Covanta: 4Q Earnings Snapshot
MORRISTOWN, N.J. (AP) _ Covanta Holding Corp. (CVA) on Thursday reported fourth-quarter net income of $9 million.
The Morristown, New Jersey-based company said it had profit of 7 cents per share. Earnings, adjusted for non-recurring gains, came to 4 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The waste disposal and renewable energy company posted revenue of $500 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $478.9 million.
For the year, the company reported profit of $152 million, or $1.15 per share. Revenue was reported as $1.87 billion.
Covanta shares have risen 29 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.27, an increase of slightly more than 7 percent in the last 12 months.