initiates regular quarterly dividend
Covanta Holding Corporation announced that
its board of directors has approved the initiation of a regular
quarterly dividend of $0.075 per share.
On an annualized basis, that would represent a dividend of $0.30
per share, or approximately 15 percent of their estimated 2011
Free Cash Flow, based on the mid-point of the guidance range.
The initial payment was made on April 12, 2011 to stockholders
of record as of the close of business on March 30, 2011.
Covanta also announced that its board of directors has authorized
an additional $50 million in share repurchases, bringing the
total authorized amount to $200 million. As of the end of 2010,
the company had repurchased 6.1 million shares at a cost of $95
Covanta expects to fund the regular quarterly dividend and share
repurchases during 2011 using cash on hand and cash generated
from the business. The repurchases may employ a variety of methods
including open market purchases, privately negotiated transactions,
block trades or otherwise, or any combination of methods. The
amount and timing of any repurchases will be determined based
on an evaluation of a variety of factors at the time of any repurchases.
The share buyback authorization does not obligate the company
to acquire any specific number of shares in any period, and may
be modified, suspended or discontinued at any time without notice