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HOUSTON - On Friday, Civeo Corporation (NYSE:CVEO) reported a third-quarter net loss of $0.5 million, or $0.04 per share, falling short of analyst expectations of $0.21 per share. Revenue came in at $170.5 million, slightly below the consensus estimate of $173.54 million.
The accommodation services provider’s quarterly revenue declined 3.3% YoY from $176.3 million in the same period last year. Despite the revenue drop, the company’s Adjusted EBITDA improved to $28.8 million, up from $18.8 million in the third quarter of 2024, driven by cost-cutting initiatives in Canada and growth in its Australian operations.
"Our third quarter consolidated results exhibited our operational and strategic efforts with continued growth in Australia and improved cost structure in Canada," said Bradley J. Dodson, Civeo’s President and Chief Executive Officer.
The company’s Australian segment generated revenues of $124.5 million, a 7% increase YoY, while the Canadian segment saw revenues decline to $46 million from $57.7 million in the prior-year period. Despite lower Canadian revenues, cost-cutting measures implemented since late 2024 helped drive gross margin expansion in the region.
During the quarter, Civeo repurchased approximately 1.05 million common shares for $26.2 million, representing about 8% of its outstanding shares as of June 30, 2025. Year-to-date, the company has returned approximately $52 million to shareholders.
Civeo narrowed its full-year 2025 guidance, now expecting revenue between $640 million and $655 million and Adjusted EBITDA between $86 million and $91 million. The company maintained its capital expenditure guidance of $20 million to $25 million for the year.
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