Civeo (CVEO) Reports In-Line Q1 Loss; Guides Q3, FY16
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Civeo (NYSE: CVEO) reported Q1 EPS of ($0.13), in-line with the analyst estimate of ($0.13). Revenue for the quarter came in at $107 million versus the consensus estimate of $99.3 million.
THIRD QUARTER AND FULL YEAR 2016 GUIDANCE
For the third quarter of 2016, the Company expects revenues of $93 million to $99 million and Adjusted EBITDA of $18 million to $21 million. For the full year 2016, the Company expects revenues of $390 million to $400 million and Adjusted EBITDA of $74 million to $82 million. (Please see a reconciliation to GAAP measures at the end of this news release.)
The commercial decision on a pending LNG Canada project in British Columbia for which the Company was awarded an accommodations construction contract in early May has been delayed; meanwhile, Civeo and its partner, Bird Construction, will continue preliminary planning and engineering work for the new lodge facility. The Company remains optimistic that multiple liquefied natural gas projects that are in the planning stages in British Columbia represent strong growth opportunities for Civeo longer term.
For earnings history and earnings-related data on Civeo (CVEO) click here.
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