Friday, Teco Energy, Inc. (TE) reported an increase in first-quarter profit, aided by revenue growth particularly in its Tampa Electric and TECO Coal segment.
The Tampa, Florida-based company's net income grew to $34.7 million, or $0.16 per share, from $30.8 million, or $0.15 per share in the year-ago quarter.
On a non-GAAP basis, net income for the quarter decreased to $29.6 million from $31.4 million last year.
On average, eleven analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total revenues rose to $824 million from $791.7 million a year earlier, and came in above analysts' estimates of $768.34 million.
On a segmental basis, Tampa Electric revenues increased to $507.6 million from $461.5 million in the year-ago quarter. Revenues for Peoples Gas for the quarter declined to $153 million from $179 million in the prior year.
TECO Coal's revenues rose to $168.1 million from $149.1 million in the prior-year quarter. For TECO Guatemala, revenues for the quarter decreased to $2.1 million from $2.3 million.
Regulated electric and gas revenues increased to $653.8 million from $640.2 million in the comparable quarter a year ago. Unregulated segment revenues were $170.2 million for the quarter, up from $151.5 million in the prior year.
Looking forward, the company expects full year 2009 earnings per share, excluding all charges and gains, to be in a range of $1.00 and $1.15.
Analysts currently expect the company to report earnings of $1.07 per share for the full year.
TE is currently trading at $10.80, up 1.98%, on the NYSE.
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