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Last $19.80 USD
Change Today +0.02 / 0.10%
Volume 1.2M
CVA On Other Exchanges
Symbol
Exchange
Frankfurt
As of 4:15 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

covanta holding corp (CVA) Key Developments

Covanta Holding Corporation Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Write Offs for the Second Quarter of 2015; Revises Earnings Guidance for the Year 2015

Covanta Holding Corporation announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total operating revenues of $408 million against $432 million a year ago. Operating loss was $20 million against income of $47 million a year ago. Loss before income tax expense and equity in net income from unconsolidated investments was $49 million against income of $9 million a year ago. Net loss attributable to company was $6 million against income of $5 million a year ago. Basic and diluted loss per share was $0.05 against basic and diluted earnings per share of $0.04 a year ago. Adjusted LPS was $0.06 against adjusted EPS of $0.08 a year ago, driven by lower operating income, which was partially offset by lower interest expense. Adjusted EBITDA was $83 million against $121 million a year ago, driven by lower energy and metal pricing, higher scheduled maintenance expense, and the impact of contract transitions. Negative free cash flow was $40 million compared to positive free cash flow of $15 million a year ago, primarily as a result of lower adjusted ebitda and higher maintenance capital expenditures. Second quarter results were driven largely by the impact of lower pricing in the energy and metals market and the impact of contract transitions on the waste revenue line. Total purchases of property, plant and equipment was $109 million against $43 million a year ago. For the six months, the company reported total operating revenues of $791 million against $833 million a year ago. Operating loss was $15 million against income of $62 million a year ago. Loss before income tax expense and equity in net income from unconsolidated investments was $79 million against $15 million a year ago. Net loss attributable to company was $43 million against $4 million a year ago. Basic and diluted loss per share was $0.33 against $0.03 a year ago. Net cash provided by operating activities was $31 million against $143 million a year ago. Purchase of property, plant and equipment was $195 million against $115 million a year ago. Adjusted LPS was $0.19 against adjusted EPS of $0.06 a year ago. Adjusted EBITDA was $162 million against $208 million a year ago. Net debt was $2.3 billion. Adjusted EBITDA declined by $38 million, driven by lower energy and metal pricing, higher scheduled maintenance expense, and the impact of contract transitions. Adjusted EPS declined by $0.14 driven by lower operating income, which was partially offset by lower interest expense. For the second quarter of 2015, the company reported net write-offs of $24 million against $7 million a year ago. The company revised earnings guidance for the year 2015. For the year, the company now expects adjusted EBITDA is to be in the range between from $420 million to $460 million against previous guidance of $450 million to $490 million, free cash flow is to be in the range between from $130 million to $170 million against previous guidance of $200 million to $240 million. Adjusted EBITDA guidance was lowered as a result of further delay in the start of commercial operations at the Durham-York facility, which is now targeted for first quarter of 2016. The combined one-time impact of increased costs incurred in connection with the commissioning of the facility and the deferral of commercial operating revenue are expected to negatively impact results by approximately $20 million as compared to initial guidance. In addition, continued weakness in recycled metal prices is now expected to reduce Adjusted EBITDA by approximately $10 million as compared to initial guidance. Free cash flow guidance was lowered due to revised outlook for Adjusted EBITDA, as well as a negative impact from working capital of approximately $40 million as compared to initial guidance. This includes the expected delay of milestone payments for the Durham-York construction project and the impact from other working capital timing, which is expected to reverse in 2016.

Covanta Holding Corporation to Report Q2, 2015 Results on Jul 22, 2015

Covanta Holding Corporation announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Jul 22, 2015

Covanta Holding Corporation, Q2 2015 Earnings Call, Jul 23, 2015

Covanta Holding Corporation, Q2 2015 Earnings Call, Jul 23, 2015

Covanta Holding Corporation - Analyst/Investor Day

Covanta Holding Corporation - Analyst/Investor Day

Covanta Holding Corporation Appoints Michael J. de Castro as Executive Vice President, Supply Chain of the Company, Effective from July 13, 2015

Covanta Holding Corporation announced that Michael J. de Castro has been appointed as the Executive Vice President, Supply Chain of the company, effective July 13, 2015, reporting directly to Stephen J. Jones, the Company’s President and Chief Executive Officer. In Mr. de Castro’s position, he will have overall responsibility for establishing the direction, strategy and execution of global supply chain and operations for the company. Mr. de Castro, is currently the fulfillment director in the Performance Materials Division of Air Products and Chemicals Inc.

 

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CVA

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Valuation CVA Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 1.6x
Price/Book 4.2x
Price/Cash Flow 16.3x
TEV/Sales 0.1x
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