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Covanta Holding (CVA) Q3 Earnings Miss, Revenues Top Mark

Covanta Holding CorporationCVA incurred third-quarter 2018 loss of 4 cents per share, missing the Zacks Consensus Estimate for earnings of 7 cents by 157.1%. However, the company registered earnings of 12 cents a year ago.

Revenues

In the quarter under review, Covanta Holding's revenues logged $456 million, beating the Zacks Consensus Estimate of $449 million by 1.4%. Also, the top line improved 6.3% on a year-over-year basis.

Covanta Holding Corporation Price, Consensus and EPS Surprise

Covanta Holding Corporation Price, Consensus and EPS Surprise | Covanta Holding Corporation Quote

Operational Update

In the reported quarter, Covanta Holding's total adjusted operating expenses were $454 million, up18.5% year over year.

Interest expenses were $37 million, up 5.7% year over year.

Financial Condition

Covanta Holding had cash and cash equivalents of $51 million as of Sep 30, 2018 compared with $46 million as of Dec 31, 2017.

Long-term and project debt was $2,461 million as of Sep 30, 2018 compared with $2,490 million as of Dec 31, 2017.

Net cash from operating activities at the end of the nine-month period in 2018 was $147 million, higher than $96 million in the prior-year period.

Guidance

Covanta Holding reaffirms its adjusted EBITDA view of $425-$455 million for 2018 and cash available for distribution (CAFD) in the range of $70-$100 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

NRG Yield, Inc. CWEN is anticipated to release third-quarter 2018 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at 53 cents per share.

Evergy Inc. EVRG is anticipated to release third-quarter 2018 results on Nov 11. The Zacks Consensus Estimate for earnings is pegged at $1.24 per share.

Charah Solutions, Inc. CHRA is expected to release third-quarter 2018 results on Nov 13. The Zacks Consensus Estimate for earnings is pegged at 23 cents.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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