COVANTA HOLDING CORPORATION REPORTS 2018 FOURTH QUARTER AND FULL YEAR RESULTS AND PROVIDES 2019 GUIDANCE
MORRISTOWN, NJ, February 14 2019 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, 2018.
- 2018 results at the high end of guidance range
- Record operating performance on waste processing, energy generation, and metal recovery
- Reached financial close on first UK project in partnership with Green Investment Group
- Began construction of first Total Ash Processing System ("TAPS")
- Meaningful progress on fleet optimization
"We finished 2018 on a strong note, delivering double-digit Adjusted EBITDA growth with record operating and safety performance" said Stephen J. Jones, Covanta's President and CEO. "Further, we have taken significant steps towards our strategic growth objectives, with our first UK project and first TAPS project recently moving into construction. Looking ahead to 2019, we expect to generate significantly improved Free Cash Flow, continue to optimize our unmatched domestic fleet, and move several new projects into construction in the UK."
More detail on our fourth quarter results can be found in the exhibits to this release and in our fourth quarter 2018 earnings presentation found in the Investor Relations section of the Covanta website at www.covanta.com.
The Company established guidance for 2019 for the following key metrics:
Conference Call Information
Covanta will host a conference call at 8:30 AM (Eastern) on Friday, February 15, 2019 to discuss its fourth 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.
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta’s modern Energy-from-Waste facilities safely convert approximately 22 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.