Stonegate Capital Partners Updates Coverage on Civeo Corporation CVEO 2024 Q3
DALLAS, TX -- October 31st, 2024 -- Civeo Corporation CVEO: Stonegate Capital Partners updates their coverage on Civeo Corporation. Civeo has consistently generated positive free cash flow every year since 2014 and continues to do so. In 3Q24, CVEO produced $28.3M in FCF, building on the $30.9M achieved in 2Q24. This quarter's FCF, while slightly lower than the previous quarter, still represents a strong performance. CVEO remains optimistic about maintaining positive free cash flow and has updated its full-year 2024 guidance, raising the low end to its guidance range from $45.0M to $50.0M, increasing the midpoint from $52.5M to $55.0M as the high end of guidance was maintained at $60.0M. We note that this consistent generation of cash flow not only highlights Civeo's solid financial health but also reflects its strategic commitment to enhancing shareholder returns.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- The Australian segment continues to deliver strong growth, with revenues up 33% on a year-over-year basis.
- Announced a 33-month contract renewal with a major Canadian oil sands producer through June 2027 with expected revenues totaling approximately C$150 million.
- CVEO tightened its full-year 2024 guidance with revenue projected to range from $675M to $700M and adjusted EBITDA between $83M and $88M.
Click image above to view full announcement.
Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
Source: Stonegate, Inc.
Distributed by: Reportable, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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