TECO Energy Inc. Earnings Cheat Sheet: Yet Another Quarter of Profitability

Falling revenue did not prevent S&P 500 (NYSE:SPY) component TECO Energy, Inc. (NYSE:TE) from reporting a profit boost in the second 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 Second Quarter

Results: Net income for TECO Energy, Inc. rose to $77.5 million (36 cents per share) vs. $75.5 million (35 cents per share) in the same quarter a year earlier. This marks a rise of 2.6% from the year earlier quarter.

Revenue: Fell 1.5% to $885.7 million from the year earlier quarter.

Actual vs. Wall St. Expectations: TE fell short of the mean analyst estimate of 37 cents per share. It beat the average revenue estimate of $864.7 million.

Quoting Management: TECO Energy President and Chief Executive Officer John Ramil said, “We are pleased with our results this quarter, which position us to deliver the strong results we are expecting this year. Our second quarter results reflect the benefits of lower interest expense from our debt retirement actions. The Florida utilities are benefiting from continued modest improvement in the state and local economies and moderate customer growth. TECO Coal is experiencing better prices for its specialty coals and it is actively engaged in a program to identify additional specialty coal reserves on properties it controls.”

Key Stats:

The company has now missed analyst estimates for the last four quarters. It fell short by 6 cents in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by 7 cents in the third quarter of the last fiscal year.

The company has now been profitable for the last nine quarters, and for the last five, profit has risen year over year by an average of 0.8%. The quarter with the biggest boost was the second quarter of the last fiscal year, which saw a 24% surge.

Revenue has fallen in the past two quarters. In the first quarter, revenue declined 12.7% to $796.1 million 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).

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(Source: Xignite Financials)