covanta holding corp (CVA) Key Developments
Covanta Extends Partnership with Ocrra for Operations of the Onondaga County Resource Recovery Facility
May 14 15
Covanta announced the start of a new operating agreement with the Onondaga County Resource Recovery Agency for the operations and maintenance of the Onondaga County Resource Recovery Facility in Jamesville, NY. The new agreement recently went into effect following the successful financing of bonds by OCRRA and extends a partnership that began in the early 1990s for an additional 20 years.
Covanta Holding Corporation Declares Quarterly Cash Dividend, Payable on July 7, 2015
May 7 15
Covanta Holding Corporation announced that the Board of Directors has declared a quarterly cash dividend of $0.25 per share, payable on July 7, 2015 to stockholders of record as of the close of business on June 29, 2015.
Covanta Holding Corporation Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year 2015
Apr 22 15
Covanta Holding Corporation announced consolidated unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total operating revenues of $383 million against $401 million a year ago, primarily as a result of lower construction revenue, as well as lower market pricing for metals and energy. Operating income was $5 million against $15 million a year ago. Loss before income tax expense and equity in net income from unconsolidated investments was $30 million against $24 million a year ago. Net loss attributable to company was $37 million against $9 million a year ago. Diluted loss per share was $0.28 against $0.07 a year ago. Net cash provided by operating activities was $42 million against $103 million a year ago. Purchase of property, plant and equipment was $86 million against $72 million a year ago. Adjusted LPS was $0.13 against $0.03 a year ago. The decrease was driven by lower operating income and a higher effective tax rate, partially offset by the elimination of non-cash convertible debt related expense incurred in 2014. Adjusted EBITDA was $79 million against $87 million a year ago, as the benefit of lower plant operating expenses was more than offset by lower energy and metal pricing and the impact of contract transitions. Excluding write-offs, operating income decreased by $19 million to $5 million in the first quarter due to the revenue items. Net debt as at March 31, 2015 was $2,119 million. Maintenance capital expenditure was $26 million to $36 million. Free cash flow was $16 million, impacted by the decline in adjusted EBITDA as well as an increase in cash interest payments, primarily related to the timing of the new coupon payments for the $400 million of high-yield notes that they issued last spring. Results were driven largely by year-over-year impact of lower pricing in the energy and metals market, and the impact of contract transitions on the waste line. The year-over-year decline in adjusted EBITDA was primarily driven by lower energy and recycled metals prices in the North America EfW business totaling $11 million.
The company provided earnings guidance for the year 2015. For the year, the company expects adjusted EBITDA is to be in the range between from $450 million to $490 million, free cash flow is to be in the range between from $200 million to $240 million. Income tax expense is to be between from $30 million to $55 million. Depreciation and amortization expense is to be between from $205 million to $185 million. Net income attributable to company is to be $20 million to $53 million. Cash flow provided by operating activities is to be in the range between from $280 million to $330 million. Maintenance capital expenditure is to be $80 million to $90 million.
Covanta Holding Corporation Presents at Cowen and Company 43rd Annual Technology, Media & Telecom Conference 2015, May-28-2015 08:45 AM
Apr 16 15
Covanta Holding Corporation Presents at Cowen and Company 43rd Annual Technology, Media & Telecom Conference 2015, May-28-2015 08:45 AM. Venue: The New York Palace Hotel, 455 Madison Avenue, New York, NY 10022, United States. Speakers: Alan Katz, Vice President of Investor Relations.
Covanta Holding Corporation to Report Q1, 2015 Results on Apr 22, 2015
Apr 9 15
Covanta Holding Corporation announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 22, 2015