For the second quarter of 2011, operating revenue increased 5% to $411 million from $393 million in the comparable period in 2010. Adjusted EBITDA was $123 million. Adjusted EPS for the second quarter of 2011 was 14 cents, up from 11 cents in the corresponding quarter prior year.
During the second quarter, Covanta entered into a contract to sell its Madurai facility in India, the third of the four Asia independent power provider (IPP) assets designated for sale. Sanjiv Khattri, Covanta's CFO, said, "We are on track to realize gross proceeds of $270 to $290 million, assuming we successfully close all four asset sales. We have tax efficiently repatriated over $135 million of that amount and have been proactively returning this capital to shareholders."For full-year 2011, Covanta estimates EBITDA in the range of $480 to $520 million. Analysts' consensus estimate pegs the stock's average gains at 37% over the next one year with buy ratings of 58%.