Dive Brief:
- Covanta Holding Corporation, with operations in Morristown, NJ, released financials from the second quarter of 2014. The energy-from-waste firm announced revenue of $432 million, up $21 million from the same time period one year ago.
- Operating expenses increased by $26 million to hit $378 for the quarter, compared to the same timeframe in 2013. Operating income fell by $5 million to $54 million during the second quarter of 2014.
- Adjusted EBITDA fell to $121 million, dropping $3 million compared to the same time period in 2013
Dive Insight:
President and CEO of Covanta, Anthony Orlando said, "We’re now focused on finishing the year strong, while executing on our key growth and cost savings initiatives to drive long-term value."
In June, Covanta scored a five-year deal with the city of Boston. The energy generated using the estimated 140,000 tons of waste collected annually will be used to power 120,000 households.
