MORRISTOWN, N.J. (AP) -- Renewable energy company Covanta Holding Corp. said on Wednesday that its first-quarter net loss more than doubled as it conducted more maintenance than usual on its facilities, which turn waste into electricity.
The company lost $25 million, or 19 cents per share, during the quarter that ended March 31. During the same period last year it lost $12 million, or 9 cents per share.
Revenue fell 4.8 percent to $373 million, form $392 million a year ago.
It said its adjusted loss would have been 21 cents per share. Analysts surveyed by FactSet had been expecting a loss of 13 cents per share on revenue of $393.4 million.
President and CEO Anthony Orlando said growth plans "are on track, we're seeing the benefit of improving energy markets and our business model remains very stable."
The company usually does a lot of its planned plant maintenance during the first quarter, and this year it did more than usual, it said. It also dealt with unplanned repairs.
The company also cut operating expenses by $11 million, to $378 million, because of lower construction expenses and reduced pension costs.
The company re-affirmed its guidance for 2013 adjusted earnings per share of 40 to 50 cents. Analysts are expecting 46 cents per share. Last year it earned 52 cents per share.
Covanta shares had fallen 55 cents, or 2.8 percent, to close at $19.22 before the results were released.
- Investment & Company Information