Civeo Reports Mixed Q2 Results, Maintains FY21 Outlook

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  • Civeo Corp CVEO reported second-quarter FY21 revenue growth of 35% year-on-year, to $154.2 million, beating the analyst consensus of $132.79 million.
  • The revenue increase was primarily due to a significant rise in billed rooms in the oil sands lodges and Canadian mobile camp activity.
  • Canada segment sales rose 57% Y/Y to $83.3 million, the Australian segment increased 12% to $64 million, and that of the U.S. rose 48% to $6.9 million.
  • The operating margin was 1.4%, and operating income for the quarter was $2.1 million.
  • The company held $4.4 million in cash and equivalents as of June 30, 2021. Net cash provided by operating activities totaled $29.4 million for the six months.
  • Adjusted EBITDA improved 14.6% to $32.2 million.
  • Loss per share was $(0.03), versus EPS of $0.37 last year.
  • "In Canada, we are encouraged and thankful for the rapid decline of COVID-19 cases after the strong third wave occurred in April, and as a result, customer activity in the Canadian oil sands and pipeline work continued to strengthen," said CEO Bradley J. Dodson.
  • Outlook: Civeo maintained its revenue guidance of $555 million - $580 million, versus the consensus of $554.96 million.
  • Adjusted EBITDA outlook of $90 million - $100 million is unchanged.
  • Price action: CVEO shares are trading lower by 1.14% at $21.61 on the last check Friday.
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