Covanta Holding Corporation
CVA
reported earnings of 4 cents per share for third-quarter 2020. The Zacks Consensus Estimate was of a loss of 3 cents per share. However, the bottom line plunged 60% on a year-over-year basis.
Revenues
In the quarter under review, revenues amounted to $491 million, beating the Zacks Consensus Estimate of $465 million by 5.6%. The top line improved year over year, primarily owing to higher water and service, and energy revenues.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation price-consensus-eps-surprise-chart
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Covanta Holding Corporation Quote
Highlights of the Release
At the end of the third quarter, the company’s adjusted EBITDA came in at $128 million, up 2.4% from the year-ago quarter’s $125 million.
In the reported quarter, Covanta Holding’s total operating expenses summed $441 million, up 4.8% year over year on higher plant operating expenses.
Interest expenses were $32 million, down 11.1% from $36 million in the prior-year quarter.
Financial Condition
Covanta Holding had cash and cash equivalents of $34 million as of Sep 30, 2020 compared with $37 million as of Dec 31, 2019.
Long-term debt was $2,417 million as of Sep 30, 2020 compared with $2,366 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of the first nine months of 2020 was $191 million, higher than $112 million at the end of the first nine months 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
.
Upcoming Releases
WPX Energy, Inc.
WPX
is slated to release third-quarter 2020 earnings on Nov 2. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 6 cents.
Ormat Technologies, Inc.
ORA
is slated to release third-quarter 2020 earnings on Nov 3. The Zacks Consensus Estimate for the period’s earnings per share is pegged at 24 cents.
Evergy Inc.
EVRG
is scheduled to release third-quarter 2020 results on Nov 5. The Zacks Consensus Estimate for the period’s earnings per share is pegged at $1.65.
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