New Jersey-based Covanta Holding Corp., a sustainable waste and energy solutions company, has reported financial results for the second quarter of 2020, which ended June 30.
Covanta reported revenues of $454 million for the second quarter of 2020, which is down compared with $467 million achieved in the second quarter of 2019. Net cash provided by operating activities was $94 million, up from $50 million in the same period in the previous year. Free cash flow was $62 million for the quarter, up from $21 million in the second quarter of 2019. Finally, Covanta reported its waste-to-energy tip fees were up 1.3 percent with $158 million in 2020 and $162 million in 2019.
"Our business performed well in the second quarter under difficult circumstances," says Covanta's President and CEO Stephen J. Jones. "Covanta adapted quickly to the emerging COVID-19 pandemic, implementing steps to protect employees, ensure continued reliable operations at our facilities and reduce costs to mitigate financial impacts. Overall business conditions remain challenging and there remains significant macro uncertainty, but we have seen meaningful recovery in our core waste markets from the initial months of the crisis, which benefited results as we exited the quarter. Covanta is a resilient company, built on critical infrastructure and outstanding employees and these unprecedented times highlight the underlying stability of our business."
Additionally, the second-quarter results show an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $96 million, up from $94 million in the second quarter of 2019. Waste markets are recovering from initial pandemic levels with municipal solid waste (MSW) volumes improving under core contracts reducing spot MSW needs and waste-to-energy profiled waste and environmental services recovering with industrial activity.