Covanta Doubles Quarterly Cash Dividend Payout; Increases Share Repurchase Authorizaton of $100M

Covanta Holding Corporation

today announced that the Board of Directors has authorized a 100 percent increase of the Company's quarterly cash dividend to $0.15 per share. On an annualized basis, this represents a cash dividend of $0.60 per share, or approximately 30% of the Company's estimated 2012 Free Cash Flow(1), based on the mid-point of the guidance range, established on February 8, 2012. The increased quarterly cash dividend is payable on April 12, 2012 to shareholders of record as of the close of business on March 30, 2012. The Board of Directors also approved an additional $100 million for share repurchases to be added to the existing share repurchase program. "We remain focused on creating shareholder value and are confident in our organic growth initiatives and our ability to generate strong and sustainable free cash flow to both support our growth initiatives and capital return program," said Anthony Orlando, Covanta's President and CEO. "This dividend increase, as well as the extension of our buyback program, allows us to continue to return capital to our shareholders, while we invest in and grow our business."