Underlying Business Shows Strength in Covanta’s 2Q Despite Ongoing Impact From Fairfax Fire
We’re maintaining our $18 per share fair value estimate for no-moat Covanta after second-quarter earnings. Revenue increased 1.4% year over year to $424 million, even as the Fairfax facility remains inoperative because of a significant fire earlier this year. A 3.3% increase in average revenue per ton, aided by 10% year-over-year growth in higher-priced profiled waste, helped offset the shortfall from downtime at Fairfax. In addition, Covanta’s small, but expanding, environmental solutions segme...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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