Civeo Announces Third Quarter 2024 Earnings Conference Call
Earnings Conference Call Announcement: Civeo Corporation has scheduled its third quarter 2024 earnings conference call for October 30, 2024, at 10:00 a.m. Central Time, where they will discuss financial results released earlier that day.
Company Overview: Civeo is a hospitality services provider with significant operations in the Canadian oil sands and Australian natural resource sectors, managing 24 lodges and villages with approximately 26,000 rooms, along with additional services at customer-owned locations.
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Civeo Appoints New Directors to Enhance Governance Structure
- Board Expansion: Civeo has appointed Jeffrey B. Scofield and Daniel B. Silvers to its Board, temporarily increasing the number of directors to 11, aiming to enhance governance by introducing experienced voices.
- Strategic Cooperation Agreement: This appointment aligns with a cooperation agreement with Engine Capital, indicating the company's commitment to fostering closer relationships with shareholders to drive long-term value creation.
- Expertise Integration: Scofield brings over 20 years of experience in natural resource investment management, while Silvers' expertise in capital allocation and corporate governance will significantly support Civeo's strategic execution.
- Future Governance Commitment: Civeo emphasizes its ongoing commitment to board refreshment to ensure rigorous governance practices, thereby enhancing the long-term interests of all shareholders.
Civeo Corp Reports Smaller Q3 Loss, Falls Short of Expectations
Earnings Performance: Civeo Corp reported a loss of -$0.46 million, or -$0.04 per share, which is an improvement from last year's loss of -$5.09 million, or -$0.36 per share.
Revenue Decline: The company's revenue decreased by 3.3% to $170.49 million compared to $176.34 million in the same quarter last year.
Analyst Expectations: The reported earnings missed analysts' expectations, which had forecasted a profit of $0.05 per share.
Overall Financial Summary: Civeo's financial results indicate a reduction in losses year-over-year, but a decline in revenue and failure to meet market expectations.
