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.