Covanta Holding Corp. (CVA) reported first-quarter net loss attributable to the company of $25 million or $0.19 per share, wider than $12 million or $0.09 per share in the comparable quarter last year.
Adjusted loss per share for the latest first quarter was $0.21, compared to $0.09 in the year-ago period. Analysts polled by Thomson Reuters expected the company to report a loss of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues declined 5%, to $373 million from $392 million in the prior year quarter. This decline was primarily due to lower construction revenue and downtime due to increased maintenance activity, partially offset by the benefits from higher energy prices and from organic growth initiatives.
Analysts expected revenues of $393.50 million for the quarter.
For fiscal 2013, the company expects adjusted earnings to be in the range of $0.40 - $0.50 per share. Analysts expect the company to report earnings of $0.46 per share for fiscal 2013.
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