Waste-to-energy firm Covanta Holding Corp. reported a sharp decline in net income for its third quarter and year to date, hurt by weakening prices and other factors.
The Morristown, N.J.-based Covanta said net income for the quarter ended Sept. 30 fell 38.6 percent to $27 million, compared with $44 million a year earlier.
Revenue for the latest period slipped 4.6 percent to $412 million, compared with $432 million in 2011, according to a news release.
Specifically, Covanta said revenue was hurt by lower construction revenues, a decline in metal prices, reduced debt service revenue and waste contract transitions.
For the first nine months, net earnings dropped 83.4 percent to $33 million compared with $199 million a year earlier. Revenue slipped 0.5 percent to $1.21 billion from $1.22 billion a year earlier.
The company narrowed its guidance for the year to $500 million to $515 million in earnings before interest, tax, depreciation and amortization (EBITDA). Previously the high end of the guidance was $530 million.