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.
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.
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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.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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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.
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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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