Covanta Holding (CVA) Q4 Earnings & Revenues Beat Estimates
Covanta Holding Corporation CVA reported earnings of 9 cents per share for fourth-quarter 2020, surpassing the Zacks Consensus Estimate of a cent by 800%. Meanwhile, the bottom line was in line with the year-ago quarter’s tally.
In the quarter under review, revenues amounted to $491 million, beating the Zacks Consensus Estimate of $487.5 million by 0.7%. The top line also improved 1.2% year over year, primarily owing to higher waste and service, and energy revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Highlights of the Release
At the end of 2020, the company’s adjusted EBITDA came in at $424 million, down 0.9% from $428 million at 2019 end.
In the reported quarter, Covanta Holding’s total operating expenses summed $478 million, up 8.4% year over year due to higher plant operating expenses.
Interest expenses were $33 million, down 5.7% from the prior-year quarter.
Covanta Holding had cash and cash equivalents of $55 million as of Dec 31, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,396 million as of Dec 31, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities in 2020 was $254 million, higher than $226 million in 2019.
The company estimated 2021 guidance for adjusted EBITDA in the range of $435-$465 million. Also, it expects free cash flow in the range of $100-$140 million.
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.
Ormat Technologies, Inc. ORA is slated to release fourth-quarter 2020 earnings on Feb 24. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 34 cents.
NextEra Energy Partners, LP NEP delivered earnings of 85 cents per unit in the fourth quarter of 2020, beating the Zacks Consensus Estimate of 38 cents by 123.6%.
FuelCell Energy, Inc. FCEL incurred fourth-quarter fiscal 2020 operating loss of 8 cents per share, wider than the Zacks Consensus Estimate of a loss of 7 cents.
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