Civitas Solutions (CIVI) Misses Q2 EPS by 71c; offers outlook

Civitas Solutions (NYSE: CIVI) reported Q2 EPS of $2.06, $0.71 worse than the analyst estimate of $2.77. Revenue for the quarter came in at $1.31 billion versus the consensus estimate of $1.35 billion.

2024 Outlook Enhanced Through Lower Capex and Higher Volumes

Civitas continues to find innovative ways to safely reduce well costs and enhance production. Recent accomplishments have led to a $50 million reduction in 2024 capital investment plans, with the Company\'s new full-year 2024 capital guidance being $1.85 - $1.95 billion.

Full-year 2024 expected sales volumes were increased to the upper half of the Company\'s original range, now expected between 335 and 345 MBoe/d. The increase in total sales volumes represents a 3% increase at the midpoint from original guidance, after adjusting for asset sales. Civitas reiterated its expectation for full-year oil volumes. Third quarter total volumes and oil are anticipated to be higher than the second quarter, with increases expected in both the Permian Basin and DJ Basin.

For earnings history and earnings-related data on Civitas Solutions (CIVI) click here.

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