The following is a summary of the Civeo Corporation (CVEO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Civeo generated Q1 2024 total revenues of $166.1 million accompanied by a GAAP net loss of $5.1 million or $0.35 per diluted share.
The company saw an adjusted EBITDA of $17.3 million.
Revenues from the Australian segment increased to $91.7 million from $77 million in Q1 2023, with adjusted EBITDA increasing by 43%.
The Canadian segment recorded a decline in revenues to $67.2 million from $89.5 million in Q1 2023, and adjusted EBITDA decreased from $12 million to $5.5 million.
Civeo repurchased approximately 133,000 shares for a total of $3.2 million and declared a cash dividend of $0.25 per share.
Business Progress:
First quarter and the full year outlook for 2024 were reported to be in line with the company's expectations.
Adjusted EBITDA grew by 43% in the Australia segment in Q1 2024 due to successful initiatives in owned-villages and increased contract wins.
Canadian segment revenues and adjusted EBITDA decreased due to the planned wind down of LNG-related activities.
The company aims to continue returning capital to shareholders via dividends and shares repurchases, providing potential returns to investors.
Civeo maintains its full-year 2024 revenue, and adjusted EBITDA guidance and expects the Australian integrated services business to reach $500 million in revenue by 2027.
More details: Civeo IR
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