Waste-to-energy firm Covanta Holding Corp. saw its net loss more than double in its first quarter.
The Morristown, N.J.-based Covanta said in a news release results were hurt primarily by lower construction revenue and downtime due to increased maintenance activity.
For the quarter ended March 31 Covanta’s net loss totaled $26 million, or 19 cents per share, compared with a loss of $11 million, or 9 cents per share, in the year-ago quarter. Revenue fell 5 percent to $373 million, compared with $392 million in the 2012 period.
"We typically conduct a large portion of our scheduled plant maintenance during the first quarter, but this year the percentage of our planned work was even higher than last year,” said Anthony Orlando, president and CEO. “The timing of planned maintenance will reverse in the second half and we're working to offset the impact of the unplanned downtime."