Civeo Corp. (NYSE: CVEO) reported its fourth-quarter earnings Thursday after the markets closed as $0.19 in earnings per share (EPS) and $219.7 million in revenue. That was against Thomson Reuters consensus estimates of $0.13 in EPS and $205.07 million in revenue. Civeo may have beat estimates, but things are not looking up.

The company reaffirmed its guidance for the first quarter as $160 million to $175 million in revenue, and for the full year as $520 million to $560 million in revenue. The consensus estimates call for $164.45 million in revenue for the first quarter and $550.73 million for the full year.

A little background on Civeo: The company provides workforce accommodations for workers in oil fields and other locales. The company services the Canadian oil sands and Australian mining and natural resource regions. Ideally, this company could be seen as a barometer at these locations of how the markets for oil and other basic materials are faring.

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Back to earnings: Nearly $43 million was invested in capital expenditures during the fourth quarter of 2014. The capital spending during the quarter was primarily directed at the Canadian business, which included the initial construction of the McClelland Lake lodge, as well as routine capital maintenance spending in Canada and Australia.

As of the end of the fourth quarter, Civeo had total liquidity of approximately $685.5 million, comprising $422.2 million available under its credit facilities and $263.3 million of cash on hand. Note that the company’s market cap is only about $308 million.

Bradley Dodson, president and chief executive of Civeo, commented on earnings:

Given the challenging market environment, we are pleased to have generated results at the upper end of our guidance for the fourth quarter 2014. We expect conditions to remain difficult in 2015, and our focus is on capturing as much occupancy as possible. Management is focused on further reducing our cost structure and maintaining a prudent approach to capital spending.

Despite landing earnings on the upper end of its guidance, this guidance was severely lowered back in December due to falling oil prices, which was the result of major oil companies cutting back on their capital expenditures and exploration in Canada. At the same time, Civeo suspended its quarterly dividend of $0.13.

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It is worth noting that this was a $25 stock as far back as September, when it jumped off a cliff to about $12, and then again at the end of December from $8 to around $3.

Shares of Civeo were down 17.3% at $2.91 in Friday morning’s trading. The stock has a consensus analyst price target of $4.50 and a 52-week trading range of $2.66 to $28.40.

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