Covanta's Revenues Decline in 2009

Fairfield, N.J.-based Covanta Holding Corp. posted a net income of $28.3 million on $407.2 million in revenue during fourth-quarter 2009. During the same period in 2008, the firm posted a net income of $27.3 million on $413.8 million in revenue.

For all of 2009, Covanta posted a net income of $101.6 million on $1.55 billion in revenue. During 2008, the firm posted a net income of $129 million on $1.66 billion in revenue.

“Our base business demonstrated strength and resiliency by generating more free cash flow than our prior best year in spite of lower recycled metal and energy prices,” said Anthony Orlando, president and CEO of Covanta, in a press release. “In addition, we made excellent progress on our growth initiatives by acquiring Veolia's North American energy-from-waste business and breaking ground on strategic new energy-from-waste capacity on three continents. This performance is a real credit to all of Covanta's outstanding employees.”

TAGS: Financials