Covanta Provides Update on Hurricane Sandy
Revises Guidance Due to Storm Impact
(firmenpresse) - MORRISTOWN, NJ -- (Marketwire) -- 11/07/12 -- Covanta Holding Corporation (NYSE: CVA) ("Covanta" or the "Company"), a world leader in sustainable waste management and renewable energy, today provided a business update reflecting the effects of Hurricane Sandy.
All company employees are safe and the Company does not expect any long-term effects from Hurricane Sandy. Many of Covanta's North America facilities are located on the eastern seaboard and 12 of these facilities suffered temporary business interruption or wind damage from the storm. The Union and Essex, New Jersey facilities also suffered flood damage causing the facilities to temporarily shut-down. All facilities have now resumed normal operations with the exception of the Essex facility where the Company expects to resume operations within the week.
"Given the unprecedented scale of this storm, we are grateful that all of our employees are safe and that we sustained so little damage. I'm proud of the way our employees prepared and responded. We are now working closely with our clients to help in their clean-up and waste disposal efforts," said Anthony Orlando, Covanta's CEO and President. "Our hearts go out to all those affected by the storm and we're committed to support the restoration efforts of our project communities," Orlando concluded.
The disruption caused by the hurricane will result in a short term reduction in revenue, as well as increased expenses relating to repair and restart. The Company is assessing the full financial impact of the storm. Based on current analysis, it now expects to finish the year below the low end of the previously announced guidance ranges. Therefore, the Company is updating the following guidance ranges:
Adjusted EBITDA is expected to be $490 million to $500 million (versus previous guidance range of $500 million to $515 million)
Adjusted EPS is expected to be $0.50 to $0.55 per share (versus previous guidance range of $0.55 to $0.60 per share)
The Company anticipates that it will finish the year within the previously announced Free Cash Flow range of $250 million to $265 million, primarily due to the benefit of its recently-announced refinancing, which will offset the adverse impact of the hurricane.
Covanta Holding Corporation (NYSE: CVA) is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into 9 million megawatt hours of clean renewable electricity and approximately 9 billion pounds of steam that are sold to a variety of industries. For more information, visit .
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Datum: 07.11.2012 - 21:07 Uhr
Sprache: Deutsch
News-ID 200760
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MORRISTOWN, NJ
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Alternative Energy
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