Q2 2024 Civeo Corp Earnings Call Transcript
Key Points
- Civeo Corp (CVEO) reported an increase in second-quarter 2024 revenues and free cash flow year-over-year.
- The Australian segment showed strong performance with a 10% increase in adjusted EBITDA compared to the second quarter of 2023.
- Civeo Corp (CVEO) returned $10.3 million of capital to shareholders through dividends and share repurchases in the second quarter of 2024.
- The company maintained its full-year 2024 revenue and adjusted EBITDA guidance, indicating confidence in its financial outlook.
- Civeo Corp (CVEO) experienced growth in its Australian Integrated Services business due to recent competitive wins and expansion of existing customer relationships.
- The Canadian segment experienced a year-over-year decrease in revenues and adjusted EBITDA due to the wind-down of LNG-related mobile camp activity.
- The daily room rate for the Canadian segment decreased from $100 to $96 year-over-year, impacting revenue.
- Civeo Corp (CVEO) faced a $6.9 million decrease in adjusted EBITDA due to the expected headwind from Canadian LNG mobile camp activity.
- The company anticipates more modest results in the latter half of 2024 for Canada due to the shift of customer turnaround activity.
- Wildfires in Western Canada posed a potential risk, although no material financial impact was anticipated at the time of the call.
Ladies and gentlemen, good morning and welcome to the Civeo Corporation second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Regan Nielsen, Vice President, Corporate Development and Investor Relations. Please go ahead.
Thank you, and welcome to Civeo's second-quarter 2024 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer; and Barclay Brewer, Civeo's Interim Chief Financial Officer and Treasurer.
Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything other than historical information, please note that we're relying on the Safe Harbor protections afforded by federal law.
Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our Forms 10-K,
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