Allan Gerlat, News Editor

October 24, 2013

1 Min Read
Covanta Posts Slightly Higher Earnings for Third Period

Covanta Holding Corp. posted a slight increase in net earnings and revenue for its third quarter, but the company called the results mixed.

The Morristown, N.J.-based waste and energy company said in a news release that for the third quarter ended Sept. 30 net income rose 3.8 percent to $28 million compared with $26 million a year earlier.

Operating revenue for the period climbed 4 percent to $427 million compared with $412 million in the year-ago period.

For the first nine months, Covanta posted a net loss of $35 million compared with a profit of $32 million in 2012. Revenue for the period remained flat at $1.21 billion.

The company had two positive developments in the quarter – it acquired a waste-to-energy facility in Camden, N.J., and it won a 20-year waste disposal contract with New York City, said Anthony Orlando, president and CEO. But on the downside, Covanta had unscheduled outages, lower-than-expected steam demand and organic growth that was good but slower that the firm had hoped.

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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