Covanta Holding Corporation Reports 2019 Second Quarter Results And Revises 2019 Adjusted EBITDA Guidance
MORRISTOWN, N.J., July 25, 2019 /PRNewswire/ -- Covanta Holding Corporation (NYSE: CVA) ("Covanta" or the "Company"), a world leader in sustainable waste and energy solutions, reported financial results today for the three and six months ended June 30, 2019.
Three Months Ended
June 30,
2019 2018
---
(Unaudited, $ in
millions)
Revenue $467 $454
Net loss $(21) $(31)
Adjusted
EBITDA $94 $103
Net cash
provided by
operating
activities $50 $60
Free Cash
Flow $21 $26
Reconciliations of non-GAAP measures can be found in the
exhibits to this press release.
"During the second quarter, our team focused on executing our operating and strategic plans, with solid results," said Covanta's President and CEO Stephen J. Jones. "Our plants are on track for another year of record production, we capitalized on a strong waste market to drive tip fee prices over 5%, and we advanced towards our goal of having four new plants in construction in the UK. While recent volatility in commodity prices is causing us to revise our 2019 financial guidance, our longer term targets are unchanged as they are not predicated on short-term commodity price movements. Rather, these targets reflect our ability to continue driving underlying organic growth while expanding our business through project development in both new and existing markets."
More detail on our second quarter results can be found in the exhibits to this release and in our second quarter 2019 earnings presentation found in the Investor Relations section of the Covanta website at www.covanta.com.
2019 Guidance
The Company revised 2019 Adjusted EBITDA guidance and reaffirmed 2019 Free Cash Flow guidance:
(In millions)
2019 Guidance
Range
Metric Current Initial 2018
Actual
---
Adjusted EBITDA
$420 - $445
$440 - $465 $457
---
Free Cash Flow
$120 - $145
$120 - $145 $100
---
Reconciliations of non-GAAP measures
can be found in the exhibits to this
press release
Guidance as of July 25, 2019.
Conference Call Information
Covanta will host a conference call at 8:30 AM (Eastern) on Friday, July 26, 2019 to discuss its second quarter results.
The conference call will begin with prepared remarks, which will be followed by a question and answer session. To participate, please dial 1-833-238-7947 approximately 10 minutes prior to the scheduled start of the call. If calling outside of the United States, please dial 1-647-689-4195. Please request the "Covanta Holding Corporation Earnings Conference Call" when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of the Company's website. A presentation will be made available during the call and will be found in the Investor Relations section of the Covanta website at www.covanta.com.
An archived webcast will be available two hours after the end of the conference call and can be accessed through the Investor Relations section of the Covanta website at www.covanta.com.
About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta's modern Energy-from-Waste ("EfW") facilities safely convert approximately 21 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle over 600,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today's most complex environmental challenges. For more information, visit www.covanta.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta Holding Corporation and its subsidiaries ("Covanta") or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. For additional information see the Cautionary Note Regarding Forward-Looking Statements at the end of the Exhibits.
Covanta Holding Corporation
Exhibit 1
Consolidated Statements of Operations
Three Months Ended Six Months Ended
June 30, June 30,
2019 2018 2019 2018
(Unaudited)
(In millions, except per share amounts)
OPERATING REVENUE:
Waste and service revenue $
359 $
333 $
686 $
645
Energy revenue 72 76 166 176
Recycled metals revenue 21 25 42 49
Other operating revenue 15 20 26 42
Total operating revenue 467 454 920 912
OPERATING EXPENSE:
Plant operating expense 354 334 713 679
Other operating expense, net 16 19 33 27
General and administrative expense 31 27 61 58
Depreciation and amortization expense 55 55 110 109
Impairment charges (a) 1 37 1 37
Total operating expense 457 472 918 910
Operating income (loss) 10 (18) 2 2
OTHER (EXPENSE) INCOME:
Interest expense (36) (36) (72) (74)
Net (loss) gain on sale of business and investments (a) (2) 48 210
Other income (expense), net 1 (1) 2 (1)
Total other (expense) income (37) (37) (22) 135
(Loss) income before income tax benefit and equity in net income (27) (55) (20) 137
from unconsolidated investments
Income tax benefit 3 22 1 31
Equity in net income from unconsolidated investments 3 2 3 2
Net (loss) income $
(21) $
(31) $
(16) $
170
Weighted Average Common Shares Outstanding:
Basic 131 130 131 130
Diluted 131 130 131 132
(Loss) Earnings Per Share:
Basic $
(0.16) $
(0.24) $
(0.12) $
1.31
Diluted $
(0.16) $
(0.24) $
(0.12) $
1.29
Cash Dividend Declared Per Share $
0.25 $
0.25 $
0.50 $
0.50
(a) For additional information, see Exhibit 4 of this Press Release.
Covanta Holding Corporation
Exhibit 2
Consolidated Balance Sheets
As of
June 30, December 31,
2019 2018
(Unaudited)
ASSETS (In millions, except per share
amounts)
Current:
Cash and cash equivalents $
102 $
58
Restricted funds held in trust 22 39
Receivables (less allowances
of $8 and $8, respectively) 318 338
Prepaid expenses and other
current assets 84 64
Total Current Assets 526 499
Property, plant and equipment,
net 2,492 2,514
Restricted funds held in trust 8 8
Intangible assets, net 269 279
Goodwill 321 321
Other assets 286 222
Total Assets $
3,902 $
3,843
LIABILITIES AND EQUITY
Current:
Current portion of long-term
debt $
16 $
15
Current portion of project
debt 10 19
Accounts payable 61 76
Accrued expenses and other
current liabilities 318 333
Total Current Liabilities 405 443
Long-term debt 2,446 2,327
Project debt 128 133
Deferred income taxes 378 378
Other liabilities 129 75
Total Liabilities 3,486 3,356
Equity:
Preferred stock ($0.10 par
value; authorized 10 shares;
none issued and outstanding)
Common stock ($0.10 par value;
authorized 250 shares; issued
136 shares, outstanding 131
shares) 14 14
Additional paid-in capital 848 841
Accumulated other
comprehensive loss (27) (33)
Accumulated deficit (419) (334)
Treasury stock, at par (1)
Total Equity 416 487
Total Liabilities and Equity $
3,902 $
3,843
Error occurred while generating ASCII Content for table
Covanta Holding Corporation Exhibit 4
Consolidated Reconciliation of Net (Loss) Income and Net Cash Provided by Operating Activities
to Adjusted EBITDA
Three Months Ended Six Months Ended
June 30, June 30,
2019 2018 2019 2018
(Unaudited, in millions)
Net (loss) income $
(21) $
(31) $
(16) $
170
Depreciation and amortization expense 55 55 110 109
Interest expense 36 36 72 74
Income tax benefit (3) (22) (1) (31)
Impairment charges (a) 1 37 1 37
Net loss (gain) on sale of businesses and investments (b) 2 (48) (210)
Property insurance recoveries, net (7)
Capital type expenditures at client owned facilities (c) 7 11 20 23
Debt service billings in excess of revenue recognized 1
Business development and transaction costs 1 1 1 3
Severance and reorganization costs 1 2 4 4
Stock-based compensation expense 7 5 15 14
Adjustments to reflect Adjusted EBITDA from unconsolidated 6 7 12 11
investments
Other (d) 2 2 8 5
Adjusted EBITDA $
94 $
103 $
178 $
203
Capital type expenditures at client owned facilities (c) (7) (11) (20) (23)
Cash paid for interest (12) (40) (59) (73)
Cash paid for taxes, net (3) (2) (4) (2)
Equity in net income from unconsolidated investments (3) (2) (3) (2)
Adjustments to reflect Adjusted EBITDA from unconsolidated (6) (7) (12) (11)
investments
Dividends from unconsolidated investments 5 1 5 1
Adjustment for working capital and other (18) 18 2 (30)
Net cash provided by operating activities $
50 $
60 $
87 $
63
(a)
During the six months ended June 30, 2018, we identified an indicator of impairment associated with certain of our EfW facilities and recorded a non-cash impairment charge of $37 million to reduce the carrying value of the facilities to their estimated fair value.
(b)
During the six months ended June 30, 2019, we recorded a $57 million gain related to the Rookery South Energy Recovery Facility development project and a $12 million loss related to the divestiture of our Springfield and Pittsfield EfW facilities.
During the six months ended June 30, 2018, we recorded a $204 million gain on the sale of 50% of our Dublin project to our joint venture with Green Investment Group and $6 million gain on the sale of our remaining interests in China.
(c) Adjustment for impact of adoption of FASB ASC 853 -Service Concession Arrangements. These types of capital equipment related expenditures at our service fee operated facilities were historically capitalized prior to adoption of this new accounting standard effective January
1, 2015 and are capitalized at facilities that we own.
(d)
Includes certain other items that are added back under the definition of Adjusted EBITDA in Covanta Energy, LLC's credit agreement.
Covanta Holding Corporation
Exhibit 5
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Three Months Ended Six Months Ended
Full Year
June 30, June 30, Estimated 2019
2019 2018 2019 2018
(Unaudited, in millions)
Net cash provided by operating activities $
50 $
60 $
87 $
63
$230 - $260
Add: Changes in restricted funds - operating (a) 5 (1) 5 (11) 10
Less: Maintenance capital expenditures (b) (34) (33) (65) (78)
(130 - 120)
Free Cash Flow $
21 $
26 $
27 $
(26)
$120 - $145
===
(a) Adjustment for the impact of the adoption of ASU 2016-18 effective January 1, 2018. As a result of
adoption, the statement of cash flows explains the change during the period in the total of cash, cash
equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore,
changes in restricted funds are eliminated in arriving at net cash, cash equivalents and restricted funds
provided by operating activities.
(b) Purchases of property, plant and equipment are also referred to as capital expenditures. Capital
expenditures that primarily maintain existing facilities are classified as maintenance capital
expenditures. The following table provides the components of total purchases of property, plant and equipment:
Three Months Ended Six Months Ended
June 30, June 30,
2019 2018 2019 2018
Maintenance capital expenditures $
(34) $
(33) $
(65) $
(78)
Net maintenance capital expenditures paid but (5) (6) (12)
incurred in prior periods
Capital expenditures associated with construction (4) (21)
of Dublin EfW facility
Capital expenditures associated with the New York (6) (17)
City MTS contract
Capital expenditures associated with organic (1) (7) (5) (15)
growth initiatives
Total capital expenditures associated with (7) (11) (22) (36)
growth investments (c)
Capital expenditures associated with property (4)
insurance events
Total purchases of property, plant and equipment $
(41) $
(49) $
(93) $
(130)
(c) Total growth investments represents investments in growth opportunities, including organic growth
initiatives, technology, business development, and other similar expenditures.
Capital expenditures associated with growth $
(7) $
(11) $
(22) $
(36)
investments
UK business development projects (1)
Investment in equity affiliate (5) (8)
Asset and business acquisitions, net of cash acquired 2 (5)
Total growth investments $
(12) $
(11) $
(29) $
(41)
Covanta Holding Corporation Exhibit 6
Supplemental Information
(Unaudited, $ in millions)
Three Months Ended
June 30,
2019 2018
REVENUE:
Waste and service revenue:
EfW tip fees $
162 $
156
EfW service fees 116 100
Environmental services (a) 37 37
Municipal services (b) 62 54
Other (c) 10 12
Intercompany (d) (28) (27)
Total waste and service 359 333
Energy revenue:
Energy sales 58 64
Capacity 12 13
Other (e) 2
Total energy 72 76
Recycled metals revenue:
Ferrous 13 15
Non-ferrous 8 10
Total recycled metals 21 25
Other revenue (f) 15 20
Total revenue $
467 $
454
OPERATING EXPENSE:
Plant operating expense:
Plant maintenance $
83 $
79
Other plant operating expense 272 255
Total plant operating expense 354 334
Other operating expense 16 19
General and administrative 31 27
Depreciation and amortization 55 55
Impairment charges 1 37
Total operating expense $
457 $
472
Operating income (loss) $
10 $
(18)
Plus: impairment charges 1 37
Operating income excluding impairment charges $
11 $
19
(a) Includes the operation of material processing facilities and related services provided by our Covanta Environmental Solutions business.
(b) Consists of transfer stations and the transportation component of our NYC Marine Transfer Station contract.
(c) Includes waste brokerage, debt service and other revenue not directly related to EfW waste processing activities.
(d) Consists of elimination of intercompany transactions primarily relating to transfer stations.
(e) Primarily components of wholesale load serving revenue not included in Energy sales line, such as transmission and ancillaries.
(f) Consists primarily of construction revenue.
Note: Certain amounts may not total due to rounding.
Covanta Holding Corporation Exhibit 7
Revenue and Operating Income Changes - Q2 2018 to Q2 2019
(Unaudited, $ in millions)
Contract Transitions (b)
Q2 2018 Organic % Waste Transactions (c) Total Q2 2019
Growth (a) Changes
---
REVENUE:
Waste and service:
EfW tip fees $
156 $
5 3.5
% $
5 $
(5) $
5 $
162
EfW service fees 100 7 6.6
% (5) 14 16 116
Environmental services 37 - % 37
Municipal services 54 3 5.6
% 5 8 62
Other revenue 12 (2) (12.5)
% (1) (3) 10
Intercompany (27) 1 (1) (1) (28)
Total waste and service 333 14 4.3
% (1) 13 27 359
Energy:
Energy sales 64 (7) (10.6)
% 2 (1) (6) 58
Capacity 13 (1) (6.6)
% (1) 12
Other 2 - % 2 2
Total energy 76 (5) (7.1)
% 2 (1) (4) 72
Recycled metals:
Ferrous 15 (3) (18.2)
% (2) 13
Non-ferrous 10 (2) (19.9)
% (2) 8
Total recycled metals 25 (5) (18.9)
% 1 (4) 21
Other revenue 20 (5) (25.7)
% (5) 15
Total revenue $
454 $
(1) (0.2)
% $
1 $
13 $
13 $
467
OPERATING EXPENSE:
Plant operating expense:
Plant maintenance $
79 $
3 3.2
%
$ $
2 $
4 $
83
Other plant operating expense 255 8 2.9
% 1 8 17 272
Total plant operating expense 334 10 3.0
% 1 10 21 354
Other operating expense 19 (3) (3) 16
General and administrative 27 3 3 31
Depreciation and amortization 55 (1) 1 55
Total operating expense $
435 $
8 $
1 $
11 $
21 $
456
Operating income (loss) excluding impairment charges $
19 $
(10)
$ $
2 $
(8) $
11
(a) Reflects performance on a comparable period-over-period basis, excluding the impacts of transitions and transactions.
(b) Includes the impact of the expiration of: (1) long-term major waste and service contracts, most typically representing the transition to a new contract structure, and (2) long-term energy contracts.
(c) Includes the impacts of acquisitions, divestitures, new projects and the addition or loss of operating contracts.
Note: Certain amounts may not total due to rounding.
Operating Metrics Exhibit 8
(Unaudited)
Three Months Ended
June 30,
2019 2018
---
EfW Waste
---
Tons: (in millions)
Tip fee- contracted 2.29 2.32
Tip fee- uncontracted 0.43 0.44
Service fee 2.70 2.31
Total tons 5.41 5.07
Tip Fee revenue per ton:
Tip fee- contracted $
54.16 $
51.52
Tip fee- uncontracted $
89.06 $
84.05
Average tip fee $
59.66 $
56.68
EfW Energy
---
Energy sales: (MWh in millions)
Contracted 0.47 0.52
Hedged 0.73 0.81
Market 0.37 0.30
Total energy 1.57 1.62
Market sales by geography: (MWh in
millions)
PJM East 0.2 0.1
NEPOOL 0.1 0.1
NYISO -
Other 0.1 0.1
Revenue per MWh (excludes capacity and
other energy revenue):
Contracted $
66.00 $
64.81
Hedged $
26.42 $
25.99
Market $
21.69 $
30.86
Average revenue per
MWh $
37.19 $
39.28
Metals
---
Tons Recovered: (in thousands)
Ferrous 110.8 106.6
Non-ferrous 12.5 11.7
Tons Sold: (in thousands)
Ferrous 94.9 81.4
Non-ferrous 6.7 7.0
Revenue per ton:
Ferrous $
132 $
182
Non-ferrous $
1,255 $
1,432
EfW plant operating expense: ($ in
millions)
---
Plant operating
expense -gross $
279 $
264
Less: Client pass-
through costs (12) (12)
Less: REC sales -
contra-expense (2) (3)
Plant operating
expense, net $
265 $
250
Note: Waste volume includes solid tons only. Metals and energy volume are presented net of client revenue
sharing. Steam sales are converted to MWh equivalent at an assumed average rate of 11 klbs of steam /MWh.
Hedged energy sales includes the energy component of wholesale load serving. Uncontracted energy sales
include sales under PPAs that are based on market prices.
Note: Certain amounts may not total
due to rounding.
Discussion of Non-GAAP Financial Measures
We use a number of different financial measures, both United States generally accepted accounting principles ("GAAP") and non-GAAP, in assessing the overall performance of our business. To supplement our assessment of results prepared in accordance with GAAP, we use the measures of Adjusted EBITDA and Free Cash Flow, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. The non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow as described below, and used in the tables above, are not intended as a substitute or as an alternative to net income, cash flow provided by operating activities or diluted earnings per share as indicators of our performance or liquidity or any other measures of performance or liquidity derived in accordance with GAAP. In addition, our non-GAAP financial measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes.
The presentations of Adjusted EBITDA and Free Cash Flow are intended to enhance the usefulness of our financial information by providing measures which management internally use to assess and evaluate the overall performance of its business and those of possible acquisition candidates, and highlight trends in the overall business.
Adjusted EBITDA
We use Adjusted EBITDA to provide additional ways of viewing aspects of operations that, when viewed with the GAAP results provide a more complete understanding of our core business. As we define it, Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, as adjusted for additional items subtracted from or added to net income including the effects of impairment losses, gains or losses on sales, dispositions or retirements of assets, adjustments to reflect the Adjusted EBITDA from our unconsolidated investments, adjustments to exclude significant unusual or non-recurring items that are not directly related to our operating performance plus adjustments to capital type expenses for our service fee facilities in line with our credit agreements. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends. As larger parts of our business are conducted through unconsolidated investments that we do not control, we adjust EBITDA for our proportionate share of the entities depreciation and amortization, interest expense and taxes in order to improve comparability to the Adjusted EBITDA of our wholly owned entities.
In order to provide a meaningful basis for comparison, we are providing information with respect to our Adjusted EBITDA for the three and six months ended June 30, 2019 and 2018, reconciled for each such period to net income and cash flow provided by operating activities, which are believed to be the most directly comparable measures under GAAP.
Our projections of the proportional contribution of our interests in joint ventures to our Adjusted EBITDA and Free Cash Flow are not based on GAAP net income/loss or Cash flow provided by operating activities, respectively, and are anticipated to be adjusted to exclude the effects of events or circumstances in 2019 that are not representative or indicative of our results of operations and that are not currently determinable. Due to the uncertainty of the likelihood, amount and timing of any such adjusting items, we do not have information available to provide a quantitative reconciliation of projected net income/loss to an Adjusted EBITDA projection.
Free Cash Flow
Free Cash Flow is defined as cash flow provided by operating activities, plus changes in operating restricted funds, less maintenance capital expenditures, which are capital expenditures primarily to maintain our existing facilities.
We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity and performance-based components of employee compensation. We use Free Cash Flow as a measure of liquidity to determine amounts we can reinvest in our core businesses, such as amounts available to make acquisitions, invest in construction of new projects, make principal payments on debt, or amounts we can return to our stockholders through dividends and/or stock repurchases.
In order to provide a meaningful basis for comparison, we are providing information with respect to our Free Cash Flow for the three and six months ended June 30, 2019 and 2018, reconciled for each such period to cash flow provided by operating activities, which we believe to be the most directly comparable measure under GAAP.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta Holding Corporation and its subsidiaries ("Covanta") or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Covanta cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance. Important factors, risks, and uncertainties that could cause actual results of Covanta and our joint ventures to differ materially from those forward-looking statements include, but are not limited to:
-- seasonal or long-term fluctuations in the prices of energy, waste
disposal, scrap metal and commodities, and Covanta's ability to renew or
replace expiring contracts at comparable prices and with other
acceptable terms;
-- adoption of new laws and regulations in the United States and abroad,
including energy laws, tax laws, environmental laws, labor laws and
healthcare laws;
-- advances in technology;
-- difficulties in the operation of our facilities, including fuel supply
and energy delivery interruptions, failure to obtain regulatory
approvals, equipment failures, labor disputes and work stoppages, and
weather interference and catastrophic events;
-- failure to maintain historical performance levels at Covanta's
facilities and Covanta's ability to retain the rights to operate
facilities Covanta does not own;
-- Covanta's and the joint ventures ability to avoid adverse publicity or
reputational damage relating to its business;
-- difficulties in the financing, development and construction of new
projects and expansions, including increased construction costs and
delays;
-- Covanta's ability to realize the benefits of long-term business
development and bear the costs of business development over time;
-- Covanta's ability to utilize net operating loss carryforwards;
-- limits of insurance coverage;
-- Covanta's ability to avoid defaults under its long-term contracts;
-- performance of third parties under its contracts and such third parties'
observance of laws and regulations;
-- concentration of suppliers and customers;
-- geographic concentration of facilities;
-- increased competitiveness in the energy and waste industries;
-- changes in foreign currency exchange rates;
-- limitations imposed by Covanta's existing indebtedness and its ability
to perform its financial obligations and guarantees and to refinance its
existing indebtedness;
-- exposure to counterparty credit risk and instability of financial
institutions in connection with financing transactions;
-- the scalability of its business;
-- restrictions in its certificate of incorporation and debt documents
regarding strategic alternatives;
-- failures of disclosure controls and procedures and internal controls
over financial reporting;
-- Covanta's and the joint ventures ability to attract and retain talented
people;
-- general economic conditions in the United States and abroad, including
the availability of credit and debt financing; and
-- other risks and uncertainties affecting Covanta's businesses described
periodic securities filings by Covanta with the SEC.
Although Covanta believes that its plans, cost estimates, returns on investments, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta's and the joint ventures future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have, or undertake, any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/covanta-holding-corporation-reports-2019-second-quarter-results-and-revises-2019-adjusted-ebitda-guidance-300891287.html
SOURCE Covanta Holding Corporation
