Covanta Holding’s Revenues Increase in Second Quarter

Fairfield, N.J.-based Covanta Holding Corp. posted a net income of $25.8 million on $435.2 million in revenue during the second quarter of this year. During the same period in 2009, the firm posted a net income of $33.2 million on $375.8 million in revenue.

For the first six months of this year, Covanta reported a net income of $18.6 million on $852 million in revenue. For the first half of 2009, the firm posted a net income of $32.5 million on $734.5 million in revenue.

“Our second quarter performance was right in line with our expectations and we have once again reaffirmed our guidance for 2010,” said Anthony Orlando, president and CEO of Covanta Holding Corp., in a press release. “Our development pipeline continues to advance and we've now successfully completed the majority of our scheduled maintenance for the year, which positions us for a strong second half. And, given our strong cash generation, we were pleased to issue a special dividend to shareholders earlier this week.”

TAGS: Financials