Covanta Initiates Dividend of $0.075; Announces Additional $50M in Share Repurchases

Covanta Holding Corporation CVA today 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% of our estimated 2011 Free Cash Flow, based on the mid-point of our guidance range.

The Company also announced that its Board of Directors has authorized an additional $50 million in share repurchases, bringing the total authorized amount to $200 million.