Civeo Q3 revenues rise 8.5% to $155.1M but net income falls to $0.1M; raises FY guidance lower end

Civeo Corp

2021-Q3 EPS reported -$0.73 revenue$434,669,000

Q3 revenues $155.1M vs $142.9M YoY; net income $0.1M ($0.00 diluted EPS) vs $6.5M ($0.39) in Q3 2020.
Adjusted EBITDA $26.2M vs $36.0M YoY; free cash flow $31.0M vs $34.4M.
Canadian segment Adj EBITDA $19.8M (down from $21.3M, lacked prior $3.6M CEWS); Australian Adj EBITDA $14.8M (down 31% YoY) due to higher labor costs.
Total debt reduced to $195.2M; net leverage 1.86x. Raised FY2021 revenue guidance to $570-$580M and Adj EBITDA to $95-$100M.
Board authorized share repurchase of up to 5% (~715,000 shares) over 12 months; completed credit facility refinancing to Sept 2025.

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