Covanta Holding (CVA) Misses Q2 EPS by 9c; Revises FY15 Outlook

Covanta Holding (NYSE: CVA) reported Q2 EPS of ($0.06), $0.09 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $408 million versus the consensus estimate of $408.8 million.

2015 Guidance The Company has revised guidance for 2015 for the following key metrics:

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 Q1 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.

For earnings history and earnings-related data on Covanta Holding (CVA) click here.

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