Shares of Covanta Holding Corp. rallied 2.6% in afternoon trade Friday, putting them on track to close at a nine-week high, after the energy-from-waste company reported better-than-expected first-quarter results. The company reported late Thursday it swung to a net profit of $201 million, or $1.53 a share, from a net loss of $52 million, or 41 cdnts a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss came to 9 cents a share, compared with the FactSet consensus for a loss of 19 cents a share. Revenue rose to $458 million from $404 million, and beat the FactSet consensus of $432 million. Energy revenue rose 16% to $100 million, while expectations were for a decline to $81 million, while waste and service revenue grew 9.1% to $312 million, just shy of expectations of $313.7 million, and recycled metals revenue increased 50% to $24 million, below expectations of $24.5 million. The company affirmed its 2018 outlook. BMO Capital analyst Jeffrey Silber reiterated his outperform rating on the stock, saying taht after a "strong start to the year," he believes there could be "some cushion" in the company's 2018 forecasts. The stock has lost 6.2% year to date, while the S&P 500 has eased 0.1%.