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Covanta revenue rises, but earnings fall

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Morristown-based Covanta, an operator of energy-from-waste projects, said revenue in its fiscal second quarter rose $21 million, to $432 million, from the year-ago period.

However, adjusted earnings per share fell 6 cents, to 6 cents per share, thanks to lower operating income, higher interest expense and a higher effective tax rate, Covanta said in a news release.

On the other hand, for the six months ended June 30, adjusted earnings per share rose 11 cents, to 4 cents per share from a 7-cent loss in the year-ago period, and revenue rose $50 million, to $833 million.

"The business performed well during the quarter on all fronts and we remain on track for our full year guidance,” Anthony Orlando, Covanta's president and CEO, said in the release. “Thus far, our proactive turbine generator inspections have resulted in less additional work than we had originally anticipated, and overall I'm pleased with our first half performance. We're now focused on finishing the year strong, while executing on our key growth and cost savings initiatives to drive long-term value."

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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