Covanta Profit Misses Estimate, Revenue Beats

(RTTNews) - Covanta Holding Corp (CVA), a provider of waste and energy services, on Wednesday reported fourth-quarter net loss of $4 million or $0.03 per share compared with a profit of $28 million or $0.22 per share last year.

Excluding items, adjusted earnings for the quarter were $0.06 per share compared with $0.18 per share a year ago.

Revenues for the quarter were $435 million compared with $422 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $407.5 million for the quarter. Analysts' estimates typically exclude special items.

Operating expenses for the quarter were higher by $37 million, the company said.

Further, income tax expense increased to $38 million from $29 million a year ago.

For the full year 2015, the company said that while it hopes to benefit from new contracts and efficiency initiatives, it has to contend with recent slide in energy and scrap metal market prices.