TECO Energy Earnings: Revenue Decrease Snaps Four Quarter Streak

S&P 500 (NYSE:SPY) component TECO Energy, Inc. (NYSE:TE) reported its results for the first quarter. TECO Energy is an energy-related holding company with regulated electric and gas utility operations in Florida and other companies engaged in coal mining and synthetic fuel production, waterborne transportation services.

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TECO Energy Earnings Cheat Sheet for the First Quarter

Results: Net income for TECO Energy, Inc. fell to $51.7 million (24 cents/share) vs. $55.8 million (26 cents/share) a year earlier. A decline of 7.3% from the year earlier quarter.

Revenue: Fell 12.7% to $796.1 million YoY.

Actual vs. Wall St. Expectations: TE fell short of the mean analyst estimate of 30 cents/share. Estimates ranged from 25 cents per share to 39 cents per share.

Quoting Management: TECO Energy President and CEO John Ramil said, “Solid performance by our operating companies this first quarter has us on track to deliver the strong results we are expecting this year. Our coal company is benefiting from better selling prices for its specialty coals, and we expect even better pricing on our contracts for the balance of the year. In addition, our Florida utilities are benefiting from a recovering economy as unemployment declines and home sales increase.”

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the first quarter of the last fiscal year, which saw revenue rise 10.7%.

Net income has increased 12.4% year over year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed 60.8% from the year earlier quarter.

Competitors to Watch: The Southern Company (NYSE:SO), SCANA Corporation (NYSE:SCG), Progress Energy, Inc. (NYSE:PGN), Cleco Corporation (NYSE:CNL), Duke Energy Corporation (NYSE:DUK), Northeast Utilities System (NYSE:NU), PPL Corporation (NYSE:PPL), NextEra Energy, Inc. (NYSE:NEE), ALLETE, Inc. (NYSE:ALE), and Entergy Corporation (NYSE:ETR)

Stock Performance: Shares of TE are down 0.57% after hours.

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