Waste360 is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Covanta Posts Net Income Decline for Third Quarter

Waste-to-energy firm Covanta Holding Corp. reported a sharp decline in net income for its third quarter and year to date, hurt by weakening prices and other factors.

The Morristown, N.J.-based Covanta said net income for the quarter ended Sept. 30 fell 38.6 percent to $27 million, compared with $44 million a year earlier.

Revenue for the latest period slipped 4.6 percent to $412 million, compared with $432 million in 2011, according to a news release.

Specifically, Covanta said revenue was hurt by lower construction revenues, a decline in metal prices, reduced debt service revenue and waste contract transitions.

For the first nine months, net earnings dropped 83.4 percent to $33 million compared with $199 million a year earlier. Revenue slipped 0.5 percent to $1.21 billion from $1.22 billion a year earlier.

The company narrowed its guidance for the year to $500 million to $515 million in earnings before interest, tax, depreciation and amortization (EBITDA). Previously the high end of the guidance was $530 million.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.