UPDATE 1-Covanta Q3 profit rises; backs '08 earnings view
* Q3 EPS $0.32 vs EPS $0.25 a year ago
* Revenue $439 mln vs estimate $392.9 mln
* Backs 2008 earnings and operating cash flow view (Recasts, adds details)
Oct 22 (Reuters) - Renewable energy company Covanta Holding Corp (CVA.N) reported a 29 percent rise in quarterly earnings, beating market expectations, helped by higher prices for energy and recycled metals, and backed its full-year earnings outlook.
For the latest third quarter, the company earned $49.7 million, or 32 cents a share, compared with $38.4 million, or 25 cents a share, in the year-ago period.
Total operating revenue rose 25 percent to $439.0 million.
Analysts on average were expecting earnings of 29 cents a share, excluding items, on revenue of $392.9 million, according to Reuters Estimates.
The company also backed its prior full-year earnings outlook of 90 cents to $1 a share and operating cash flow of $380 million to $420 million.
Shares of the company closed down 8 percent at $19.14 Wednesday on the New York Stock Exchange. (Reporting by Sakthi Prasad in Bangalore; Editing by Gopakumar Warrier)
