logo
Share SHARE
FONT-SIZE Plus   Neg

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

Covanta Holding Corp. (CVA) 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had... Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled.
comments powered by Disqus
Follow RTT