Covanta Holding Corp.’s income for its third quarter nearly doubled, aided by strong pricing from commodities and tip fees.
Operating income for the quarter ended Sept. 30 rose to $87 million from $46 million in 2010 for the waste-to-energy company. Net income climbed to 44 million compared with $23 million a year ago.
Revenue for the quarter rose 7 percent to $432 million from $403 million 12 months earlier.
“We completed another solid quarter in-line with our expectations,” said Anthony Orlando, Covanta president and chief executive officer, in a news release. ”I was particularly pleased with our team's effort to successfully manage through Hurricane Irene, drive improved waste disposal revenue and break ground on our Durham-York construction project."
For the nine-month year to date, Covanta’s net income jumped to $199 million compared with $46 million a year ago. Operating income increased 50 percent to $138 million from $92 million in 2010. Revenue rose 5 percent to $1.22 billion from $1.16 billion a year earlier.
"Looking forward to 2012, we plan to continue growing the business, with a couple of new (energy from waste) projects coming online and several organic growth initiatives," Orlando said.