TECO Energy Earnings: Falls Short of Expectations

S&P 500 (NYSE:SPY) component TECO Energy Inc. (NYSE:TE) reported its results for the third quarter. TECO Energy is an energy-related holding company with regulated electric and gas utility operations in Florida.

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TECO Energy Inc. Earnings Cheat Sheet

Results: Net income for TECO Energy Inc. fell to $44 million (20 cents per share) vs. $90.2 million (42 cents per share) a year earlier. This is a decline of 51.2% from the year-earlier quarter.

Revenue: Fell 2.2% to $858.6 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: TECO Energy Inc. fell short of the mean analyst estimate of 37 cents per share. It beat the average revenue estimate of $776.8 million.

Quoting Management: TECO Energy President and Chief Executive Officer John Ramil said, “Our operating results this quarter reflect an improving Florida economy and outstanding cost control efforts by our team members at our utilities to offset the ongoing unfavorable weather patterns, and TECO Coal’s team members continue to deliver strong financial results in a weak coal market.”

Key Stats:

The company has now seen net income fall for four quarters in a row. In the second quarter, net income fell 5.7% while the figure fell 2.3% in the first quarter and 6.2% in the fourth quarter of the last fiscal year.

The company has now missed analyst estimates for the last four quarters. It fell short by 2 cents in the second quarter, by 2 cents in the first quarter, and by 3 cents in the fourth quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 26 cents a share to 25 cents over the last sixty days. Over the past sixty days, the average estimate for the fiscal year has reached $1.17 per share, a decline from $1.25.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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