Covanta Holding Corp., a Fairfield, N.J.-based owner and operator of waste-to-energy (WTE) facilities, reported a net income of $2.5 million on revenues of $358.8 million for the first quarter of this year. Both figures represent a decline from the same period in 2008, when the firm reported a net income of $15.8 million on revenues of $388.9 million.
“Domestic waste and service revenues declined by $11 million,” says a company press release announcing the first-quarter results. “Excluding lower recycled metal revenue ($6 million) and debt service revenue ($4 million), domestic waste and service revenues were essentially flat with contract escalations nearly offsetting lower market prices for merchant waste.”
“We were pleased with the performance of our business in light of the difficult economic conditions,” said Anthony Orlando, president and CEO of Covanta, in the press release. “Results were consistent with our expectations. Consequently, we are reaffirming our full-year guidance.”
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