(RTTNews) - Friday, TECO Energy, Inc. (TE: News ) reported an increase in profit for the third quarter, mainly due to benefits from its restructuring actions.

TECO Energy's net income for the third quarter increased to $64.8 million or $0.30 per share from $58.2 million or $0.27 per share in the third quarter of 2008.

On average, nine analysts polled by Thomson Reuters estimated earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Non-GAAP net income from continuing operations excluding charges and gains were $85.6 million, compared with $58.2 million in the year-ago period.

Results for the quarter included charges of $20.8 million, consisting of $15.4 million in restructuring charges at Tampa Electric, Peoples Gas and TECO Energy, the write-off of $5.2 million of project development costs at Tampa Electric related to the Polk Unit 6 IGCC plant, and $0.2 million associated with the sale of student loan securities in the third quarter.

Total revenues for the quarter declined to $896.3 million from $926.1 million in the year-ago period. Four Wall Street analysts estimated revenues of $944.22 million for the quarter.

Segment-wise, total revenues from Tampa Electric increased to $620.9 million from $601.8 million, while TECO Coal revenues increased to $175.1 million from $142.0 million. TECO Gautemala revenues increased to $1.9 million from $1.8 million year-ago. However, Peoples Gas revenues declined to $101 million from $180.6 million in the year-ago period.
TECO Energy's total expenses declined to $761.3 million from $809.6 million in the year-ago period.

Sherrill Hudson, TECO Energy chairman and chief executive officer said, "Our results this quarter reflect the restructuring actions taken to create a leaner, more nimble organization, and to position the utilities to earn their allowed returns despite the weakened Florida economy."

TECO Energy updated its outlook for 2009 earnings to within a range of $1.00 - $1.15 per share, excluding charges and gains. Fourteen analysts estimated earnings of $1.05 per share for the entire year.

The company reported a year-to-date net income of $160.4 million or $0.75 per share, compared with $140.4 million or $0.66 per share in the same period year-ago.

Year-to-date non-GAAP net income from continuing operations, excluding charges and gains were $176.1 million compared to non-GAAP results of $141.0 million in the 2008 period.

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