Covanta Holding (CVA) Misses Q1 EPS by 10c

Covanta Holding (NYSE: CVA) reported Q1 EPS of ($0.19), $0.10 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $403 million versus the consensus estimate of $399.53 million.

"We continued to execute successfully on our operating plan and key strategic initiatives in the first quarter," said Stephen J. Jones, Covanta's President and CEO. "In our Environmental Solutions business, we achieved yet another record quarter of EfW profiled waste revenue and closed two additional acquisitions, which we had previously announced. The Dublin project construction is on track and now approximately 60 percent complete. Our EfW operations had a busy maintenance outage calendar in Q1, and we completed approximately one-third of our expected maintenance activity for 2016. In the commodity markets, while energy prices remain depressed in the face of mild weather conditions and record natural gas supply, we have seen recent strength in the ferrous metal market, which is an encouraging sign."

2016 GuidanceThe Company is affirming its guidance for 2016 for the following key metrics:

For earnings history and earnings-related data on Covanta Holding (CVA) click here.

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