Covanta Holding Corporation reported CapEx for the third quarter ended September 30, 2009. For the third quarter, the company's CapEx was about $6 million. For the year 2009, maintenance CapEx spending is still expected to be approximately $60 million not withstanding the addition of the Veolia facilities. The company will generate significantly free cash flow in 2009.

Covanta Holding Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. Diluted earnings per share were $0.26 in the third quarter of 2009. Excluding the transaction expense related to the acquisition of Veolia Energy-from-Waste facilities diluted earnings per share were $0.28. This performance compares to $0.30 in the third quarter of 2008. For the three months ended September 30, 2009, operating revenues were $409 million, a 7% decline from $439 million in the prior year comparable period. Adjusted EBITDA was $153 million, down $15 million from last year's third quarter. This was primarily driven by the $20 million revenue reduction related largely to the slow economy offset by reduced expenses and new business. Cash Flow provided by Operating Activities before the acquisition related costs was $111 million in the third quarter, up $2 million from last year's third quarter. The $15 million Adjusted EBITDA decline was offset by working capital changes as well as an $11 million tax refund. For the quarter, the company reported operating income of $70.9 million and income before income tax expense, equity in net income from unconsolidated investments, and none controlling interests in subsidiaries of $57.6 million compared to operating income of $88.08 million and income before income tax expense, equity in net income from unconsolidated investments, and none controlling interests in subsidiaries of $74.47 million for the same period a year ago. Net Income attributable to the company was $40.8 million against $47.1 million a year ago. For the nine months ended September 30, 2009, total operating revenues were down 9% to $1.14 billion. Operating Cash Flow was $248 million for the year-to-date period compared to $271 million for the same period last year. Adjusted EBITDA was $375 million compared to $436 million for the same period last year. For the quarter, the company reported operating income of $135.5 million and income before income tax expense, equity in net income from unconsolidated investments, and none controlling interests in subsidiaries of $96.7 million compared to operating income of $195.3 million and income before income tax expense, equity in net income from unconsolidated investments, and none controlling interests in subsidiaries of $150.3 million for the same period a year ago. Net Income attributable to the company was $73.4 million or $0.47 per diluted share against $101.7 million or $0.66 per diluted share a year ago. For 2009, the company reaffirmed its earnings guidance. Now, the company expects operating cash flow in the range of $325 million to $375 million, adjusted EBITDA of $500 million to $540 million and diluted earnings per share of $0.65 to $0.80.

Covanta Holding Corporation, Q3 2009 Earnings Call, Oct 22 2009