Covanta Holding Corp., an energy from waste provider based in Morristown, New Jersey, has reported financial results for the three and six months ended June 30, 2017.
In Q2 2017:
- Revenue: $424 million as compared to $418 million in 2016;
- Net loss: -$37 million as compared to -$29 million in 2016;
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA): $93 million as compared to $82 million in 2016;
- Net cash provided by operating activities: $16 million as compared to $27 million in 2016;
- Free cash flow: -$21 million as compared to -$5 million in 2016;
- Diluted earnings per share (EPS): -$0.28 as compared to -$0.23 in 2016; and
- Adjusted EPS: remained the same between 2016 and 2017 at -$0.22.
The company’s Dublin facility on track for commercial operations by the start of Q4 2017 and the Fairfax operations are expected to return to service in Q4 2017. The company says there have been strong waste market conditions and growth in Covanta Environmental Solutions, with expanded centralized metals processing operations to include nonferrous metals. The company is also planning a development pipeline through a joint development agreement with Biffa, a waste management company headquartered in High Wycombe, England, for two new projects
"Our second quarter results highlight strong underlying operating performance, continued improvement in waste markets and our ability to drive incremental value through our Covanta Environmental Solutions platform," says Stephen J. Jones, Covanta's president and CEO. "Resumption of waste processing at Fairfax is now expected in the fourth quarter, but we expect insurance recoveries to continue to mitigate the cost of the downtime. I am proud of our team's performance in the first half of the year, and I look forward to an even stronger second half and further growth in 2018."