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Covanta Holding (CVA) Q2 Loss Narrows, Revenues Beat Mark
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Covanta Holding Corporation incurred second-quarter 2018 loss of a penny per share, narrower than the Zacks Consensus Estimate of a loss of 10 cents by 90%. The second quarter loss was also narrower than the year-ago quarter’s loss of 22 cents.
Revenues
In the quarter under review, Covanta Holding’s revenues logged $454 million, beating the Zacks Consensus Estimate of $452 million by 0.8%. Also, the top line improved 7.1% on a year-over-year basis.
Covanta Holding Corporation Price, Consensus and EPS Surprise
In the reported quarter, Covanta Holding’s total adjusted operating expenses were $472 million, up16.8% year over year.
Interest expenses were $36 million, up 2.9% year over year.
Financial Condition
Covanta Holding had cash and cash equivalents of $39 million as of Jun 30, 2018 compared with $46 million as of Dec 31, 2017.
Long-term and project debt was $2,432 million as of Jun 30, 2018 compared with $2,490 million as of Dec 31, 2017.
Net cash from operating activities at the end of the first half of 2018 was $63 million, higher than $27 million in the year-ago period.
In the first half of 2018, the company’s total capital expenditure was $130 million compared with $152 million in the prior-year period.
Guidance
Covanta Holding reaffirms its adjusted EBITDA view of $425-$455 million for 2018 and cash available for distribution (CAFD) in the range of $70-$100 million.
Ormat Technologies, Inc. (ORA - Free Report) is scheduled to report second-quarter 2018 results on Aug 7. The company has an Earning ESP of +3.38% and a Zacks Rank #2.
Eclipse Resources Corporation is scheduled to report second-quarter 2018 results on Aug 1. The company has an Earning ESP of +30.55% and a Zacks Rank #1.
Nustar Energy L.P. (NS - Free Report) is scheduled to report second-quarter 2018 results on Aug 7. The company has an Earning ESP of +29.29% and a Zacks Rank of 1.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Covanta Holding (CVA) Q2 Loss Narrows, Revenues Beat Mark
Covanta Holding Corporation incurred second-quarter 2018 loss of a penny per share, narrower than the Zacks Consensus Estimate of a loss of 10 cents by 90%. The second quarter loss was also narrower than the year-ago quarter’s loss of 22 cents.
Revenues
In the quarter under review, Covanta Holding’s revenues logged $454 million, beating the Zacks Consensus Estimate of $452 million by 0.8%. Also, the top line improved 7.1% on a year-over-year basis.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation Price, Consensus and EPS Surprise | Covanta Holding Corporation Quote
Operational Update
In the reported quarter, Covanta Holding’s total adjusted operating expenses were $472 million, up16.8% year over year.
Interest expenses were $36 million, up 2.9% year over year.
Financial Condition
Covanta Holding had cash and cash equivalents of $39 million as of Jun 30, 2018 compared with $46 million as of Dec 31, 2017.
Long-term and project debt was $2,432 million as of Jun 30, 2018 compared with $2,490 million as of Dec 31, 2017.
Net cash from operating activities at the end of the first half of 2018 was $63 million, higher than $27 million in the year-ago period.
In the first half of 2018, the company’s total capital expenditure was $130 million compared with $152 million in the prior-year period.
Guidance
Covanta Holding reaffirms its adjusted EBITDA view of $425-$455 million for 2018 and cash available for distribution (CAFD) in the range of $70-$100 million.
Zacks Rank
Covanta Holding currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Ormat Technologies, Inc. (ORA - Free Report) is scheduled to report second-quarter 2018 results on Aug 7. The company has an Earning ESP of +3.38% and a Zacks Rank #2.
Eclipse Resources Corporation is scheduled to report second-quarter 2018 results on Aug 1. The company has an Earning ESP of +30.55% and a Zacks Rank #1.
Nustar Energy L.P. (NS - Free Report) is scheduled to report second-quarter 2018 results on Aug 7. The company has an Earning ESP of +29.29% and a Zacks Rank of 1.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>