NEW YORK (TheStreet) -- Shares of Civeo (CVEO) - Get Report were falling 13.8% to $3.04 Friday despite the business service company's fourth quarter results which beat analysts' estimates for earnings and revenue.
Civeo reported earnings of 19 cents a share for the fourth quarter, above analysts' estimates of 13 cents a share for the quarter. Revenue fell 15% year over year to $219.7 million for the quarter, beating analysts' estimates of $205.07 million.
The company said it expects revenue of $160 million to $175 million for the first quarter, compared to analysts' estimates of $164.45 million for the quarter. Civeo revised its full year 2015 revenue guidance to a range $520 million to $560 million, compared to analysts' estimates of $550.73 million.
"Given the challenging market environment, we are pleased to have generated results at the upper end of our guidance for the fourth quarter 2014," President and CEO Bradley J. Dodson said. "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."