14 in 2024. There was no real change to the revenue estimates, but the analysts do seem more bullish on earnings, given the sizeable expansion in earnings per share expectations following these results.

The consensus price target was unchanged at US$32.00, implying that the improved earnings outlook is not expected to have a long term impact on value creation for shareholders. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Civeo analyst has a price target of US$33.00 per share, while the most pessimistic values it at US$31.00. Even so, with a relatively close grouping of estimates, it looks like the analysts are quite confident in their valuations, suggesting Civeo is an easy business to forecast or the the analysts are all using similar assumptions.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Civeo's past performance and to peers in the same industry. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 8.4% by the end of 2024. This indicates a significant reduction from annual growth of 8.3% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 6.6% per year. It's pretty clear that Civeo's revenues are expected to perform substantially worse than the wider industry.