Covanta’s Revenues Increase in First Quarter

Fairfield, N.J.-based Covanta Holding Corp. posted a net loss of $4.7 million on $416.8 million in revenue in first-quarter 2010. During the same period in 2009, the firm posted a net income of $729,000 on $358.8 million in revenue.

“First quarter results were in-line with our expectations reflecting seasonal patterns of routine scheduled maintenance activity,” said Anthony Orlando, president and CEO of Covanta, in a press release. “During this period, the benefits of the recent Veolia acquisition and higher recycled metal prices were offset by anticipated declines relating to contract transitions. Looking ahead to the balance of the year, we remain very comfortable with our previously issued guidance, as we anticipate that lower energy prices will largely be offset by higher recycled metal prices. We also continue to pursue meaningful development of new energy-from-waste capacity and remain optimistic about our long-term prospects, particularly in Europe where regulations are quite supportive.”

TAGS: Financials