Debt-related expenses continue for waste-to-energy giant Covanta Holding Corp., but the New Jersey-based company did make a profit in the second quarter of 2014.
For the second quarter ending June 30, 2014, Covanta’s net income totaled $2 million, compared with a loss of $38 million in same quarter of 2013. That included interest and debt-related expenses of $38 million and $36 million, respectively, in the 2014 and 2013 quarters.
Second Quarter Results – From Continuing Operations
Total revenues increased by $21 million to $432 million for the three months ended June 30, 2014. North American EfW revenue increased by $13 million on a same store basis as follows:
- waste and service revenues were flat, as higher overall pricing was offset by the revenue impact of a shift in volume mix in the quarter from tip fee to service fee;
- energy revenues increased by $7 million, driven by higher market pricing and higher production; and
- recycled metals revenues increased by $6 million, primarily as a result of prior investments to increase metal recovery.
Revenue increased 5.1 percent to $432 million from $411 million.
To read Covanta’s complete Q2 report, please click here.