2023-07-28 06:36:58 ET
- CVEO press release ( NYSE: CVEO ): Q2 GAAP EPS of $0.30 misses by $0.01 .
- Revenue of $178.8M (-3.3% Y/Y) beats by $5.21M .
- During the second quarter of 2023, Civeo produced operating cash flow of $19.4 million, Adjusted EBITDA of $31.6 million and free cash flow of $12.9 million.
- During the second quarter of 2023, Civeo invested $6.9 million in capital expenditures compared to $5.1 million invested during the second quarter of 2022.
- Civeo reported a net leverage ratio of 1.2x as of June 30, 2023.
- Outlook: For the full year of 2023, Civeo is increasing the lower end of its previously provided revenue and Adjusted EBITDA guidance ranges. The revised revenue and Adjusted EBITDA guidance ranges are $640 million to $650 million and $90 million to $95 million, respectively. The Company is decreasing full year 2023 capital expenditure guidance to a range of $35 million to $40 million.
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CVEO reports mixed Q2 earnings; updates FY23 outlook