|Over a week ago|
Civeo announces 1-for-12 reverse share split » 16:3111/0911/09/20
Civeo Corporation announced that its Board of Directors has approved the implementation of a 1-for-12 reverse share split of the Company's common shares. The Company's shareholders previously approved a proposal authorizing the Board of Directors to implement the reverse share split at the 2020 annual meeting. The 1-for-12 reverse share split will be effective as of 5:00 p.m. Eastern Time on November 19, 2020, and the Company's Common Shares will begin trading on a split-adjusted basis at the market opening on November 20, 2020. Civeo's Common Shares will continue to trade on the NYSE under the symbol "CVEO."
Civeo raises FY20 revenue view to $515M-$520M from $476M-$486M » 06:4710/2810/28/20
Consensus for 2020…
Consensus for 2020 revenue is $483.8M. Raises 2020 Adjusted EBITDA to $100M-$105M from $80M-$85M. Sees its 2020 capital expenditure less than $15M.
Civeo reports Q3 EPS 3c, consensus (5c) » 06:4410/2810/28/20
Reports Q3 revenue…
Reports Q3 revenue $142.9M, one estimate $115.5M. "In Australia, our customers' activity in the metallurgical coal and iron ore markets continues to drive occupancy, contract awards and renewals. We are pleased today to announce four two-year contract renewals through our Action Catering business in Western Australia," stated CEO Bradley Dodson. "We were also very pleased to complete the amendment and eighteen month extension to our credit agreement and appreciate the continued support of our key bank partners. The revised agreement affords the Company additional time to pursue our financial objectives of focusing on free cash flow generation and debt reduction while we explore longer term debt capital solutions. Despite the COVID-19 and oil price-related disruptions this year in Canada, we experienced a sequential increase in billed rooms across a majority of our lodges in Q3. While our oil sands customers' production and turnaround activity was not back to 2019 levels, we are encouraged by the recovery from Q2 lows. Q3 results exhibited the business' free cash flow generation ability, allowing us to further reduce our aggregate leverage and better position the company for the future. While we are expecting seasonally reduced billed rooms sequentially in Q4 in both Canada and Australia due to holiday downtime, we are cautiously optimistic that the positive trends experienced in the Q3 will continue into 2021."
|Over a quarter ago|
Civeo sees 2020 revenue $476M-$486M, consensus $422.8M » 06:3707/2907/29/20
Sees 2020 Adjusted EBITDA…
Sees 2020 Adjusted EBITDA $80M-$85M. This guidance is based on our expectations as of the date hereof and assumes no material changes to the current macro environment, or conditions related to the COVID-19 pandemic and the responses thereto. Maintains its 2020 capital expenditure guidance of approximately $15M.
Civeo reports Q2 EPS 3c with items, consensus (10c) » 06:3607/2907/29/20
Q2 EPS includes 3c per…
Q2 EPS includes 3c per share associated with the settlement of a representations and warranties claim related to the Noralta acquisition. Reports Q2 revenue $114.7M, consensus $89.2M. CEO Bradley Dodson commented, "While keeping our customers and guests safe, we were able to address our cost structure quickly in North America as occupancy and activity decreased swiftly in March and April. With a strong market position in Canada, we were able to capture the majority of the occupancy in our target markets, allowing us to generate positive operational contributions. Our differentiating exposure to the Australian natural resources industry also benefited the company as occupancy and profitability continued to improve in that region. Q2's solid performance was highlighted by a 44% year-over-year increase in our Australian segment's Adjusted EBITDA. In total, despite the significant decline in oil prices and related decline in Canadian occupancy, we continued to generate strong free cash flow and reduce our leverage ratio. Looking forward, we expect occupancy in Canada to improve modestly in the second half of 2020 compared to the Q2 run rate, and we expect continued strength in our Australian operations. Overall our focus remains the same: continue to operate safely, maximize cash flow generation and reduce debt."
Civeo reports Q1 EPS (87c), consensus (7c) » 06:5905/0705/07/20
Reports Q1 revenue…
Reports Q1 revenue $138.8M, consensus $135.6M. Q1 loss results in part from $144.1M in costs associated with goodwill and asset impairments. CEO Bradley Dodson stated, "Civeo made progress on our key strategic initiatives in 2019, and that momentum carried into January and February of 2020. Despite the economic disruption and subdued activity in March in North America, the company still delivered improved year-over-year financial and operational results for Q1, highlighted by the reduction of our leverage ratio to 2.54x on March 31, from 2.98x on December 31, 2019. We expect that the remainder of 2020 will bring reduced EBITDA; however, we believe the company's diversified geographic and commodity end market footprint, coupled with our relentless focus on positive free cash flow generation, will help us manage through this period of uncertainty."
Civeo withdraws FY20 guidance, announces cost cutting measures » 06:3104/1404/14/20
Civeo announced that, due…
Civeo announced that, due to uncertainty associated with the COVID-19 pandemic and the recent decline in oil prices, the Company is withdrawing its previously announced 2020 guidance. Due to lower oil prices and the economic disruption caused by COVID-19, Civeo expects its profitability in 2020 to be negatively impacted and has implemented initial cost containment initiatives including (1) salary and total compensation reductions of between 10% to 20% for the Board, executive leadership team and other senior management, (2) headcount reduction in North America of 25% in the last month, and (3) cutting expected 2020 capital spending by approximately 25%. Civeo is focused on maintaining its balance sheet and liquidity position despite the challenging market environment. As of March 31, the company had total debt outstanding of approximately $315M, down from $359M at year end, and liquidity of over $125M under its credit facility.
Civeo receives noncompliance notification from NYSE » 07:4403/3103/31/20
Civeo announced that the…
Civeo announced that the company was notified by the NYSE of its noncompliance with continued listing standards because the average closing price of its common shares over a consecutive 30-day trading period had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE. In response to the letter, Bradley Dodson, Civeo's president and CEO, stated, "The spread of COVID-19 has taken its toll on the global economy in recent weeks and, coupled with the oil price war between Saudi Arabia and Russia, has resulted in a collapse of oil prices. The confluence of events has created unprecedented downward pressure on energy industry stocks, particularly for small-cap companies with operations in the U.S. and Canada such as Civeo. Our shares have traded below $1.00 per share for a period of time long enough for the NYSE to issue a non-compliance notice. In response, the Company's Board of Directors is reviewing available alternatives to return to compliance with the NYSE continued listing standards. At the Company's annual meeting of shareholders currently scheduled for May 2020, the Company's Board of Directors intends to seek approval from shareholders that would allow Civeo to effect a reverse share split, if needed, to cure the listing standard deficiency."
Civeo sees FY20 revenue $560.0M-$576.0M, consensus $582.95M » 06:0802/2702/27/20
Sees FY20 EBITDA…
Sees FY20 EBITDA $100.0M-$108.0M, CapEx $18.0M-$22.0M.
Civeo sees Q1 revenue $139.5M-$143.5M, consensus $131.7M 06:0702/2702/27/20