Covanta Holding Corporation Reports 2020 Fourth Quarter and Full Year Results
and Provides 2021 Guidance
MORRISTOWN, NJ, February 18, 2021 - Covanta Holding Corporation (NYSE: CVA) ("Covanta" or the "Company"), a world leader in sustainable waste and energy solutions, reported financial results today for the year ended December 31, 2020.
Year Ended December 31,
(Unaudited, $ in millions)
Net (loss) income
Net cash provided by operating activities
Free Cash Flow
Reconciliations of non-GAAP measures can be found in the exhibits to this press release.
•Strategic review progressing, with initial implementation steps to be announced by mid-year 2021
•Protos project reached financial close in Q4, marking fourth UK project in construction
•Resilient business model minimized financial impact of the pandemic in 2020
•Reestablishing guidance for Adjusted EBITDA and Free Cash Flow for 2021
“Covanta’s 2020 results highlighted the underlying resilience of our business model and the capabilities of our incredible operating team,” said Michael Ranger, President and CEO. "Waste flows in our markets have largely retuned to pre-pandemic levels and we’ve seen recent strength in the recycled metal markets, both of which are adding momentum as we look ahead to 2021. Our strategic review is progressing and we look forward to announcing concrete steps as they are developed and executed in the coming quarters.”
More detail on our fourth quarter results can be found in the exhibits to this release and in our fourth quarter 2020 earnings presentation found in the Investor Relations section of the Covanta website at www.covanta.com.
The following information was filed by Covanta Holding Corp (CVA) on Thursday, February 18, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CVA CIK: 225648 Form Type:10-K Annual Report Accession Number: 0000225648-21-000008 Submitted to the SEC: Fri Feb 19 2021 4:15:58 PM EST Accepted by the SEC: Fri Feb 19 2021 Period: Thursday, December 31, 2020 Industry: Cogeneration Services And Small Power Producers