Dive Brief:
- Sustainable waste and energy solutions company Covanta has released its first quarter results for 2014.
- For the time period ending on March 31, 2014, total operating revenues increased by $29 million to reach $401 million, due in part to a larger volume of waste, an increase in energy pricing during a frigid winter and the purchase of a new Camden facility. Operating expenses fell to $377 million, a reduction of $3 million, and were the result of rising maintenance costs.
- Adjusted EBITDA grew to $87 million, an increase of $26 million for the quarter.
Dive Insight:
According to Zacks, Covanta anticipates EBITDA to reach $470 to 500 million, with expected earnings in 2014 to hit around 35 to 50 cents. In the earnings call, president and CEO Anthony Orlando said that" consistent with our expectations, first quarter results were up year-over-year."