Covanta Holding Corporation Reports 2017 Fourth Quarter And Full Year Results And Provides 2018 Guidance
Morristown, NJ – February 22, 2018 – 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, 2017.
Highlights and Accomplishments
- 2017 financial performance in-line with guidance ranges
- Dublin commenced commercial operations
- Announced strategic partnership with the Green Investment Group ("GIG")
- Fairfax restarted operations in late December 2017
- Continued progress on strategic initiatives that support organic growth
“We are entering the year in a strong position to deliver on our 2018 plan and execute on ourattractive longer-term growth opportunities”, said Stephen J. Jones, Covanta's President andCEO. “The Dublin plant is operating extremely well, waste markets are robust, and metal priceshave clearly firmed. Our strategic partnership with GIG headlines our international developmentplan, and we are excited about the growth opportunities this platform enables. The Rookeryproject is scheduled to break ground in the first half of 2018, and we expect incrementalprogress on other UK development projects as we move through the year. We look forward tosolid growth in 2018, supported by the recovery of the Fairfax facility, and I am excited by thegrowth trajectory going forward."More detail on our fourth quarter and full year results can be found in the exhibits to this releaseand in our fourth quarter 2017 earnings presentation found in the Investor Relations section of theCovanta website at covanta.com.
The Company established guidance for 2018 for the following key metrics:
Conference Call Information
Covanta will host a conference call at 8:30 AM (Eastern) on Friday, February 23, 2018 to discussits fourth quarter and full year results.
The conference call will begin with prepared remarks, which will be followed by a question andanswer session. To participate, please dial 1-866-393-4306 approximately 10 minutes prior to thescheduled start of the call. If calling outside of the United States, please dial 1-734-385-2616.Please request the “Covanta Holding Corporation Earnings Conference Call” when prompted bythe conference call operator. The conference call will also be webcast live from the Investor Relationssection of the Company’s website. A presentation will be made available during the call and willbe found in the Investor Relations section of the Covanta website at covanta.com.
An archived webcast will be available two hours after the end of the conference call and can beaccessed through the Investor Relations section of the Covanta website at covanta.com.
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta’smodern Energy-from-Waste facilities safely convert approximately 20 million tons of waste frommunicipalities and businesses into clean, renewable electricity to power one million homes andrecycle over 550,000 tons of metal. Through a vast network of treatment and recycling facilities,Covanta also provides comprehensive industrial material management services to companiesseeking solutions to some of today’s most complex environmental challenges. For moreinformation, visit covanta.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined inSection 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of theSecurities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Actof 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 andunknown risks, uncertainties and other important factors that could cause the actual results,performance or achievements of Covanta Holding Corporation and its subsidiaries (“Covanta”) orindustry results, to differ materially from any future results, performance or achievements expressedor implied by such forward-looking statements. Statements that are not historical fact are forwardlookingstatements. For additional information see the Cautionary Note Regarding Forward-LookingStatements at the end of the Exhibits.