Q3 2024 Civeo Corp Earnings Call Transcript
Key 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 (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 (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.
- 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 (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 (CVEO) anticipates a sequential decline in billed rooms in Canada for the fourth quarter due to seasonal factors and previous disruptions.
Greetings, and welcome to the Civeo Corporation third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Regan Nielsen, Vice President, Corporate Development and Investor Relations. Thank you, sir. You may begin.
Thank you, and welcome to Civeo's third quarter 2024 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer; and Collin Gerry, Civeo's Chief Financial Officer and Treasurer.
Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything other than historical information, please note that we're relying on the safe harbor protections afforded by federal law. Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our
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