Friday, TECO Energy Inc. (TE) said its third-quarter GAAP net income rose 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, 9 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter.
The company reported a third-quarter non-GAAP results from continuing operations, which exclude charges and gains, of $85.6 million compared with net income of $58.2 million in the 2008 period.
Total revenues for the quarter declined to $896.3 million from $926.1 million in the previous year. Four analysts estimated revenues of $944.22 million for the quarter.
TECO Energy still expects full-year earnings per share to be within a range of $1.00 - $1.15, excluding charges and gains. Fourteen analysts estimate earnings of $1.05 per share for the year 2009.
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