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Covanta reports increased EBITDA in Q2'18

Covanta Holding Corp. on July 26 reported second-quarter adjusted EBITDA of $103 million, compared to adjusted EBITDA of $93 million for the same quarter in 2017.

Covanta booked an adjusted loss per share of 1 cent for the second quarter of 2018, compared to a loss of 22 cents per share for the second quarter of 2017.

The S&P Capital IQ normalized consensus estimate for Covanta in the second quarter of 2018 was a loss of 8 cents per share.

The company recorded a second-quarter 2018 operating loss of $18 million, compared to operating income of $20 million in the prior-year period. Total operating expense increased to $472 million, from $404 million in the second quarter of 2017.

Total operating revenue for Covanta increased to $454 million in the second quarter of 2018, compared to $424 million in the prior-year period. Free cash flow before working capital for the second quarter was $3 million, compared to $4 million during the corresponding period of 2017.

Covanta reaffirmed full-year 2018 free cash flow guidance of $70 million to $100 million and adjusted EBITDA guidance for 2018 of $425 million to $455 million.