Waste-to-Energy Firm Covanta Posts Net Loss in First QuarterWaste-to-Energy Firm Covanta Posts Net Loss in First Quarter
April 23, 2014
Waste-to-energy (WTE) firm Covanta Holding Corp. reported a net loss for its first quarter, although a smaller one than a year ago.
Revenue rose 7.8 percent to $401 million from $372 million a year earlier. The revenue increase came from higher waste tons processed and high energy pricing, as well as its Camden, N.J. , WTE facility purchase.
"All of our key metrics came in better than last year, largely due to higher energy prices and the timing of planned maintenance,” said Anthony Orlando, Covanta president and CEO. “Our steady operations during the cold winter weather resulted in a net benefit, with higher energy prices partially offset by a number of factors. This was all generally consistent with our expectations, and our full-year guidance outlook is unchanged."