Why Covanta Holding Jumped 16% Today
Shares of waste and energy solutions company Covanta (NYSE: CVA) spiked by as much as 18% early Friday, and remained up by 16.3% as of 1:50 p.m. EDT. The company reported its third-quarter earnings results Thursday evening, and indicated that its operations are returning to near pre-pandemic levels.
However, the company's shares are still down more than 40% year to date, even after this jump. Impacts from the pandemic hit its commercial and industrial waste volumes, but the company said that business segment is recovering.
The world's largest waste-to-energy provider, Covanta uses non-hazardous waste as fuel to power electric generators, keeping it out of landfills, and reducing landfills' methane emissions. After reporting net losses in the first and second quarters, the company bounced back to profitability in the third.
Source Fool.com
