Covanta Holding Corporation CVA posted third-quarter 2019 operating earnings of 10 cents per share, which beat the Zacks Consensus Estimate of 4 cents by 150%. The company incurred a loss of 21 cents in the year-ago quarter.
The year-over-year upside reflects solid operations as well as a strong waste market.
In the quarter under review, the company's revenues amounted to $465 million, in line with the Zacks Consensus Estimate. The top line increased 2% on a year-over-year basis. The uptick can be attributed to higher Waste and service revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation price-consensus-eps-surprise-chart | Covanta Holding Corporation Quote
Covanta Holding’s total operating expenses were $421 million, down 7.3% year over year.
Interest expenses amounted to $36 million, slightly down from the year-ago quarter’s level of $37 million.
The company had cash and cash equivalents of $65 million as of Sep 30, 2019 compared with $58 million as of Dec 31, 2018.
Long-term debt amounted to $2,457 million as of Sep 30 compared with $2,327 million as of Dec 31, 2018.
Net cash provided by operating activities in the first nine months of 2019 was $112 million, down from $147 million in the year-ago period.
Covanta Holding maintained its forecast for 2019 adjusted EBITDA in the range of $420-$445 million and free cash flow in the band of $120-$145 million.
Covanta Holding currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NextEra Energy Partners, LP NEP incurred third-quarter 2019 loss of $1.21 per unit against the Zacks Consensus Estimate of earnings of 62 cents.
Clearway Energy, Inc. CWEN is scheduled to report third-quarter 2019 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at 71 cents per share.
Evergy Inc. EVRG is scheduled to report third-quarter 2019 results on Nov 6. The Zacks Consensus Estimate for earnings is pegged at $ 1.60.
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