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Civeo (NYSE: CVEO) continues to demonstrate strong financial performance in Q3 2024, generating $28.3M in free cash flow, following $30.9M in Q2. The company has raised its full-year 2024 FCF guidance range to $50.0M-$60.0M, up from $45.0M-$60.0M. Notable achievements include a 33% year-over-year revenue growth in the Australian segment and a significant 33-month contract renewal with a major Canadian oil sands producer valued at approximately C$150 million through June 2027. The company has also updated its 2024 guidance, projecting revenue between $675M-$700M and adjusted EBITDA of $83M-$88M.
Civeo (NYSE: CVEO) continua a dimostrare una forte performance finanziaria nel terzo trimestre del 2024, generando $28.3M in flusso di cassa libero, dopo i $30.9M del secondo trimestre. L’azienda ha aumentato la sua guidance per l’intero anno 2024 per il flusso di cassa libero a $50.0M-$60.0M, rispetto ai precedenti $45.0M-$60.0M. Tra i risultati notevoli si segnala una crescita del fatturato del 33% anno su anno nel segmento australiano e un’importante rinnovazione di contratto di 33 mesi con un grande produttore di sabbie bituminose canadese, del valore di circa C$150 milioni fino a giugno 2027. L’azienda ha anche aggiornato la sua previsione per il 2024, prevedendo un fatturato compreso tra $675M-$700M e un EBITDA rettificato di $83M-$88M.
Civeo (NYSE: CVEO) continúa demostrando un sólido rendimiento financiero en el tercer trimestre de 2024, generando $28.3M en flujo de caja libre, tras los $30.9M del segundo trimestre. La compañía ha elevado su rango de guía de flujo de caja libre para todo el año 2024 a $50.0M-$60.0M, desde $45.0M-$60.0M. Entre los logros notables se incluye un crecimiento del 33% en los ingresos interanuales en el segmento australiano y una renovación de contrato significativa de 33 meses con un importante productor de arenas bituminosas canadiense valorada en aproximadamente C$150 millones hasta junio de 2027. La empresa también ha actualizado su guía para 2024, proyectando ingresos entre $675M-$700M y un EBITDA ajustado de $83M-$88M.
Civeo (NYSE: CVEO)는 2024년 3분기에 강력한 재무 성과를 계속해서 보여주었으며, 2분기의 $30.9M에 이어 $28.3M의 자유 현금 흐름을 창출했습니다. 회사는 2024년 전체 연도 자유 현금 흐름 전망 범위를 $50.0M-$60.0M로 상향 조정했으며, 이전의 $45.0M-$60.0M에서 증가했습니다. 눈에 띄는 성과로는 호주 부문에서 전년 대비 33%의 매출 성장과 2027년 6월까지 약 C$150 million 규모의 주요 캐나다 오일 샌드 생산업체와 33개월 계약 갱신이 포함됩니다. 또한, 회사는 2024년 매출 전망을 업데이트하여 $675M-$700M의 매출과 $83M-$88M의 조정 EBITDA를 예상했습니다.
Civeo (NYSE: CVEO) continue de montrer de solides performances financières au troisième trimestre 2024, générant $28.3M de flux de trésorerie libre, après $30.9M au deuxième trimestre. L’entreprise a relevé sa fourchette de prévisions de flux de trésorerie libre pour l’année 2024 à $50.0M-$60.0M, contre $45.0M-$60.0M précédemment. Parmi les résultats notables, on trouve une croissance des revenus de 33% d’une année sur l’autre dans le segment australien et un renouvellement de contrat significatif de 33 mois avec un important producteur canadien de sables bitumineux, d’une valeur d’environ C$150 millions jusqu’en juin 2027. L’entreprise a également mis à jour ses prévisions pour 2024, projetant des revenus entre $675M-$700M et un EBITDA ajusté de $83M-$88M.
Civeo (NYSE: CVEO) zeigt weiterhin eine starke finanzielle Leistung im dritten Quartal 2024, mit einem freien Cashflow von $28.3M, nach $30.9M im zweiten Quartal. Das Unternehmen hat seine Prognose für den freien Cashflow für das Gesamtjahr 2024 auf $50.0M-$60.0M angehoben, im Vergleich zu zuvor $45.0M-$60.0M. Zu den bemerkenswerten Erfolgen gehört ein Umsatzwachstum von 33% im Jahresvergleich im australischen Segment und eine bedeutende 33-monatige Vertragsverlängerung mit einem großen kanadischen Öl-Sand-Produzenten im Wert von ca. C$150 Millionen bis Juni 2027. Das Unternehmen hat auch seine Prognose für 2024 aktualisiert und rechnet mit einem Umsatz zwischen $675M-$700M und einem bereinigten EBITDA von $83M-$88M.
Positive
- Generated strong Q3 2024 free cash flow of $28.3M
- 33% year-over-year revenue growth in Australian segment
- Secured C$150M contract renewal with major Canadian oil sands producer through June 2027
- Raised low end of 2024 FCF guidance from $45M to $50M
- Projected 2024 revenue of $675M-$700M with adjusted EBITDA of $83M-$88M
Negative
- Q3 2024 FCF slightly decreased from $30.9M in Q2 to $28.3M
Insights
The Q3 update reveals significant financial strength for Civeo. The company’s consistent free cash flow generation remains impressive, with $28.3M in Q3 and $30.9M in Q2. The raised guidance floor to $50M FCF for 2024 demonstrates management’s growing confidence in operational performance.
The new Canadian contract renewal, valued at approximately C$150M, provides substantial revenue visibility through mid-2027. Combined with 33% year-over-year revenue growth in Australia and tightened full-year guidance of $675M-700M in revenue and $83M-88M in adjusted EBITDA, CVEO’s financial outlook appears robust.
The company’s ability to maintain strong cash flows while securing long-term contracts positions it well for continued stability and potential shareholder returns.
Dallas, Texas–(Newsfile Corp. – November 5, 2024) – Civeo Corporation (NYSE: CVEO) Stonegate Capital Partners updates their coverage on Civeo Corporation. Civeo has consistently generated positive free cash flow every year since 2014 and continues to do so. In 3Q24, CVEO produced $28.3M in FCF, building on the $30.9M achieved in 2Q24. This quarter’s FCF, while slightly lower than the previous quarter, still represents a strong performance. CVEO remains optimistic about maintaining positive free cash flow and has updated its full-year 2024 guidance, raising the low end to its guidance range from $45.0M to $50.0M, increasing the midpoint from $52.5M to $55.0M as the high end of guidance was maintained at $60.0M. We note that this consistent generation of cash flow not only highlights Civeo’s solid financial health but also reflects its strategic commitment to enhancing shareholder returns.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- The Australian segment continues to deliver strong growth, with revenues up 33% on a year-over-year basis.
- Announced a 33-month contract renewal with a major Canadian oil sands producer through June 2027 with expected revenues totaling approximately C$150 million.
- CVEO tightened its full-year 2024 guidance with revenue projected to range from $675M to $700M and adjusted EBITDA between $83M and $88M.
Click image above to view full announcement.
About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
Source: Stonegate, Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228961
FAQ
What was Civeo ‘s (CVEO) free cash flow in Q3 2024?
Civeo generated $28.3M in free cash flow during Q3 2024.
What is CVEO’s updated free cash flow guidance for 2024?
CVEO raised its 2024 FCF guidance range to $50.0M-$60.0M, increasing the midpoint to $55.0M.
What was the value and duration of CVEO’s recent Canadian contract renewal?
CVEO secured a 33-month contract renewal with a major Canadian oil sands producer worth approximately C$150 million, extending through June 2027.
What is Civeo’s revenue guidance for 2024?
Civeo projects 2024 revenue to range between $675M and $700M with adjusted EBITDA between $83M and $88M.
