Covanta Was Down in 1Q, but Shouldn't Be Out for the Year; Shares Undervalued
In the aftermath of two previously disclosed back-to-back fires at different facilities, no-moat Covanta’s first-quarter results suffered from the unplanned downtime. Management hopes to get Covanta Fairfax up and running by the end of the second quarter and decided to use the downtime to accelerate maintenance at the facility. These factors led to lower revenue and higher costs in the quarter, impacts that will be somewhat offset by insurance proceeds later in the year. Nevertheless, the market...Covanta Holding is a holding company. Through its subsidiaries, the company is engaged in the businesses of waste and energy services. The company provides waste and energy solutions through a variety of service offerings, including its main business of owning and operating infrastructure for the conversion of waste to energy (known as energy-from-waste or EfW). EfW facilities produce energy through the combustion of non-hazardous municipal solid waste (MSW) in power plants. Most of the company's facilities are mass-burn facilities, which combust the MSW on an as-received basis without any pre-processing such as shredding, sorting or sizing.
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