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Covanta Loses $38 Million for Second QuarterCovanta Loses $38 Million for Second Quarter

Allan Gerlat

July 19, 2013

1 Min Read
Covanta Loses $38 Million for Second Quarter

Waste-to-energy firm Covanta Holding Corp. lost $38 million for its second quarter because of a charge regarding company United Kingdom development operations.

The Morristown, N.J.-based Covanta said in a news release that its loss for the quarter ended June 30 included a strategic shift in U.K. development that resulted in a charge of $49 million. A year ago Covanta showed a profit of $17 million.

Revenue increased 0.2 percent to $413 million compared with $410 million in 2012.

For the six months in 2013 Covanta lost $64 million, compared with net profits of $6 million a year earlier. Revenue fell 2 percent for the first half to $786 million compared with $802 million.

Revenue grew because of Covanta’s organic growth initiatives, but was partially offset by lower construction revenue, lower revenues earned to service project debt and lower spot waste pricing. Lower metal market pricing offset the benefit from higher energy market pricing.

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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