Covanta posts improved adjusted EPS in Q2 2012

Jul 19, 2012 - US waste-to-energy company Covanta Holding Corp (NYSE:CVA) on Wednesday reported adjusted earnings per share (EPS) for the second quarter of 2012 of USD 0.15 (EUR 0.12), compared with USD 0.14 a year ago.

The slight increase was due to enhanced operating profit, a rise in equity income and lower number of shares outstanding, the company said.

Free cash flow fell to USD 16 million from USD 43 million, affected by construction working capital.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to USD 125 million from USD 123 million.

Revenue for the quarter was flat at USD 410 million, after higher construction revenues, service fee contract escalations and increased special waste revenues were offset by a drop in energy revenues resulting from lower pricing, combined with decreased generation at Covanta's biomass facilities.

For the six months through June, the company posted adjusted EPS of USD 0.06, compared with USD 0.03 a year back.

Adjusted EBITDA grew to USD 198 million from USD 194 million, while first-half revenue went up by 2% year-on-year to USD 802 million.

(USD 1 = EUR 0.814)

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