Civeo Corporation (NYSE:CVEO) is a company that provides housing and hospitality services for workers in remote locations, often serving natural resource industries. Before the market opened, Civeo announced its first-quarter financial results, which showed better-than-expected performance in both earnings and revenue, signaling a strong start to the year for the company.
The company reported a quarterly loss per share of $0.34. This figure is a significant improvement over the Zacks Consensus Estimate, which had predicted a larger loss of $0.61 per share. It also shows progress compared to the same quarter a year ago, when the company recorded a loss of $0.72 per share.
Civeo also surpassed revenue expectations, bringing in $172.67 million. This amount was 11.61% higher than the consensus estimate of $154.70 million. The performance also represents strong year-over-year growth compared to the $144.00 million in revenues from the first quarter of the previous year, as reported by Zacks.
Company leadership attributes the strong results to operational discipline. As highlighted by Business Wire, CEO Bradley J. Dodson stated that "disciplined execution powered our strong start to the year." Growth was driven by contributions from new acquisitions in Australia and higher occupancy with cost savings in Canada, allowing the company to continue returning capital to shareholders.
From a valuation standpoint, Civeo has a negative price-to-earnings (P/E) ratio of -28.07, which indicates the company had a net loss over the last year. However, its current ratio of 1.88 suggests it has enough current assets to cover its short-term debts, while its debt-to-equity ratio stands at 1.41.
