Civeo (CVEO) Misses Q1 EPS by 11c; offers guidance

Civeo (NYSE: CVEO) reported Q1 EPS of ($0.42), $0.11 worse than the analyst estimate of ($0.31). Revenue for the quarter came in at $167.6 million versus the consensus estimate of $156.94 million.

GUIDANCE:

Civeo sees FY2023 revenue of $630-650 million, versus the consensus of $645.5 million.

For the full year of 2023, 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. The increase in capital expenditure guidance is entirely driven by our previously announced contract win in Australia where the customer has requested specific upgrades to three Australian villages. These upgrades will be fully funded by the customer upfront; therefore, the Company is not changing its 2023 free cash flow guidance

For earnings history and earnings-related data on Civeo (CVEO) click here.

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