Wednesday, Covanta Holding Corp. (CVA), a provider of waste and energy services, reported a decline in first-quarter profit as revenues declined 8% from last year. The company, however, reiterated its guidance for the full year 2009.
The Fairfield, New Jersey-based company posted a first quarter net income attributable to Covanta Holding of $1.1 million or $0.01 per share, compared to $13.9 million or $0.09 per share in the year-ago quarter.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Commenting on the results, Anthony Orlando, President and Chief Executive Officer said, "As anticipated, our first quarter performance reflected the drop in recycled metal, energy and waste disposal prices. In addition, we continued to ramp up our international development to pursue promising opportunities and we spent money on recently acquired facilities which will pay future dividends."
Total operating revenues for the quarter decreased 8% to $358.8 million from $388.8 million in the prior-year quarter.
Analysts expected the company to report revenues of $380.54 million for the quarter.
Domestic waste and service revenues declined by $11 million, while domestic electricity revenues were up $10 million driven by business acquisitions and contract transitions, offset somewhat by slightly lower overall electricity pricing.
International segment revenue decreased $21 million in the quarter, primarily due to Indian facilities, where falling fuel prices reduced the pass through component of revenues and also lowered expenses. Foreign exchange impacts also reduced revenues while benefiting plant operating expenses.
Looking forward, the company reaffirmed its full-year 2009 earnings guidance in the range of $0.75 to 0.90 per share.
Analysts currently expect the company to post earnings of $0.81 per share for fiscal 2009.
CVA closed Wednesday's regular trading on the NYSE at $13.69, down $1.03 or 7.00%.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.