We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Covanta Holding (CVA) Q3 Earnings Beat Estimates, Up Y/Y
Read MoreHide Full Article
Covanta Holding Corporation posted third-quarter 2019 operating earnings of 10 cents per share, which beat the Zacks Consensus Estimate of 4 cents by 150%. The company incurred a loss of 21 cents in the year-ago quarter.
The year-over-year upside reflects solid operations as well as a strong waste market.
Revenues
In the quarter under review, the company's revenues amounted to $465 million, in line with the Zacks Consensus Estimate. The top line increased 2% on a year-over-year basis. The uptick can be attributed to higher Waste and service revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding’s total operating expenses were $421 million, down 7.3% year over year.
Interest expenses amounted to $36 million, slightly down from the year-ago quarter’s level of $37 million.
Financial Condition
The company had cash and cash equivalents of $65 million as of Sep 30, 2019 compared with $58 million as of Dec 31, 2018.
Long-term debt amounted to $2,457 million as of Sep 30 compared with $2,327 million as of Dec 31, 2018.
Net cash provided by operating activities in the first nine months of 2019 was $112 million, down from $147 million in the year-ago period.
Guidance
Covanta Holding maintained its forecast for 2019 adjusted EBITDA in the range of $420-$445 million and free cash flow in the band of $120-$145 million.
NextEra Energy Partners, LP (NEP - Free Report) incurred third-quarter 2019 loss of $1.21 per unit against the Zacks Consensus Estimate of earnings of 62 cents.
Upcoming Releases
Clearway Energy, Inc. (CWEN - Free Report) is scheduled to report third-quarter 2019 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at 71 cents per share.
Evergy Inc. (EVRG - Free Report) is scheduled to report third-quarter 2019 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at $ 1.60.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Image: Bigstock
Covanta Holding (CVA) Q3 Earnings Beat Estimates, Up Y/Y
Covanta Holding Corporation posted third-quarter 2019 operating earnings of 10 cents per share, which beat the Zacks Consensus Estimate of 4 cents by 150%. The company incurred a loss of 21 cents in the year-ago quarter.
The year-over-year upside reflects solid operations as well as a strong waste market.
Revenues
In the quarter under review, the company's revenues amounted to $465 million, in line with the Zacks Consensus Estimate. The top line increased 2% on a year-over-year basis. The uptick can be attributed to higher Waste and service revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation price-consensus-eps-surprise-chart | Covanta Holding Corporation Quote
Operational Update
Covanta Holding’s total operating expenses were $421 million, down 7.3% year over year.
Interest expenses amounted to $36 million, slightly down from the year-ago quarter’s level of $37 million.
Financial Condition
The company had cash and cash equivalents of $65 million as of Sep 30, 2019 compared with $58 million as of Dec 31, 2018.
Long-term debt amounted to $2,457 million as of Sep 30 compared with $2,327 million as of Dec 31, 2018.
Net cash provided by operating activities in the first nine months of 2019 was $112 million, down from $147 million in the year-ago period.
Guidance
Covanta Holding maintained its forecast for 2019 adjusted EBITDA in the range of $420-$445 million and free cash flow in the band of $120-$145 million.
Zacks Rank
Covanta Holding currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Release
NextEra Energy Partners, LP (NEP - Free Report) incurred third-quarter 2019 loss of $1.21 per unit against the Zacks Consensus Estimate of earnings of 62 cents.
Upcoming Releases
Clearway Energy, Inc. (CWEN - Free Report) is scheduled to report third-quarter 2019 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at 71 cents per share.
Evergy Inc. (EVRG - Free Report) is scheduled to report third-quarter 2019 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at $ 1.60.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>