Covanta Holding (CVA) Posts Narrower-Than-Expected Loss in Q2
Covanta Holding Corporation CVA reported a loss of 10 cents per share for second-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 19 cents. The figure also compares favorably with the loss of 16 cents a year ago.
In the quarter under review, Covanta Holding’s revenues amounted to $454 million. The top line beat the Zacks Consensus Estimate of $450 million by 0.9%. However, the samedipped 2.8% on a year-over-year basis, primarily due to lower water and service revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Highlights of the Release
At the end of the second quarter, the company’s adjusted EBITDA came in at $96 million, up 2.1% from the year-ago quarter's $94 million.
In the reported quarter, Covanta Holding’s total operating expenses summed $436 million, down 4.6% year over year on lower plant operating expenses.
Interest expenses were $34 million, down 5.6% from $36 million in the prior-year quarter.
Covanta Holding had cash and cash equivalents of $39 million as of Jun 30, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,387 million as of Jun 30, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of the first half of 2020 was $155 million, higher than $87 million at the end of the first half of 2019.
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.
Bloom Energy Corporation BE reported second-quarter 2020 loss of 38 cents per share, narrower than the Zacks Consensus Estimate of a loss of 59 cents.
WPX Energy Inc.’s WPX second-quarter 2020 earnings of 12 cents per share beat the Zacks Consensus Estimate by a whopping 500%.
TOTAL SE TOT delivered second-quarter 2020 operating earnings of 2 cents (€0.02) per share. The Zacks Consensus Estimate was of a loss of 24 cents.
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