TECO Energy Inc. Earnings Cheat Sheet: Second Straight Quarter of Increasing Profit

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 Earnings Cheat Sheet for the Third Quarter

Results: Net income for the electric utilities company rose to $90.2 million (42 cents per share) vs. $51 million (24 cents per share) in the same quarter a year earlier. This marks a rise of 76.9% from the year earlier quarter.

Revenue: Rose 1.1% to $911.4 million from the year earlier quarter.

Actual vs. Wall St. Expectations: TE beat the mean analyst estimate of 40 cents per share. Analysts were expecting revenue of $917.4 million.

Quoting Management: TECO Energy President and Chief Executive Officer John Ramil said, “I’m pleased with the strong results we continue to deliver this year, which position us well to finish 2011 with solid financial performance. Our Florida utilities are benefiting from continued modest improvement in the state and local economies and they both delivered good growth this quarter. At Tampa Electric, we expect to begin preliminary engineering work in 2012 on our preferred generating capacity addition of converting the peaking units at the Polk Power Station to combined cycle units for in service in early 2017.”

Key Stats:

A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 1.5% in the second quarter and fell 12.7% in the first quarter.

The company beat estimates last quarter after being in line with expectations in the second quarter with net income of 36 cents per share.

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 33 cents a share to 31 cents over the last ninety days. The average estimate for the fiscal year is $1.32 per share, down from $1.36 ninety days ago.

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).

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(Source: Xignite Financials)