Covanta Reports Slight Net Income Decline in Second Quarter

Allan Gerlat, News Editor

July 19, 2012

1 Min Read
Covanta Reports Slight Net Income Decline in Second Quarter

Covanta Holding Corp. posted a slight decline in net income for its second quarter, in part because of lower energy pricing and lower production at its biomass facilities.

The Morristown, N.J.-based Covanta said in a news release that its net income for the period ended June 30 fell 15 percent to $17 million compared with $20 million in the year-ago period. Operating income rose 5.7 percent to $56 million from $53 million.

Operating revenue slipped 0.2 percent to $410 million from $411 million in 2011.

For the first six months, net income dropped 96.1 percent to $6 million from $155 million a year earlier. The 2011 figure included $151 million in income from discontinued operations. Operating income for the first half in 2012 climbed 15.7 percent to $59 million compared with $51 million a year earlier.

Operating revenue for the first half rose 1.8 percent to $802 million compared with $788 million in 2011.

"Excellent operating performance drove another solid financial quarter, and it gives us confidence to reaffirm our full-year guidance, which calls for continued earnings growth despite declines in energy and recycled metal markets," said Anthony Orlando, Covanta president and CEO.


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.

Stay in the Know - Subscribe to Our Newsletters
Join a network of more than 90,000 waste and recycling industry professionals. Get the latest news and insights straight to your inbox. Free.

You May Also Like