Covanta Holding (CVA) Q4 Earnings Lag, Revenues Top Estimates

Covanta Holding Corporation (NYSE:CVA) delivered fourth-quarter 2018 earnings of 4 cents per share, missing the Zacks Consensus Estimate of earnings of 7 cents by 42.86%. However, the figure declined 55.5% on a year-over-year basis.

Revenues

In the quarter under review, Covanta Holding’s revenues amounted to $500 million, which beat the Zacks Consensus Estimate of $479 million by 4.41%. Also, the top line improved 1% on a year-over-year basis.

In 2018, the company posted revenues of $1,868 million, up from $1,752 million in 2017.

Operational Update

In the reported quarter, Covanta Holding’s total adjusted operating expenses were $441 million, up 0.9% year over year.

Interest expenses were $34 million, down 17% year over year.

Financial Condition

Covanta Holding had cash and cash equivalents of $58 million as of Dec 31, 2018 compared with $46 million as of Dec 31, 2017.

Long-term and project debt was $2,327 million as of Dec 31, 2018 compared with $2,339 million as of Dec 31, 2017.

Net cash from operating activities at the end of 2018 was $238 million, lower than $242 million in 2017.

Guidance

Covanta Holding projects 2019 adjusted EBITDA in the range of $440-$465 million and cash available for distribution (CAFD) in the band of $120-$145 million.

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.

Other Oil & Energy Releases

Murphy Oil Corporation (NYSE:MUR) delivered fourth-quarter 2018 adjusted earnings of 31 cents per share, beating the Zacks Consensus Estimate of 26 cents by 19.2%.

Buckeye Partners, L.P. (NYSE:BPL) posted fourth-quarter 2018 earnings of 90 cents per unit, beating the Zacks Consensus Estimate of 69 cents by 30.24%.

NextEra Energy (NYSE:NEE) Partners, LP (NYSE:NEP) incurred fourth-quarter 2018 loss of 39 cents per unit, against the Zacks Consensus Estimate of earnings of 48 cents.

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