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Covanta Holding's (CVA) Q4 Earnings & Revenues Beat Estimates

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Covanta Holding Corporation (CVA - Free Report) 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.

Covanta Holding Corporation Price, Consensus and EPS Surprise

 

Covanta Holding Corporation Price, Consensus and EPS Surprise

Covanta Holding Corporation price-consensus-eps-surprise-chart | Covanta Holding Corporation Quote

 

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 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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