Covanta CEO: NYC Residential Waste Is Down

Author:
Publish date:
Video Duration:
1:32

How many people have fled New York City, which has been a hot spot of the coronavirus outbreak?

Enough for Stephen Jones, CEO of Covanta, to say that his business has noticed that—where other areas are seeing residential waste up—Covanta is actually seeing NYC residential waste down.

Watch the video above for more.

Video Transcript:

Katherine Ross: How's the waste and recycling industry doing in the wake of the coronavirus pandemic? One thing that we've seen in urban areas, especially in a place like New York, is that residential areas and certain parts of the city are seeing less waste as people flee the city. Can you talk about that a little bit? Are you seeing any of that?

Stephen Jones: Yeah, it's interesting. When we did our earnings call last week, we were talking about residential waste and the one exception to that is New York City. I think a lot of people have left New York City if they could because it became such a hotspot from a COVID-19 standpoint. So, that's the one area where residential waste is down. Now we do take about 30 to 40% of the residential waste from New York City. Most of that goes through marine transfer stations, but we're agnostic on how much waste goes through those stations. We don't get paid on the volume of waste, we get paid for our services. So from a financial standpoint, not a big impact to Covanta, but certainly there has been more residential waste going the curb. I took my waste out last night, my residential waste and it's certainly more trash cans than three, four months ago. So I think in most places, residential waste is up. New York City is probably one of the exceptions.

Katherine Ross: Thank you so much for taking the time to join us today.

Stephen Jones:
Thanks, Katherine. 

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

Watch More of the Latest Videos from TheStreet and Jim Cramer