TECO Energy Inc. Earnings: Streak of Two Straight Profit Rises Snapped

S&P 500 (NYSE:SPY) component TECO Energy Inc. (NYSE:TE) reported its results for the fourth 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 Fourth Quarter

Results: Net income for the electric utilities company fell to $53.2 million (25 cents per share) vs. $56.7 million (26 cents per share) a year earlier. This is a decline of 6.2% from the year earlier quarter.

Revenue: Fell 3.2% to $750.2 million from the year earlier quarter.

Actual vs. Wall St. Expectations: TECO Energy Inc. fell short of the mean analyst estimate of 28 cents per share. It fell short of the average revenue estimate of $844.9 million.

Quoting Management: “I’m proud of the way our team managed the business in 2011 to overcome unfavorable weather throughout the year at our Florida utilities and changing market conditions at the coal company to produce another year of strong results.”

Key Stats:

Last quarter’s profit decrease breaks a streak of two consecutive quarters of year-over-year profit increases. Net income rose 76.9% in the third quarter and 2.6% in the second quarter.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 42 cents versus a mean estimate of net income of 40 cents per share.

Revenue fell last quarter after seeing a rise the quarter before. Revenue rose 1.1% to $911.4 million in the third quarter from the year earlier.

Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the first quarter of the next fiscal year is 25 cents per share, up from 23 cents ninety days ago. For the fiscal year, the average estimate has moved down from $1.32 a share to $1.31 over the last ninety days.

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

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com