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Covanta Holding (CVA) Q2 Earnings Lag, Revenues Top Estimates
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Covanta Holding Corporation incurred second-quarter 2019 loss of 16 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 9 cents. The company reported a loss of 24 cents in the year-ago quarter.
Revenues
In the quarter under review, the company's revenues amounted to $467 million, which beat the Zacks Consensus Estimate of $463 million by 0.9%. Also, the top line increased 2.8% on a year-over-year basis. The upside was driven by higher Waste and service revenues.
Operational Update
Covanta Holding’s total adjusted operating expenses were $457 million, down 3.2% year over year.
Interest expenses amounted to $36 million, flat year over year.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Clearway Energy, Inc. (CWEN - Free Report) is expected to release second-quarter 2019 earnings on Aug 6. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 40 cents.
Occidental Petroleum Corporation (OXY - Free Report) is expected to release second-quarter 2019 earnings on Jul 31. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 95 cents.
EOG Resources Inc (EOG - Free Report) is expected to report second-quarter 2019 earnings on Aug 1. The Zacks Consensus Estimate for the quarter to be reported is pegged at $1.39.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time. See 7 breakthrough stocks now>>
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Covanta Holding (CVA) Q2 Earnings Lag, Revenues Top Estimates
Covanta Holding Corporation incurred second-quarter 2019 loss of 16 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 9 cents. The company reported a loss of 24 cents in the year-ago quarter.
Revenues
In the quarter under review, the company's revenues amounted to $467 million, which beat the Zacks Consensus Estimate of $463 million by 0.9%. Also, the top line increased 2.8% on a year-over-year basis. The upside was driven by higher Waste and service revenues.
Operational Update
Covanta Holding’s total adjusted operating expenses were $457 million, down 3.2% year over year.
Interest expenses amounted to $36 million, flat year over year.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation price-consensus-eps-surprise-chart | Covanta Holding Corporation Quote
Financial Condition
The company had cash and cash equivalents of $102 million as of Jun 30, 2019 compared with $58 million as of Dec 31, 2018.
Long-term and project debt amounted to $2,446 million as of Jun 30 compared with $2,327 million as of Dec 31, 2018.
Net cash provided by operating activities in the first six months of 2019 was $87 million, up from $63 million in the year-ago period.
Guidance
Covanta Holding expects 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 #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Clearway Energy, Inc. (CWEN - Free Report) is expected to release second-quarter 2019 earnings on Aug 6. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 40 cents.
Occidental Petroleum Corporation (OXY - Free Report) is expected to release second-quarter 2019 earnings on Jul 31. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 95 cents.
EOG Resources Inc (EOG - Free Report) is expected to report second-quarter 2019 earnings on Aug 1. The Zacks Consensus Estimate for the quarter to be reported is pegged at $1.39.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>