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EfW firm 'confident despite pricing weakness'

US energy from waste firm Covanta has reported a third quarter fall in revenue to $412m (£255m) from $432m (£268m) in the same period last year.

The company, which is planning to build three EfW plants in the UK, said the Q3 results were in line with expectations.

President and CEO Anthony Orlando said: “We are successfully managing the business, which gives me confidence that we will grow the bottom line this year notwithstanding weakness in the pricing environment.”

He added: “Looking ahead to 2013, we expect to continue growing and we remain focused on capital allocation and shareholder returns.”

Covanta’s plans for the UK include the Greenhills CHP plant in Scotland, the Rookery South EfW and MRF in Bedfordshire, and Ince Park Eco Park in Cheshire.

Other results:

  • Adjusted EBITDA of $150m (£92.8m) down 2% from $153m (£94.9m) a year ago
  • Free Cash Flow of $111m (£68.7m) up $4m (£2.4m) compared to the previous year
  • Adjusted EPS of $0.25 - flat with the previous year period

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