Covanta Income Nearly Doubles on WTE Strength

Covanta Holding Corp.’s income for its third quarter nearly doubled, aided by strong pricing from commodities and tip fees.

Operating income for the quarter ended Sept. 30 rose to $87 million from $46 million in 2010 for the waste-to-energy company. Net income climbed to 44 million compared with $23 million a year ago.

Revenue for the quarter rose 7 percent to $432 million from $403 million 12 months earlier.

“We completed another solid quarter in-line with our expectations,” said Anthony Orlando, Covanta president and chief executive officer, in a news release. ”I was particularly pleased with our team's effort to successfully manage through Hurricane Irene, drive improved waste disposal revenue and break ground on our Durham-York construction project."

For the nine-month year to date, Covanta’s net income jumped to $199 million compared with $46 million a year ago. Operating income increased 50 percent to $138 million from $92 million in 2010. Revenue rose 5 percent to $1.22 billion from $1.16 billion a year earlier.

"Looking forward to 2012, we plan to continue growing the business, with a couple of new (energy from waste) projects coming online and several organic growth initiatives," Orlando said.