TECO Energy Inc.'s (TE) fourth-quarter net income increased to $56.7 million or $0.26 per share from $53.5 million or $0.25 per share a year ago.
Net income in the fourth quarter included a net gain from the previously announced sale of the ownership interest in DECA II in Guatemala, partially offset by a debt extinguishment charge, the company added.
Fourth-quarter non-GAAP results were $48.9 million, excluding the net gain from the prior announced sale of the ownership interest in DECA II in Guatemala, and a charge related to the early retirement of TECO Energy debt. Fourth-quarter 2009 non-GAAP results, which excluded $0.4 million of restructuring charges, were $53.9 million.
On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues improved to $775.0 million from $765.0 million in the comparable period. Analysts estimated revenues of $850.49 million for the quarter
TECO Energy expects earnings per share in 2011 to be in a range between $1.25 and $1.40, excluding all charges and gains. Nineteen analysts estimate earnings per share of $1.41 for 2011.
For comments and feedback: editorial@rttnews.com