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Covanta maintains FY'16 earnings guidance as expenses eat into Q1 results

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Covanta maintains FY'16 earnings guidance as expenses eat into Q1 results

continuesto maintain its full-year earnings guidance despite seeing a $3 millionyear-over-year drop in first-quarter 2016 adjusted EBITDA to $76.0 million. Thecompany's free cash flow also went into the negative territory after ayear-over-year drop of $21 million; first-quarter 2016 free cash flow stood ata negative $5 million, results released April 26 showed.

Full-year adjustedEBITDA guidance stands at between $390.0 million to $430.0million, while free cash flow is targeted to be between $140.0 million and $180.0 million.

Covanta'sbooks were impacted by depressed energy prices and the timing of plantmaintenances which increased first-quarter 2016 operating expenses by $26million year over year to $402 million, excluding impairment charges. Thecompany saw an increase in revenues to $403 million, compared to $383 millionin the same quarter of 2015, and was helped by waste and service revenue, whichincreased to $279 million from $246 million in the opening months of last year.

Adjustednet loss for the quarter widened 3 cents per share year over year and stood at19 cents as operating income decreased by $6 million to $1 million, excludingimpairment charges. The S&P Global Market Intelligence normalized EPSestimate for the quarter was a loss of 10 cents.

The companyhas scheduled a conference call for 8:30 a.m. on April 27 to discuss itsresults.