Covanta Holding Corp. reported a drop in earnings for its quarter and a loss for the year, hurt by lower construction revenue.
For the fourth quarter ended Dec. 31, the Morristown, N.J.-based Covanta said net income fell 66 percent to $28 million, compared with $83 million in the 2012 period. Revenue dropped 2 percent to $422 million from $429 million a year earlier, according to a news release.
For the year, Covanta posted a net loss of $8 million compared with a profit of $116 million in 2012. Revenue slipped 1 percent to $1.63 billion from $1.64 billion a year earlier.
The decline in construction revenue came from its Honolulu facility expansion that began operation in 2012. The decline was partially offset by an increase in same-store North America waste-to-energy revenue and service fee contract transitions. “In 2013, we took a number of concrete steps to create long-term value, most notably signing a 20-year waste contract with New York City, acquiring the Camden (N.J. waste-to-energy) facility, extending several municipal client contracts and investing in numerous metal recovery systems," said Anthony Orlando, Covanta president and CEO.
For 2014, “We are focused on optimizing our energy-from-waste business by continuing to provide great customer service, extending contracts, executing our proactive maintenance program, increasing metal recovery and growing our sustainable waste solutions business."