Covanta reports third quarter results

Covanta Holding Corp., Morristown, New Jersey, a waste and energy solutions provider, reported financial results three and nine months ended September 30, 2017. Revenue for the three months ended Sept. 30, 2017 was $429 million as compared with $421 million for the same period in 2016.

Net income was reported as $15 million whereas the previous year’s income was $54 million. Adjusted Earnings before interest, tax, depreciation and amortization (EBITDA) for the three month period was $117 million.

"This quarter marks a great milestone for Covanta as our state-of-the-art Dublin plant is now operational and performing very impressively. It has been a long journey, but the end result is a testament to our development and operational capabilities. I couldn't be more proud of our team for its tireless efforts on this project." says Stephen J. Jones, Covanta's President and CEO.

Jones also addressed upgrades to its Fairfax, Virginia facility following a fire in February of this year. “At Fairfax we are now installing upgraded fire protection and suppression equipment and expect to bring the plant back online around the end of the year. At the same time, our plants are enjoying strong markets for waste and metals and we remain on pace to meet our full-year expectations. "

More detail on the third quarter results can be found in the exhibits to this release and in our third quarter 2017 earnings presentation found here.