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Waste-to-Energy Firm Covanta Posts Net Loss for Quarter, Year

Waste-to-Energy Firm Covanta Posts Net Loss for Quarter, Year

Waste-to-Energy Firm Covanta Holding Corp. reported net losses for the fourth quarter and year, although its revenues increased.

For the quarter ended Dec. 31 Morristown, N.J.-based Covanta posted a loss of $4 million, compared with net earnings of $28 million in the year-ago period.

Revenue climbed 3.1 percent to $435 million from $422 million in 2013, according to a news release.

For the year, Covanta lost $5 million, compared with $8 million a year earlier. Revenue rose 3.2 percent to $1.68 billion from $1.63 billion. The company said its waste-to-energy results primarily fueled the increase.

“We delivered a solid year operationally and financially, and we positioned Covanta for long-term growth with a number of strategic wins, most notably commencing construction of the Dublin (Ireland) facility and winning a new contract to operate the Pinellas (Florida) facility,” said Anthony Orlando, Covanta president and CEO. “Furthermore, we continued our track record of successfully extending waste and service contracts, our organic growth initiatives are delivering results and we announced an important efficiency improvement program that will benefit 2015.”

Covanta established a guidance range for 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) of $450 million to $490 million.

 

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