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COVANTA HOLDING CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Oct 28, 2021. Its latest SEC filing is a 15-12B from Dec 10, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Operates waste-to-energy facilities and provides waste disposal and environmental services to municipal, commercial and industrial customers.

How Did They Make Money?

Public-sector clients pay operating fees for facility services over the service period, while municipalities and commercial waste customers pay per ton when waste arrives. Utilities and industrial users pay for delivered electricity or steam and for capacity over time; metal processors and end users buy recovered metals when sold.

revenue
SegmentShareRevenue
Waste And Service
74%
FY2017: 70%
Electricity
19%
FY2017: 19%
Recycled Metals
Sold outright
4.3%
FY2017: 4.7%
Other Revenue
2.8%
FY2017: 6.0%

Who Were Their Customers?

Public-sector entities are the main customers for waste services and facility operations; commercial customers can buy disposal capacity, while industrial companies use treatment, recycling and disposal services.

Did Revenues Turn Into Profits?

No. It lost $28M in FY2020.

Operating income, FY2020
4% of revenue
▼ −23% vs FY2019 ($90M, 5%)
Net income, FY2020
−1% of revenue
▼ Now a loss vs FY2019 ($10M, 1%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q3 FY2021, the three months to Sep 30, 2021
Revenue
▲ +10%
vs $491M in Q3 FY2020
Net income
▲ +500%
vs $5M in Q3 FY2020
  • Nov 30, 2021 EQT completed its acquisition of Covanta and named Azeez Mohammed CEO

Grew. Revenue grew 12% in 4 years, from $1.7B in FY2016 to $1.9B in FY2020, about 3% a year.

Environmental-services offerings CES's listed services now include pharmaceutical and healthcare solutions and reverse distribution, alongside cleanup, wastewater treatment, transportation, recycling and depackaging.

Revenue over time
Waste And Service Electricity Recycled Metals Other Revenue
$2B$1B$0

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