Civeo Q2 revenue $185M, net income $9.1M; raises FY2022 guidance; wins $500M contract renewal

Civeo Corp

2022-Q2 EPS reported $0.60 revenue$350,632,000

Q2 revenue $185.0M (up 20% YoY); net income $9.1M vs net loss $0.5M; diluted EPS $0.54.
Adjusted EBITDA $37.1M, up from $32.2M; free cash flow $17.6M vs $13.7M.
Net leverage ratio reduced to 1.18x from 1.40x; total debt $154.6M, down $23.3M since Q1.
Awarded 12-year Wapasu Lodge renewal with ~C$500M guaranteed take-or-pay; new 5-year South Australia contract for A$120M.
FY2022 guidance raised: revenue $660-675M, Adjusted EBITDA $95-105M, capex $24-29M.

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