Waste-to-energy firm Covanta Holding Corp. reported an increased net loss for its first quarter, as it was hurt by lower market pricing for metals and energy, as well as other factors.
For the first quarter ended March 31 the Morristown, N.J.-based Covanta lost $37 million, or 28 cents per diluted share, compared with a net loss of $9 million, or 7 cents per diluted share, in the 2014 period.
Revenue fell 4.5 percent to $383 million from $401 million a year earlier, according to a news release. Construction revenue also declined as a factor in the lower results.
"We had a very strong operating quarter, despite record snowfall and overall difficult conditions in our core Northeast markets, especially in New England," said Stephen Jones, Covanta president and CEO.
Covanta confirmed its 2015 guidance range of $450 million to $490 million in earnings before interest, taxes, depreciation and amortization (EBITDA).
Covanta’s results fell short of Wall Street expectations, according to the Associated Press. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.
Covanta has been in the red for a while. It lost $5 million in 2014 and $8 million in 2013.
But it continues with strategic plans; most recently with a $45 million recycling center in Indianapolis it plans to open in 2016. It just partnered with RecycleForce to help staff the operation. RecycleForce helps formerly incarcerated individuals gain employment.