Covanta Q1 Loss Flat With Prior Year

(RTTNews) - Covanta Holding Corp. (CVA) reported a first-quarter net Loss of $37 million, flat with prior year. Loss per share was $0.29 compared to a loss of $0.28. Adjusted EBITDA declined by $3 million on a year-over-year basis to $76 million primarily due to lower prices for energy and metals and the timing of plant maintenance expenses, partially offset by the contribution of the New York City MTS contract and newly acquired environmental services businesses.

The company reported a first-quarter adjusted loss per share of $0.19 compared to a loss of $0.13, prior year. The company said the decrease was driven primarily by lower operating income. On average, 11 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.09 for the quarter. Analysts' estimates typically exclude special items.

For the three months ended March 31, 2016, total revenue increased to $403 million from $383 million, a year ago. The company said an increase in waste and service revenue was partially offset by decreases in energy and recycled metals revenue. Analysts expected revenue of $399.53 million, for the quarter.