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Covanta profits up 5%

Energy-from-waste giant Covanta has announced an increase in profits for 2011.

The US-based firm said its annual operating revenue was up 4% to $1,650m (£1.1bn) last year, while adjusted earnings before interest, taxes, depreciation and amortization - a measure similar to pre-tax profit - was up 5% to $492m.

The revenue increases were partly due to higher recycled metal and waste prices, the company said.

Operating expenditure increased 3% due to fuel costs, lower Renewable Energy Credits and increased construction costs.

Anthony Orlando, Covanta president and chief operating officer, said: “Covanta had a very good 2011. Operational performance was outstanding and we executed on our plan to grow adjusted EBITDA by 5%.

“I am also very pleased that we recently extended a number of municipal waste contracts to build upon our tradition of working in partnership with our client communities.

“These long-term relationships, coupled with our operational expertise and organic growth investments, position us to continue earnings growth in 2012 and beyond.”

The firm’s operating revenues were $430m in the final quarter of 2011, up 3% from the same period the year before.

Covanta’s subsidiary, Covanta Energy, entered the UK market in 2005 and currently has four EfW plants in development in the UK and one in Ireland, representing £2bn of investment.

It was recently awarded its first municipal waste contract by the Royal Borough of Windsor and Maidenhead to treat the council’s residual and organic waste.

 

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