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Covanta Holding Slips To Loss In Q1; Backs FY12 Adj. EPS View - Quick Facts

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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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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