Covanta Holding Corporation CVA incurred second-quarter 2019 loss of 16 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 9 cents. The company reported a loss of 24 cents in the year-ago quarter.
In the quarter under review, the company's revenues amounted to $467 million, which beat the Zacks Consensus Estimate of $463 million by 0.9%. Also, the top line increased 2.8% on a year-over-year basis. The upside was driven by higher Waste and service revenues.
Covanta Holding’s total adjusted operating expenses were $457 million, down 3.2% year over year.
Interest expenses amounted to $36 million, flat year over year.
Covanta Holding Corporation Price, Consensus and EPS Surprise
Covanta Holding Corporation price-consensus-eps-surprise-chart | Covanta Holding Corporation Quote
The company had cash and cash equivalents of $102 million as of Jun 30, 2019 compared with $58 million as of Dec 31, 2018.
Long-term and project debt amounted to $2,446 million as of Jun 30 compared with $2,327 million as of Dec 31, 2018.
Net cash provided by operating activities in the first six months of 2019 was $87 million, up from $63 million in the year-ago period.
Covanta Holding expects 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 #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Clearway Energy, Inc. CWEN is expected to release second-quarter 2019 earnings on Aug 6. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 40 cents.
Occidental Petroleum Corporation OXY is expected to release second-quarter 2019 earnings on Jul 31. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 95 cents.
EOG Resources Inc EOG is expected to report second-quarter 2019 earnings on Aug 1. The Zacks Consensus Estimate for the quarter to be reported is pegged at $1.39.
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