Covanta Holding Corporation CVA delivered first-quarter 2019 earnings of 3 cents per share, which beat the Zacks Consensus Estimate of loss of 16 cents. However, the figure declined from $1.53 per share in the year-ago quarter.
In the quarter under review, the company's revenues amounted to $453 million, which missed the Zacks Consensus Estimate of $455 million by 0.45%. Also, the top line declined 1% on a year-over-year basis. The figure was impacted by lower Commodity prices.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation Price, Consensus and EPS Surprise | Covanta Holding Corporation Quote
Covanta Holding’s total adjusted operating expenses were $461 million, up 5.2% year over year.
Interest expenses amounted to $36 million, down 5.2% year over year.
In the first quarter, the company reached financial closure on Rookery project with the Green Investment Group.
The company had cash and cash equivalents of $88 million as of Mar 31, 2019 compared with $58 million as of Dec 31, 2018.
Long-term and project debt was $2,393 million as of Mar 31, 2019 compared with $2,327 million as of Dec 31, 2018.
Net cash from operating activities in the first quarter was $37 million, up from $3 million in the year-ago quarter.
Covanta Holding affirmed 2019 adjusted EBITDA in the range of $440-$465 million and cash available for distribution (CAFD) in the band of $120-$145 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.
Other Oil & Energy Releases
TOTAL S.A. TOT delivered first-quarter 2019 operating earnings of $1.02 per share (€0.90), which lagged the Zacks Consensus Estimate of $1.09 by 6.4%.
Anadarko Petroleum Corporation’s APC first-quarter 2019 adjusted earnings of 53 cents per share beat the Zacks Consensus Estimate of 30 cents by 76.67%.
Occidental Petroleum Corporation OXY is expected to release first-quarter 2019 results on May 6. The Zacks Consensus Estimate for earnings is pegged at 72 cents.
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