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Mar 31, 2023
Civeo Q1 2023 Earnings Report
Civeo's financial results for Q1 2023 were reported, with revenues of $167.6 million and a net loss of $6.4 million.
Key Takeaways
Civeo reported first quarter revenues of $167.6 million and a net loss of $6.4 million, impacted by typical seasonality and inflationary pressures. The company is maintaining its full year 2023 revenue and Adjusted EBITDA guidance.
Reported first quarter revenues of $167.6 million, net loss of $6.4 million and operating cash flow of $0.4 million.
Delivered first quarter Adjusted EBITDA of $20.2 million.
Continued to return capital to shareholders through the share repurchase program.
Announced five contract awards to provide accommodations and hospitality services at various Civeo Australia villages with expected total revenues of A$175 million spanning 2023-2028.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Civeo is maintaining its previously provided revenue and Adjusted EBITDA guidance ranges of $630 million to $650 million and $85 million to $95 million, respectively. The Company is increasing full year 2023 capital expenditure guidance to a range of $45 million to $50 million.
Positive Outlook
- Revenue guidance maintained between $630 million and $650 million.
- Adjusted EBITDA guidance maintained between $85 million and $95 million.
- Customer requested upgrades to three Australian villages
- Upgrades will be fully funded by the customer upfront
- 2023 free cash flow guidance unchanged
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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