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Covanta Holding Corporation reported earnings of 9 cents per share for fourth-quarter 2020, surpassing the Zacks Consensus Estimate of a cent by 800%. Meanwhile, the bottom line was in line with the year-ago quarter’s tally.
Revenues
In the quarter under review, revenues amounted to $491 million, beating the Zacks Consensus Estimate of $487.5 million by 0.7%. The top line also improved 1.2% year over year, primarily owing to higher waste and service, and energy revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
At the end of 2020, the company’s adjusted EBITDA came in at $424 million, down 0.9% from $428 million at 2019 end.
In the reported quarter, Covanta Holding’s total operating expenses summed $478 million, up 8.4% year over year due to higher plant operating expenses.
Interest expenses were $33 million, down 5.7% from the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $55 million as of Dec 31, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,396 million as of Dec 31, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities in 2020 was $254 million, higher than $226 million in 2019.
2021 Outlook
The company estimated 2021 guidance for adjusted EBITDA in the range of $435-$465 million. Also, it expects free cash flow in the range of $100-$140 million.
Ormat Technologies, Inc. (ORA - Free Report) is slated to release fourth-quarter 2020 earnings on Feb 24. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 34 cents.
Other Releases
NextEra Energy Partners, LP (NEP - Free Report) delivered earnings of 85 cents per unit in the fourth quarter of 2020, beating the Zacks Consensus Estimate of 38 cents by 123.6%.
FuelCell Energy, Inc. (FCEL - Free Report) incurred fourth-quarter fiscal 2020 operating loss of 8 cents per share, wider than the Zacks Consensus Estimate of a loss of 7 cents.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Covanta Holding (CVA) Q4 Earnings & Revenues Beat Estimates
Covanta Holding Corporation reported earnings of 9 cents per share for fourth-quarter 2020, surpassing the Zacks Consensus Estimate of a cent by 800%. Meanwhile, the bottom line was in line with the year-ago quarter’s tally.
Revenues
In the quarter under review, revenues amounted to $491 million, beating the Zacks Consensus Estimate of $487.5 million by 0.7%. The top line also improved 1.2% year over year, primarily owing to higher waste 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 2020, the company’s adjusted EBITDA came in at $424 million, down 0.9% from $428 million at 2019 end.
In the reported quarter, Covanta Holding’s total operating expenses summed $478 million, up 8.4% year over year due to higher plant operating expenses.
Interest expenses were $33 million, down 5.7% from the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $55 million as of Dec 31, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,396 million as of Dec 31, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities in 2020 was $254 million, higher than $226 million in 2019.
2021 Outlook
The company estimated 2021 guidance for adjusted EBITDA in the range of $435-$465 million. Also, it expects free cash flow in the range 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.
Upcoming Release
Ormat Technologies, Inc. (ORA - Free Report) is slated to release fourth-quarter 2020 earnings on Feb 24. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 34 cents.
Other Releases
NextEra Energy Partners, LP (NEP - Free Report) delivered earnings of 85 cents per unit in the fourth quarter of 2020, beating the Zacks Consensus Estimate of 38 cents by 123.6%.
FuelCell Energy, Inc. (FCEL - Free Report) incurred fourth-quarter fiscal 2020 operating loss of 8 cents per share, wider than the Zacks Consensus Estimate of a loss of 7 cents.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>