TECO Energy Earnings: Profit Southbound for Fourth Straight Quarter
S&P 500 (NYSE:SPY) component TECO Energy Inc. (NYSE:TE) reported its results for the second 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 $73.1 million (34 cents per share) vs. $77.5 million (36 cents per share) a year earlier. This is a decline of 5.7% from the year-earlier quarter.
Revenue: Fell 11% to $788.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: TECO Energy Inc. fell short of the mean analyst estimate of 38 cents per share. Analysts were expecting revenue of $776.8 million.
The company’s net income has now fallen for three straight quarters. In the first quarter, net income fell 2.3% from the year earlier, while the figure fell 6.2% in the fourth quarter of the last fiscal year.
The company has now fallen short of analyst estimates for the last three quarters. It missed the mark by 2 cents in the first quarter and by 3 cents in the fourth quarter of the last fiscal year.
Revenue has been on the decline for three quarters in a row. In the first quarter, revenue declined 8.3% to $730 million while the figure fell 3.2% in the fourth quarter of the last fiscal year from the year earlier.
Looking Forward: The average estimate for the third quarter is steady at 44 cents a share. At $1.33 per share, the average estimate for the fiscal year has fallen from $1.35 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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