Stonegate Capital Partners has updated its coverage on Civeo Corporation (NYSE: CVEO), emphasizing the company's fourth-quarter performance and forward guidance. For the quarter, Civeo reported revenue of $161.6 million and adjusted EBITDA of $21.7 million, compared to Stonegate's estimates of $168.9 million and $21.6 million, respectively, and consensus estimates of $170.2 million in revenue and $21.2 million in EBITDA. The year-over-year EBITDA increase was driven by continued strength in Australia and the benefits of cost-cutting initiatives in Canada.
Operating cash flow for the quarter reached $19.3 million, while capital expenditures totaled $4.8 million, primarily allocated to maintenance of lodges and villages. The company ended the quarter with net debt of $168.4 million, a net leverage ratio of 1.9x, and liquidity of approximately $90.4 million. These metrics underscore Civeo's solid financial position and ability to generate cash flow.
Stonegate noted that Australia drove results, while Canadian cost actions supported margin recovery and stronger incremental profitability. Management guided for fiscal year 2026 revenue in the range of $650 million to $700 million and EBITDA between $85 million and $90 million, implying stable-to-improving fundamentals. Capital returns remain a central focus: Phase 1 of the share buyback program is approximately 95% complete, and Phase 2 adds an additional 10% of shares authorized for repurchase.
For more details, Stonegate Capital Partners provided a full announcement including downloadable images and bios. The research highlights Civeo's strategic positioning in the workforce accommodations sector, with operations in Australia and Canada serving the natural resources industry.
The update from Stonegate Capital Partners, which provides investor relations and equity research services, offers investors a comprehensive view of Civeo's recent performance and outlook. The company's ability to maintain EBITDA growth amid varying market conditions reflects its operational efficiency and strategic cost management. With a clear focus on shareholder returns through buybacks, Civeo demonstrates confidence in its future cash flow generation.
