Civeo Corp. (CVEO), a workforce accommodations specialist, Thursday announced net loss for the fourth quarter, compared to profit in the prior year. The result reflects a decline in revenue as well as higher operating costs and expenses.
Shares of Civeo are dropping in pre-market trading.
The fourth quarter net loss was $15.07 million, compared to profit of $23.03 million last year.
Loss per share for the quarter was $1.10, versus earnings per share of $1.57 prior year.
Revenue declined to $150.95 million from $170.80 million last year's quarter.
Looking ahead to the full year of 2025, Civeo expects revenues of $630.0 million to $660.0 million, Adjusted EBITDA of $80.0 million to $90.0 million and capital expenditures of $25.0 million to $30.0 million.
The company noted that the Canadian business continued to face headwinds in the oil sands region, compounded by economic and political uncertainty. Further, the company added, the lower level of customer spending is expected to continue as producers in the region remain focused on reducing operating costs.
Civeo said the recently announced Australian asset acquisition will be completed by the end of the second quarter of 2025.
In the pre-market trading, Civeo is 4.89% lesser at $25.65 on the New York Stock Exchange.
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