Covanta Reports Revenue Decrease for Third Quarter

Fairfield, N.J.-based Covanta Holding Corp. posted a net income of $43.6 million on $408.7 million in revenue during third-quarter 2009. During the same period in 2008, the firm posted a net income of $50.3 million on $438.7 million in revenue.

For the first nine months of this year, Covanta has reported a net income of $79.7 million on $1.14 billion in revenue. For the same period in 2008, the firm reported a net income of $108.9 million on $1.25 billion in revenue.

“The base business continued to perform well in spite of the economic headwinds. A portion of the revenue decline was offset by lower costs,” said Anthony Orlando, president and CEO of Covanta, in a press release. “We were also pleased to have completed the acquisition of six of the seven energy-from-waste plants from Veolia in late August. Our new employees are very talented, and we see clear efficiencies in the expanded operating platform. Taking into account our solid third quarter and the positive impact of the acquisition, we expect to report financial results near the midpoint of our guidance range for 2009.”

Covanta owns and operates 44 waste-to-energy plants.

TAGS: Financials