Covanta Q4 Net Profit Down, Misses Estimates; Sees Higher Adj. EBITDA In FY17

(RTTNews) - Covanta Holding Corp. (CVA), a provider of sustainable waste and energy solutions, reported late Wednesday that its fourth-quarter attributable net income declined to $11 million from last year's $77 million. Earnings per share were $0.08, compared to prior year's $0.58.

The prior year's results included a gain of $74 million or $0.55 per share, excluding which earnings were $0.03 per share.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue for the quarter, however, increased to $457 million from $432 million last year. Analysts were looking for revenues of $425.49 million.

Waste and service revenue went up to $312 million from $299 million a year ago.

Looking ahead, for fiscal 2017, the company projects adjusted EBITDA, a key earnings metric, between $400 million and $440 million, compared to $410 million recorded in fiscal 2016.

Further, Free Cash Flow is expected to be $100 million to $150 million, compared to $172 million a year ago.