WASHINGTON (dpa-AFX) - Covanta Holding Corp. (CVA) reported that its fourth-quarter net income attributable to the company was $82 million or $0.62 per share, compared to $26 million or $0.19 per share in the same quarter last year.
Adjusted earnings per share of $0.20 declined by $0.07 from the prior year period due to a higher effective tax rate, increased interest expense and the negative impact of Hurricane Sandy. These declines were partially offset by a lower number of shares outstanding due to the Company's common stock buyback program. Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues of $430 million were flat with the prior year period. Significant factors included the positive impacts of Organic growth initiatives in special waste, recycled metals and other; and Escalations in service fee contracts. Nine analysts had consensus revenue estimate of $410.86 million for the quarter.
For fiscal 2013, the company expects adjusted earnings to be in the range of $0.40 - $0.50 per share. Analysts expect the company to report earnings of $0.63 per share for fiscal 2013.
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