Covanta Loss Doubles in First Quarter

Allan Gerlat, News Editor

April 19, 2013

1 Min Read
Covanta Loss Doubles in First Quarter

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."


About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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