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Covanta Holding's (CVA) Q3 Earnings & Revenues Beat Mark
Covanta Holding Corporation posts third-quarter earnings of 22 cents per share, outperforming the Zacks Consensus Estimate of 18 cents by 22.2%. The bottom line also surged from the year-ago quarter’s tally by 450%.
Revenues
In the quarter under review, revenues amounted to $539 million, beating the Zacks Consensus Estimate of $516 million by 4.5%. The top line also improved 9.8% year over year, primarily owing to higher waste, energy and materials sales 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
In the third quarter, the company’s adjusted EBITDA came in at $169 million, up 32% from $128 million in the prior-year quarter.
In the reported quarter, Covanta Holding’s total operating expenses summed $465 million, up 5.4% year over year.
Interest expenses were $31 million, down 3.1% from the prior-year quarter’s reading.
Financial Condition
Covanta Holding had cash and cash equivalents of $54 million as of Sep 30, 2021 compared with $55 million as of Dec 31, 2020.
Long-term debt was $2,338 million as of Sep 30, 2021 compared with $2,396 million as of Dec 31, 2020.
Net cash provided by operating activities in the first nine months of 2021 was $247 million, higher than $191 million in the comparable period of last year.
Deal Update
Covanta Holding’s decision to sell all its shares to EQT Infrastructure received shareholder approval on Oct 12. The deal is expected to close by this year-end, contingent onfinal regulatory approvals. The company’s UK construction and commissioning activities are also moving ahead per plans.
Zacks Rank
Covanta Holding currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Release
NextEra Energy Partners, LP (NEP - Free Report) reported earnings of 24 cents per unit for third-quarter 2021, lagging the Zacks Consensus Estimate of 64 cents by 62.5%.
Upcoming Results
Evergy Inc. (EVRG - Free Report) is scheduled to release third-quarter 2021 results on Nov 3, 2021. The Zacks Consensus Estimate for earnings per share is pegged at $1.68.
Clearway Energy, Inc. (CWEN - Free Report) is scheduled to announce third-quarter 2021 results on Nov 4. The Zacks Consensus Estimate for earnings per share is pegged at 70 cents.