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10-Q - Civeo Corp (0001590584) (Filer)

Wed, Oct 30, 5:43 PM (14 days ago)

Civeo Corporation (CVEO) reported a challenging third quarter for 2024, with net losses of $5.1 million, or $0.36 per share, compared to net income of $9.0 million in the same period last year. Total revenues fell 4% to $176.3 million, primarily due to decreased mobile asset activity and lower occupancy in Canadian lodges, exacerbated by the sale of the McClelland Lake Lodge. The Australian segment, however, saw a 33% revenue increase driven by heightened activity in the Bowen Basin. Operating income plummeted to $44,000 from $16 million, reflecting rising costs in Australia and reduced efficiencies in Canada. Cash flow from operations improved to $74 million, supporting liquidity, which stood at $211.8 million as of September 30, 2024. The company anticipates 2024 capital expenditures of $30-$35 million. Despite ongoing uncertainties in commodity prices and economic conditions, Civeo's management remains focused on strategic growth and operational efficiency to navigate market challenges.