Dive Brief:
- Covanta Holding Corp. released results from its third quarter of 2014. The NJ-based energy-from-waste firm reported net income of $6 million in Q3.
- Revenue from the third quarter reached $414 million, a drop of $11 million compared to Q3 2013.
- Adjusted EBIDTA decreased by $22 million, hitting $135 million when compared to the same time period last year. Revenue from Q3 dipped from the second quarter, too, from $432 million to $414 million.
Dive Insight:
Brad Helgeson, Covanta’s CFO, said, “Relative to our expectations at the beginning of the year, we have benefited from higher energy and metals prices, as well as slightly lower maintenance expense.” Helgeson says that unexpected expenses cropped up in multiple areas, including fuel use and construction, but the firm still anticipates to finish the fiscal year “near the middle of our ranges.”