TECO Energy Inc.'s (TE) second-quarter profit rose 2.6% on
improved earnings in its Tampa Electric and Peoples Gas units,
offsetting losses in its coal division.
TECO has posted improving results in recent quarters as its main
business, utility Tampa Electric Co., and said Tampa Electric's
results are expected to strengthen on higher base rates and
continued cost controls.
TECO reported a profit of $77.5 million, or 36 cents a share, up
from $75.5 million, or 35 cents a share, a year earlier. The
prior-year period included $4.1 million in early debt-retirement
charges. Revenue fell 1.5% to $885.7 million.
Analysts polled by Thomson Reuters forecast earnings of 37 cents
a share on $865 million in revenue.
The Tampa Electric segment posted 2.8% higher profit. Coal
earnings fell 24% as the year-ago period included a $2 million tax
benefit. Earnings jumped 16% in the Peoples Gas unit.
Shares of Teco, which reaffirmed its full-year earnings
guidance, closed at $18.36 Wednesday and were inactive premarket.
The stock is up 8.3% in the past 12 months.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com