Covanta Holding Corporation delivered fourth-quarter 2019 earnings of 9 cents per share, which beat the Zacks Consensus Estimate of earnings of 7 cents by 28.6%. The figure also increased 28.6% on a year-over-year basis.
Revenues
In the quarter under review, Covanta Holding’s revenues amounted to $485 million. The figure beat the Zacks Consensus Estimate of $479 million by 1.3%. However, the top line declined 3% on a year-over-year basis.
In 2019, the company posted revenues of $1,870 million, up 0.1% from $1,868 million in 2018.
Operational Update
In the reported quarter, Covanta Holding’s total adjusted operating expenses amounted to $441 million, flat year over year.
Interest expenses were $35 million, up 3% from $34 million in the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $37 million as of Dec 31, 2019 compared with $58 million as of Dec 31, 2018.
Long-term and project debt was $2,491 million as of Dec 31, 2019 compared with $2,460 million as of Dec 31, 2018.
Net cash from operating activities at the end of 2019 was $226 million, lower than $238 million in 2018.
Guidance
Covanta Holding projects 2020 adjusted EBITDA in the range of $415-$445 million and free cash flow in the band of $100-$140 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.
Other Oil & Energy Releases
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per share against the Zacks Consensus Estimate of a loss of 5 cents.
Murphy Oil Corporation (MUR - Free Report) reported fourth-quarter 2019 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%.
Panhandle Oil & Gas (PHX - Free Report) came out with quarterly earnings of 23 cents per share against the Zacks Consensus Estimate of a loss of 1 cent.
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Covanta Holding Corporation delivered fourth-quarter 2019 earnings of 9 cents per share, which beat the Zacks Consensus Estimate of earnings of 7 cents by 28.6%. The figure also increased 28.6% on a year-over-year basis.
Revenues
In the quarter under review, Covanta Holding’s revenues amounted to $485 million. The figure beat the Zacks Consensus Estimate of $479 million by 1.3%. However, the top line declined 3% on a year-over-year basis.
In 2019, the company posted revenues of $1,870 million, up 0.1% from $1,868 million in 2018.
Operational Update
In the reported quarter, Covanta Holding’s total adjusted operating expenses amounted to $441 million, flat year over year.
Interest expenses were $35 million, up 3% from $34 million in the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $37 million as of Dec 31, 2019 compared with $58 million as of Dec 31, 2018.
Long-term and project debt was $2,491 million as of Dec 31, 2019 compared with $2,460 million as of Dec 31, 2018.
Net cash from operating activities at the end of 2019 was $226 million, lower than $238 million in 2018.
Guidance
Covanta Holding projects 2020 adjusted EBITDA in the range of $415-$445 million and free cash flow in the band of $100-$140 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.
Other Oil & Energy Releases
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per share against the Zacks Consensus Estimate of a loss of 5 cents.
Murphy Oil Corporation (MUR - Free Report) reported fourth-quarter 2019 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%.
Panhandle Oil & Gas (PHX - Free Report) came out with quarterly earnings of 23 cents per share against the Zacks Consensus Estimate of a loss of 1 cent.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
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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