• Total Revenue: $176.3 million for the third quarter.

• Net Loss: $5.1 million or $0.36 per diluted share.

• Adjusted EBITDA: $18.8 million for the third quarter.

• Operating Cash Flow: $35.7 million for the third quarter.

• Free Cash Flow: $28.3 million for the third quarter.

• Australian Segment Revenue: $116.6 million, up 33% from the previous year.

• Australian Segment Adjusted EBITDA: $22.5 million, up 19% from the previous year.

• Canadian Segment Revenue: $57.7 million, down from $95.1 million in the previous year.

• Canadian Segment Adjusted EBITDA: $3.4 million, down from $23.2 million in the previous year.

• Net Debt: $32.2 million as of September 30, 2024.

• Liquidity: Approximately $212 million as of September 30, 2024.

• Capital Expenditures: $7.5 million for the third quarter.

• Share Repurchases: Approximately 515,000 shares for $14.2 million in the third quarter.

• Dividend: $0.25 per share declared for shareholders of record as of November 25, 2024.

• Full-Year 2024 Revenue Guidance: $675 million to $700 million.

• Full-Year 2024 Adjusted EBITDA Guidance: $83 million to $88 million.

• Full-Year 2024 Capital Expenditure Guidance: $30 million to $35 million.

• Full-Year 2024 Free Cash Flow Guidance: $50 million to $60 million.

• Warning! GuruFocus has detected 7 Warning Signs with CVEO.

Release Date: October 30, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Australia's adjusted EBITDA increased by 19% from the third quarter of 2023, driven by strong performance in owned villages and integrated services.

• Civeo Corp (NYSE:CVEO) announced a 33-month contract renewal with a major Canadian oil sands producer, expected to generate CAD150 million in revenue.

• The company returned $17.8 million to shareholders through dividends and share repurchases in the third quarter.

• Civeo Corp (NYSE:CVEO) has tightened its full-year 2024 revenue and adjusted EBITDA guidance, indicating confidence in financial performance.

• The Australian segment showed significant growth, with revenues up 33% year-over-year, supported by increased customer demand and competitive wins.

Negative Points

• The Canadian segment experienced a decline in revenues and adjusted EBITDA due to the wind-down of LNG-related activities and wildfire-related disruptions.

• Civeo Corp (NYSE:CVEO) reported a net loss of $5.1 million for the third quarter of 2024.

• The Canadian segment's billed rooms decreased significantly year-over-year, impacted by wildfires and the sale of McClelland Lake Lodge.

• The company faced challenges in Canada with lower than expected performance due to external factors like wildfires.

• Civeo Corp (NYSE:CVEO) anticipates a sequential decline in billed rooms in Canada for the fourth quarter due to seasonal factors and previous disruptions.