Covanta Holding Corp. (CVA: Quote) reported that its first-quarter net loss attributable to the company was $12 million or $0.09 per share, compared to net income of $133 million or $0.91 per share in the same quarter last year.
Loss from continuing operations narrowed to $11 million from $14 million in the year ago quarter.
Adjusted loss narrowed to $0.09 per share from $0.10 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues grew 4%, to $392 million, from $377 million prior year. Seven analysts had consensus revenue estimate of $ 386.54 million for the quarter. The increase was primarily attributed to higher construction revenues, increased revenue from service fee contract escalations and increased recycled metal revenues due to organic growth initiatives which increased volume as well as higher pricing from improved quality.
The company still expects 2012 adjusted earnings per share in the range of $0.55-$0.65. Analysts expect the company to report earnings of $0.60 per share for fiscal 2012.
by RTT Staff Writer
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