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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.

Revenues

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

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 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.

Financial Condition

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.

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 Releases

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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