Civeo Q2 revenue rises 11%, beats analyst estimates

Overview

• Hospitality services provider's Q2 revenue rose 11% yr/yr, beating analyst expectations

• Company posted Q2 net loss of $2.5 mln, narrower than prior year

• Civeo issued $115 mln in convertible notes and repurchased 660,297 shares for $22.3 mln after quarter-end

Outlook

• Civeo maintains 2026 revenue guidance of $675 mln to $700 mln

• Company maintains 2026 Adjusted EBITDA guidance of $85 mln to $90 mln

• Civeo expects Canada operations to deliver about 20% revenue growth in H2 2026

Result Drivers

• INTEGRATED SERVICES GROWTH - Increased integrated services activity in both Australia and Canada contributed to higher revenue

• STRONGER AUSTRALIAN DOLLAR - Favorable currency movement boosted Australian segment revenue and Adjusted EBITDA

• HIGHER CANADIAN OCCUPANCY - Higher occupancy and a new integrated services contract in Ontario drove Canadian revenue growth, though start-up costs weighed on profitability

Company press release: ID:nBw43f8Fja

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "strong buy"

• The average consensus recommendation for the real estate rental, development operations peer group is "buy."

• Wall Street's median 12-month price target for Civeo Corp is $38.00, about 16.9% above its July 29 closing price of $32.50

Reuters Recommended Reads

• July 29 - Canada's FLINT Q2 revenue rises 37% on contract wins

• July 29 - Canada's Precision Drilling Q2 revenue tops estimates on higher rig activity

• July 29 - Patterson-UTI Energy Q2 revenue rises on higher drilling activity

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)