Covanta Posts First Quarter Net Loss, Higher Revenue

Allan Gerlat, News Editor

April 19, 2012

1 Min Read
Covanta Posts First Quarter Net Loss, Higher Revenue

Covanta Holding Corp. posted a net loss for its first quarter on slightly higher revenue.

The Morristown, N.J.-based waste-to-energy company said in a news release it had a net loss from continuing operations of $11 million, compared with a loss of $14 million in the year-ago period, ending March 31. Operating income reached $5 million compared with a $2 million loss in the previous year.

Covanta said the operating income increase came from organic growth initiatives for recycled metals and various operational improvements, which more than offset factors like lower energy pricing and a reduction in alternative fuel tax credits.

Operating revenues rose 4 percent to $392 million compared with $377 million in 2011.

"Our operational and financial performance continues to be predictably strong,” said Covanta president and CEO Anthony Orlando. “In addition, I am very pleased with the progress we are making on our organic growth and other initiatives.”

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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