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Covanta Holding Corporation reported earnings of 4 cents per share for third-quarter 2020. The Zacks Consensus Estimate was of a loss of 3 cents per share. However, the bottom line plunged 60% on a year-over-year basis.
Revenues
In the quarter under review, revenues amounted to $491 million, beating the Zacks Consensus Estimate of $465 million by 5.6%. The top line improved year over year, primarily owing to higher water and service, and energy revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
At the end of the third quarter, the company’s adjusted EBITDA came in at $128 million, up 2.4% from the year-ago quarter's $125 million.
In the reported quarter, Covanta Holding’s total operating expenses summed $441 million, up 4.8% year over year on higher plant operating expenses.
Interest expenses were $32 million, down 11.1% from $36 million in the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $34 million as of Sep 30, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,417 million as of Sep 30, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of the first nine months of 2020 was $191 million, higher than $112 million at the end of the first nine months of 2019.
WPX Energy, Inc. is slated to release third-quarter 2020 earnings on Nov 2. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 6 cents.
Ormat Technologies, Inc. (ORA - Free Report) is slated to release third-quarter 2020 earnings on Nov 3. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 24 cents.
Evergy Inc. (EVRG - Free Report) is scheduled to release third-quarter 2020 results on Nov 5. The Zacks Consensus Estimate for the period’s earnings per share is pegged at $1.65.
Have You Seen Zacks’ 2020 Election Stock Report?
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The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
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Covanta Holding (CVA) Q3 Earnings & Revenues Beat Estimates
Covanta Holding Corporation reported earnings of 4 cents per share for third-quarter 2020. The Zacks Consensus Estimate was of a loss of 3 cents per share. However, the bottom line plunged 60% on a year-over-year basis.
Revenues
In the quarter under review, revenues amounted to $491 million, beating the Zacks Consensus Estimate of $465 million by 5.6%. The top line improved year over year, primarily owing to higher water and service, and energy revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation price-consensus-eps-surprise-chart | Covanta Holding Corporation Quote
Highlights of the Release
At the end of the third quarter, the company’s adjusted EBITDA came in at $128 million, up 2.4% from the year-ago quarter's $125 million.
In the reported quarter, Covanta Holding’s total operating expenses summed $441 million, up 4.8% year over year on higher plant operating expenses.
Interest expenses were $32 million, down 11.1% from $36 million in the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $34 million as of Sep 30, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,417 million as of Sep 30, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of the first nine months of 2020 was $191 million, higher than $112 million at the end of the first nine months of 2019.
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
WPX Energy, Inc. is slated to release third-quarter 2020 earnings on Nov 2. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 6 cents.
Ormat Technologies, Inc. (ORA - Free Report) is slated to release third-quarter 2020 earnings on Nov 3. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 24 cents.
Evergy Inc. (EVRG - Free Report) is scheduled to release third-quarter 2020 results on Nov 5. The Zacks Consensus Estimate for the period’s earnings per share is pegged at $1.65.
Have You Seen Zacks’ 2020 Election Stock Report?
The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
Check out Zacks’ 2020 Election Stock Report >>