Company maintains 2015
earnings-per-share guidance in a range between $1.08 and
$1.11
TECO Energy, Inc. (NYSE:TE) today reported that first-quarter
2015 non-GAAP results from continuing operations were $64.5
million, or $0.28 on a per-share basis, compared with $50.5
million, or $0.23 on a per-share basis in 2014. The 2015 results
exclude $0.7 million of costs associated with the integration of
New Mexico Gas Co. (NMGC).
First-quarter 2015 GAAP net income was $58.0 million, or $0.25
per share, compared with $50.1 million, or $0.23 per share, in the
first quarter of 2014. Net income from continuing operations was
$63.8 million, or $0.27 per share, in the 2015 first quarter,
compared with $48.4 million, or $0.22 per share, for the same
period in 2014.
TECO Energy President and Chief Executive Officer John Ramil
said, “We are off to a good start with our utilities this year. New
Mexico Gas had good results despite one of the mildest winters in
recent years, and our Florida utilities enjoyed a growing economy
and customer growth well above national averages. Despite the delay
in closing the sale of TECO Coal, we remain committed to exiting
the coal business. We believe that working with Cambrian Coal to
complete this transaction is the most expedient method of exiting
this business.”
As a result of the previously announced agreement to sell TECO
Coal (see the Discontinued Operations section later in this
release), those operations were classified as discontinued
operations effective in the third quarter of 2014.
Non-GAAP Results
First quarter 2015 Non-GAAP results from continuing operations
exclude integration costs associated with the acquisition of
NMGC.
The table below compares the TECO Energy GAAP net income with
the non-GAAP measures used in this release. Non-GAAP results
exclude charges and gains contained in the Results
Reconciliation table later in this release. See the Non-GAAP
Presentation section and Results Reconciliation table
later in this release for reconciliation to GAAP results and a
discussion regarding this presentation of non-GAAP results and
management’s use of this information.
All amounts included in the non-GAAP table below are after
tax.
Results Comparisons
3 months endedMarch 31
12 monthsended March 31
(millions)
2015 2014
2015
2014 Net income $ 58.0 $ 50.1 $ 138.2 $ 206.3
Discontinued operations (5.8 ) 1.7 (83.6 )
7.5 Net income from continuing operations 63.8 48.4 221.8
198.8 Charges and gains 0.7 2.1 21.9
8.3
Non-GAAP results from continuing
operations
$
64.5
$
50.5
$
243.7
$
207.1
Segment Reporting
The table below includes TECO Energy segment information on a
GAAP basis, which includes all charges and gains for the periods
shown.
Segment
Information
3 monthsended March 31
12 monthsended March 31
(millions)
Net Income Summary 2015
2014 2015
2014 Tampa Electric $ 48.2 $ 45.2
$ 227.5 $ 204.2 Peoples Gas System 14.6 14.6 35.9 35.5 New Mexico
Gas Co.(1) 13.9 -- 24.5 -- Other (net)(2) (12.9 )
(11.4 ) (66.1 ) (40.9 ) Net income from continuing
operations 63.8 48.4 221.8 198.8 Discontinued operations (3)
(5.8 ) 1.7 (83.6 ) 7.5 Total net
income attributable to TECO Energy
$
58.0
$
50.1
$
138.2
$
206.3
(1) NMGC for the 2015 12-month period represents the four months
of ownership in 2014 and the first quarter of 2015.
(2) The Other segment (net) includes transaction and integration
costs associated with the acquisition of NMGC and net consolidated
deferred tax balance adjustments related to the acquisition of NMGC
and the pending sale of TECO Coal.
(3) Discontinued operations include the operating results at
TECO Coal, and the impairment charges and negative tax valuation
allowances related to the sale of TECO Coal , a consolidated tax
benefit recorded in the Other segment, and a benefit related to the
2012 sale of TECO Guatemala.
All amounts included in the operating company discussions below
are after tax, unless otherwise noted.
Tampa Electric
Tampa Electric’s net income for the first quarter of 2015 was
$48.2 million, compared with $45.2 million for the same period in
2014. First quarter results in 2015 reflect customer growth and
higher energy sales due to warm March weather. Results reflected
operations and maintenance expenses essentially unchanged from 2014
and higher interest expense from higher long-term debt balances.
First-quarter net income in 2015 included $3.8 million of Allowance
for Funds Used During Construction (AFUDC) equity, which represents
allowed equity cost capitalized to construction costs, compared
with $2.4 million in the 2014 quarter.
Total degree days in Tampa Electric's service area in the first
quarter of 2015 were 6% above normal and 11% above the 2014 period,
driven by much warmer than normal weather in March. Total net
energy for load, which is a calendar measurement of retail energy
sales rather than a billing-cycle measurement, increased 1.4% in
the first quarter of 2015 compared with the same period in 2014.
Customer growth in the quarter was 1.7%. In the 2015 period, pretax
base revenues increased $3.8 million due to higher energy sales and
the pro rata portion of $7.5 million of higher annual pretax base
revenue effective November 2014. Sales to the weather-sensitive
residential customers increased primarily from the warmer than
normal March weather, while sales to non-phosphate industrial
customers increased due to the improving economy. Sales to
lower-margin industrial-phosphate customers were lower as
self-generation by those customers increased. (The quarterly energy
sales shown on the statistical summary that accompanies this
earnings release reflect the energy sales based on the timing of
billing cycles, which can vary period to period.)
Operations and maintenance expense, excluding all Florida Public
Service Commission (FPSC)-approved cost-recovery clauses, was
essentially unchanged from the 2014 quarter. These results reflect
higher payroll costs offset by lower other benefit costs and lower
costs to reliably serve customers and operate and maintain the
system, due to cost efficiencies and the benefit of synergies from
shared services among all three utilities. Depreciation and
amortization expense increased approximately $0.5 million as higher
depreciation on normal additions to facilities to reliably serve
customers was partially offset by the reduction in depreciation
expense associated with the retirement of assets that were either
obsolete or no longer required to serve customers.
Peoples Gas
Peoples Gas System reported net income of $14.6 million for the
first quarter, unchanged from 2014. Therm sales to the
weather-sensitive residential customers increased as a result of
average customer growth of 2.0% in the quarter and colder February
winter weather, which more than offset mild March weather. Sales to
commercial and industrial customers increased as a result of the
stronger Florida economy and conversions of vehicle fleets to
compressed natural gas. Sales to power-generation customers
increased due to higher utilization of gas-fired power generators
versus coal-fired generation by a single customer. Non-fuel
operations and maintenance expense was $0.8 million higher than in
the 2014 period, which included a $1.6 million benefit from the
recovery of costs from a 2010 contractor damage incident.
Depreciation and amortization increased slightly due to normal
additions to facilities to serve customers.
New Mexico Gas Co.
NMGC reported first quarter net income of $13.9 million.
First-quarter heating degree days in New Mexico were 9% below
normal and 1% below 2014, reflecting one of the mildest winters in
recent years. First quarter 2015 customer growth was 0.6%. On a
per-share basis, the NMGC acquisition was approximately $0.04
accretive to first-quarter results. Due to the seasonal nature of
the local gas distribution business driven by the use of natural
gas for heating in New Mexico, NMGC is expected to be dilutive to
earnings in the second and third quarters, but accretive in the
fourth quarter and for the full-year period.
Discontinued Operations
The first quarter 2015 loss in discontinued operations of $5.8
million consisted of the TECO Coal loss from operations and a
favorable tax adjustment recorded in the Other (net) segment. The
first-quarter loss from operations was driven by sales of 0.9
million tons, compared with 1.3 million tons sold in the same
period in 2014. The lower tons reflect the harsh winter weather,
which reduced production and caused rail service interruptions. In
2015, first-quarter results also reflect selling prices and costs
associated with reductions in personnel and steps taken in advance
of closing the sale of the company.
Other (net)
The cost from continuing operations for Other (net) in the first
quarter of 2015 was $12.9 million, compared with a cost of $11.4
million in the same period in 2014. The non-GAAP cost from
continuing operations in 2015 was $12.2 million, compared with a
cost of $9.1 million in 2014. Non-GAAP costs in 2015 excluded $0.7
million of costs associated with the integration of NMGC, compared
with $2.1 million of NMGC-related costs in 2014. The higher
non-GAAP costs in 2015 reflect $1.1 million of interest expense
related to notes at New Mexico Gas Intermediate (NMGI), the parent
of NMGC, and $1.0 million of interest expense previously allocated
to TECO Coal.
The segment data accompanying this earnings release presents
Other and Eliminations as separate segments. The discussion above
nets the two segments.
Maintaining 2015
Guidance from Continuing Operationsin a range between $1.08 and $1.11
TECO Energy is maintaining its previously provided 2015
earnings-per-share guidance from continuing operations, excluding
charges or gains, in a range between $1.08 and $1.11 in 2015,
driven by the factors discussed below.
Tampa Electric expects to earn in the upper half of its allowed
Return on Equity (ROE) range of 9.25% to 11.25%, driven by $7.5
million of higher base revenues that were effective Nov. 1, 2014 as
a result of its September 2013 rate case settlement agreement,
average customer growth trends in line with those experienced in
2014, and higher AFUDC. Retail energy sales to residential,
commercial and non-phosphate industrial customers are expected to
grow by almost 1.0%. Total retail sales are expected to be about
0.3% higher, as sales to lower-margin interruptible
Industrial-Phosphate customers are expected to decline due to
increased self-generation. These sales forecasts reflect the impact
of improved lighting and appliance efficiency and customer energy
conservation. Full-year operations and maintenance expenses are
expected to be lower than 2014 as lower employee-related costs and
the impact of synergies in Florida as a result of the NMGC
integration more than offset higher costs to operate the system and
reliably serve customers. Depreciation expense is expected to be
higher due to normal additions to facilities to serve
customers.
Peoples Gas expects to continue to earn in the upper half of its
allowed ROE range of 9.75% to 11.75% from customer growth trends in
line with those experienced in 2015, and continued interest from
customers utilizing petroleum and other fuel sources to convert to
natural gas. Operations and maintenance expense and depreciation
trends are expected to be similar to Tampa Electric.
NMGC expects 2015 customer growth of more than 0.5%, volume
growth at about the same level, and lower operations and
maintenance expense from integration synergies. NMGC will credit
$2.0 million to customer bills in the first 12 months post-closing
and $4.0 million in each subsequent 12-month period until new base
rates are established. NMGC is expected to be accretive to TECO
Energy’s earnings per share in 2015.
The forecasts for all utilities assume normal weather for the
remainder of 2015.
Other (net) cost is expected to increase in 2015. The benefit of
refinancing the $191 million of TECO Finance 6.75% notes due in May
of 2015 with $250 million of floating rate notes completed in early
April will more than offset the impact of no longer allocating
interest expense to TECO Coal. The non-utility interest cost in
2015 will reflect a full year of interest on debt at NMGI.
Discontinued operations will include the operating results for
TECO Coal through the closing of the sale as well as the accounting
for the completion of the sale.
Non-GAAP Presentation
Management believes it is helpful to present a non-GAAP measure
of performance that reflects the ongoing operations of TECO
Energy’s businesses and that allows investors to better understand
and evaluate the business as it is expected to operate in future
periods.
Management and the board of directors use non-GAAP measures as a
tool for measuring the company’s performance, for making decisions
that are dependent upon the profitability of the company’s various
operating units, and for determining levels of incentive
compensation.
The non-GAAP measures of financial performance used by the
company are not measures of performance under accounting principles
generally accepted in the United States and should not be
considered an alternative to net income or other GAAP figures as an
indicator of the company’s financial performance or liquidity. TECO
Energy’s non-GAAP presentation of net income may not be comparable
to similarly titled measures used by other companies.
The Results Reconciliation table below presents non-GAAP
financial results after eliminating the effects of identified
charges and gains. This provides investors additional information
to assess the company’s results and future earnings potential.
Results
Reconciliation (millions)
3 months endedMarch 31
12 months endedMarch 31
2015 2014
2015 2014
GAAP net income attributable to TECO Energy
$
58.0
$
50.1
$
138.2
$
206.3
Discontinued operations (5.8 ) 1.7
(83.6 ) 7.5 Net income
from continuing operations
63.8
48.4
221.8
198.8
Add costs associated with the acquisition
of NMGC
0.7
2.1
15.2
8.3
Add consolidated deferred tax balance
adjustments (net)
--
--
6.7
--
Total charges and gains 0.7 2.1
21.9 8.3 Non-GAAP
results (1) $ 64.5 $ 50.5 $
243.7 $ 207.1
(1) A non-GAAP financial measure is a numerical measure that
includes or excludes amounts, or is subject to adjustments that
have the effect of including or excluding amounts, from the most
directly comparable GAAP measure.
Webcast
As previously announced, TECO Energy will host a webcast with
the investment community to discuss its quarterly results at 5:00
p.m. Eastern time today. The webcast will be accessible through a
link on TECO Energy’s website: www.tecoenergy.com. The webcast and
accompanying slides will be available for replay for 30 days
through the website, beginning approximately two hours after the
conclusion of the live event.
TECO Energy Inc. (NYSE: TE) is an energy-related holding company
with regulated electric and gas utilities in Florida and New
Mexico. Tampa Electric serves more than 700,000 customers in West
Central Florida; Peoples Gas System serves more than 350,000
customers across Florida; and New Mexico Gas Co. serves more than
510,000 customers across New Mexico. Other TECO Energy subsidiaries
include TECO Coal, which owns and operates coal-production
facilities in Kentucky, Tennessee and Virginia.
Note: This press release contains forward-looking statements,
which are subject to the inherent uncertainties in predicting
future results and conditions. Actual results may differ materially
from those forecasted. The forecasted results are based on the
company's current expectations and assumptions, and the company
does not undertake to update that information or any other
information contained in this press release, except as may be
required by law. Factors that could impact actual results include:
regulatory actions by federal, state or local authorities; the
ability to successfully implement the integration plans for NMGC
and generate the financial results to make the acquisition
accretive; unexpected capital needs or unanticipated reductions in
cash flow that affect liquidity; the ability to access the capital
and credit markets when required; general economic conditions
affecting customer growth and energy sales at the utility
companies; economic conditions affecting the Florida and New Mexico
economies; weather variations and customer energy usage patterns
affecting sales and operating costs at the utilities and the effect
of weather conditions on energy consumption; the effect of extreme
weather conditions or hurricanes; general operating conditions;
input commodity prices affecting cost at all of the operating
companies; natural gas demand at the utilities; and the ability of
TECO Energy's subsidiaries to operate equipment without undue
accidents, breakdowns or failures; the ability of the purchasers of
TECO Coal to obtain suitable financing and for TECO Energy to
successfully close the pending sale transaction, or otherwise exit
the coal business. Additional information is contained under "Risk
Factors" in TECO Energy, Inc.'s Annual Report on Form 10-K for the
period ended Dec. 31, 2014.
Summary Information
3 MonthsEnded March 31,
12 MonthsEnded March 31,
(millions except per share amounts)
2015 2014 2015 2014 Revenues $ 693.0
$ 578.0 $ 2,681.5 $ 2,389.8 Net income from
continuing operations
$
63.8
$
48.4
$
221.8
$
198.8
Net income from discontinued operations
attributable to TECO Energy
(5.8
)
1.7
(83.6
)
7.5
Net income attributable to TECO Energy
$
58.0
$
50.1
$
138.2
$
206.3
Earnings per share from continuing operations- basic
$
0.27
$
0.22
$
0.97
$
0.93
Earnings per share from discontinued
operations attributable to TECO Energy – basic
(0.02
)
0.01
(0.37
)
0.03
Total earnings per share attributable to TECO Energy – basic
$
0.25
$
0.23
$
0.60
$
0.96
Total earnings per share – diluted
$
0.25
$
0.23
$
0.60
$
0.96
Average common shares outstanding – basic
232.8
215.2
227.2
215.1
Average common shares outstanding – diluted
233.5
215.7
227.8
215.6
MARCH 2015
Figures appearing in these statements are presented as general
information and not in connection with any sale or offer to sell or
solicitation of an offer to buy any securities, nor are they
intended as a representation by the company of the value of its
securities. All figures reported are subject to adjustments as the
annual audit by independent accountants may determine to be
necessary and to the explanatory notes affecting income and balance
sheet accounts contained in the company’s Annual Report on Form
10-K. Reference should also be made to information contained in
that and other reports filed by TECO Energy, Inc. and Tampa
Electric Company with the Securities and Exchange Commission.
TECO ENERGY, Inc. CONSOLIDATED STATEMENTS OF
INCOME (Unaudited) (All significant intercompany transactions
have been eliminated in the consolidated financial statements.)
Three Months Ended Twelve
Months Ended Mar. 31, Mar. 31, (millions except share data)
2015 2014
2015 2014
Revenues Regulated electric and gas
$ 689.9 $
575.7
$ 2,671.5 $ 2,379.1 Unregulated
3.1 2.3
10.0 10.7
Total revenues
693.0
578.0
2,681.5 2,389.8
Expenses Regulated operations & maintenance Fuel
144.1 149.6
686.9 689.8 Purchased power
17.1
18.2
70.3 68.2 Cost of natural gas sold
103.0 47.1
265.5 139.7 Other
143.7 120.6
570.9 524.1
Operations & maintenance other expense
1.6 3.2
28.0 14.5 Depreciation and amortization
85.5 75.9
325.0 295.4 Taxes, other than income
51.8 47.8
199.0 187.6
Total expenses
546.8
462.4
2,145.6 1,919.3
Income
from operations 146.2
115.6
535.9
470.5
Other income
(expense) Allowance for other funds used during construction
3.8 2.4
12.0 7.5 Other income
1.6 (0.9 )
3.0 (0.5 ) Total other
income
5.4
1.5
15.0
7.0
Interest charges Interest expense
49.8 41.0
185.2 164.6 Allowance for borrowed funds
used during construction
(1.9
) (1.4 )
(5.8 ) (4.4 ) Total interest
charges
47.9
39.6
179.4
160.2
Income before provision for
income taxes 103.7 77.5
371.5 317.3 Provision for
income taxes
39.9
29.1
149.7
118.5
Income from continuing
operations 63.8 48.4
221.8 198.8
Discontinued
operations Income (loss) from discontinued operations
(9.6 ) 1.2
(136.3 ) 3.1 Provision for
income taxes
(3.8 )
(0.5 )
(52.7
) (4.4 ) Income (loss) from
discontinued operations, net
(5.8 ) 1.7
(83.6 ) 7.5
Net
income $ 58.0
$ 50.1
$ 138.2
$ 206.3
Average common shares
outstanding - basic (millions) 232.8 215.2
227.2
215.1
Average common shares outstanding - diluted (millions)
233.5 215.7
227.8 215.6
Earnings per
average common share outstanding: Earnings per share from
continuing operations -- basic
$ 0.27 $ 0.22
$
0.97 $ 0.93 Earnings per share from continuing operations --
diluted
$ 0.27 $ 0.22
$ 0.97 $ 0.93
Earnings per share from discontinued operations -- basic
($0.02 ) $ 0.01
($0.37 ) $ 0.03
Earnings per share from discontinued operations -- diluted
($0.02 ) $ 0.01
($0.37 ) $ 0.03
Earnings per share attributable to TECO Energy -- basic
$
0.25 $ 0.23
$ 0.60 $ 0.96 Earnings per share
attributable to TECO Energy -- diluted
$ 0.25 $ 0.23
$ 0.60 $ 0.96
TECO ENERGY, Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(All significant intercompany transactions
have been eliminated in the consolidated financial statements.)
Mar. 31, Dec. 31,
(millions)
2015 2014
Assets Current assets Cash and cash
equivalents
$ 32.8 $ 25.4 Receivables
262.8
299.8 Inventories at average cost Fuel
113.6 96.4 Materials
and supplies
74.7 75.4 Derivative assets
0.3 0.0
Deferred income taxes
63.2 72.8 Prepayments and other
current assets
32.2 22.6 Regulatory assets
52.0 53.6
Assets held for sale
97.1
109.6 Total current assets
728.7 755.6
Property, plant and equipment Utility plant in
service Electric
7,152.7 7,094.8 Gas
2,008.6 1,984.6
Construction work in progress
634.7 640.0 Other property
14.6
14.5 Property plant and equipment at original cost
9,810.6 9,733.9 Accumulated depreciation
(2,645.9 )
(2,645.7 ) Total property, plant and equipment, net
7,164.7 7,088.2
Other assets Regulatory assets
350.0 348.5
Goodwill
408.4 408.3 Deferred charges and other assets
64.8 65.8 Assets held for sale
60.9 59.8 Total other
assets
884.1
882.4
Total assets
$ 8,777.5 $ 8,726.2
Liabilities and capital Current liabilities Long-term
debt due within one year
$ 524.5 $ 274.5 Notes
payable
206.0 139.0 Accounts payable
248.4 288.6
Other current liabilities
16.7 16.8 Customer deposits
178.2 176.2 Derivative liabilities
35.5 36.6 Interest
accrued
57.7 39.9 Taxes accrued
29.0 29.9 Regulatory
liabilities
49.4 57.0 Liabilities associated with assets
held for sale
33.7
39.4 Total current liabilities
1,379.1 1,097.9
Other liabilities Deferred income taxes
547.9
519.2 Investment tax credits
8.9 9.0 Regulatory liabilities
720.0 729.0 Derivative liabilities
5.3 6.1 Deferred
credits and other liabilities
360.1 370.9 Liabilities
associated with assets held for sale
65.7 65.4 Long-term
debt, less amount due within one year
3,103.2 3,354.0 Total
other liabilities
4,811.1
5,053.6
Total liabilities
6,190.2 6,151.5
Capital Common equity
235.6
234.9 Additional paid in capital
1,881.9 1,875.9 Retained
earnings
484.6 479.6 Accumulated other comprehensive (loss)
(14.8 )
(15.7 ) Total capital
2,587.3 2,574.7
Total
liabilities and capital $
8,777.5 $ 8,726.2
Book Value Per Share $ 10.98 $ 10.96
TECO ENERGY, Inc. CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited) (All significant intercompany
transactions have been eliminated in the consolidated financial
statements.) Three Months Ended
Twelve Months Ended Mar. 31, Mar. 31, (millions)
2015 2014
2015 2014
Cash
flows from operating activities Net income
$ 58.0
$ 50.1
$ 138.2 $ 206.3 Adjustments to
reconcile net income to net cash from operating activities:
Depreciation and amortization
85.9 84.9
342.9 332.4
Deferred income taxes & Investment tax credits
36.0 28.8
96.7 115.6 Allowance for other funds used during
construction
(3.8 ) (2.4 )
(12.0 ) (7.5
) Non-cash stock compensation
3.9 3.7
12.9 13.6 Gain
on sales of business / assets, pretax
0.0 (0.1 )
(0.1
) (1.5 ) Deferred recovery clause
(5.7 ) 2.6
(23.5 ) (8.0 ) Asset impairment, pretax
0.0
0.0
115.9 0.0 Receivables, less allowance for uncollectibles
51.0 18.1
(3.7 ) 0.6 Inventories
(15.7
) 0.4
(3.1 ) 22.8 Prepayments and other
current assets
(10.9 ) (0.2 )
(8.0 )
(3.0 ) Taxes accrued
1.7 15.5
(12.7 ) 1.1
Interest accrued
17.8 22.9
2.2 (0.6 ) Accounts
payable
(63.5 ) (25.2 )
(14.8 ) 35.6
Other
(7.7 )
(12.2 )
(6.0 )
(19.8 )
147.0 186.9
624.9 687.6
Cash flows from investing activities Capital expenditures
(160.0 ) (136.3 )
(738.1 ) (565.6 )
Allowance for other funds used during construction
3.8 2.4
12.0 7.5 Purchase of a business, net of cash acquired
0.0 0.0
(751.5 ) 0.0 Net proceeds from sale of
business / assets
(0.1 ) 0.2
(0.1 ) 4.2
Other investments
(0.1 )
0.0
(8.0
) 0.0
(156.4 ) (133.7 )
(1,485.7 )
(553.9 )
Cash flows from financing activities
Dividends paid
(53.0 ) (48.0 )
(204.2 )
(191.4 ) Proceeds from sale of common stock
2.8 1.6
303.5 4.4 Proceeds from long-term debt
0.0 0.0
563.6 0.0 Repayment of long-term debt / Purchase in lieu of
redemption
0.0 0.0
(83.3 ) (51.6 ) Net
increase (decrease) in short-term debt
67.0 (55.0 )
177.0 29.0
16.8
(101.4 )
756.6
(209.6 ) Net increase (decrease) in cash and cash
equivalents
7.4 (48.2 )
(104.2 ) (75.9 ) Cash
and cash equivalents at beginning of period
25.4 185.2
137.0 212.9
Cash and cash equivalents at end of period
$ 32.8 $ 137.0
$ 32.8 $ 137.0
Supplemental disclosure of non-cash activities
Debt assumed in NMGI acquisition
$ 0.0 $ 0.0
$
200.0 0.0 Capital expenditures accrued - excluded above
$ 11.5 $ 14.6
$ 10.3 $ 18.8
TECO ENERGY, Inc. SEGMENT INFORMATION
(Unaudited) (millions)
Tampa Peoples TECO
TECO
Electric
Gas Coal
NMGC Other
Eliminations Energy Three months
ended Mar. 31, 2015 Revenues - outsiders $
449.8 $ 121.7 $ -- $ 119.0 $ 2.5 $ -- $ 693.0 Sales to affiliates
0.8 1.2
-- --
- (2.0 ) --
Total revenues 450.6 122.9 -- 119.0 2.5 (2.0 ) 693.0
Depreciation and amortization 62.9 13.9 -- 8.4 0.3 -- 85.5 Total
interest charges (2) 23.5 3.5 -- 3.3 17.9 (0.3 ) 47.9 Allocated
interest expense (2) -- -- -- -- 0.3 (0.3 ) -- Provision (Benefit)
for income taxes 27.4 9.2 -- 9.0 (5.7 ) -- 39.9 Net income (loss)
from continuing operations 48.2 14.6 -- 13.9 56.0 (68.9 ) 63.8
Income (loss) from discontinued operations, net of tax (3) -- --
(6.0 ) -- 0.2 -- (5.8 ) Net income (loss) (1)
$ 48.2 $ 14.6 $
(6.0 ) $ 13.9 $ 56.2
$ (68.9 ) $ 58.0
2014 Revenues -
outsiders $ 452.9 $ 122.4 $ -- $ -- $ 2.7 $ -- $ 578.0 Sales to
affiliates 0.3 0.2
-- --
-- (0.5 )
-- Total revenues 453.2 122.6 -- -- 2.7 (0.5 ) 578.0
Depreciation and amortization 62.1 13.3 -- -- 0.5 -- 75.9 Total
interest charges (2) 22.0 3.4 -- -- 16.0 (1.8 ) 39.6 Allocated
interest expense (2) -- -- -- -- 1.8 (1.8 ) -- Provision (Benefit)
for income taxes 26.6 9.2 -- -- (6.7 ) -- 29.1 Net income (loss)
from continuing operations 45.2 14.6 -- -- 37.5 (48.9 ) 48.4 Income
(loss) from discontinued operations, net of tax (3) -- -- (1.6 ) --
3.3 -- 1.7 Net income (loss) (1)
$ 45.2 $ 14.6 $ (1.6 )
$ -- $ 40.8 $ (48.9 )
$ 50.1
Twelve months ended Mar. 31,
2015 Revenues - outsiders $ 2,016.8 $ 397.7 $ -- $ 256.5 $
10.5 $ -- $ 2,681.5 Sales to affiliates
1.6 2.1 --
-- 0.2
(3.9 ) -- Total revenues 2,018.4
399.8 -- 256.5 10.7 (3.9 ) 2,681.5 Depreciation and amortization
249.4 54.6 -- 19.4 1.6 -- 325.0 Total interest charges (2) 94.2
13.9 -- 7.6 68.0 (4.3 ) 179.4 Allocated interest expense (2) -- --
-- -- 4.3 (4.3 ) -- Provision (Benefit) for income taxes 134.0 22.7
-- 16.1 (23.1 ) -- 149.7 Net income (loss) from continuing
operations 227.5 35.9 -- 24.5 36.2 (102.3 ) 221.8 Income (loss)
from discontinued operations, net of tax (3) -- -- (86.5 ) -- 2.9
-- (83.6 ) Net income (loss) (1)
$ 227.5 $ 35.9 $ (86.5 )
$ 24.5 $ 39.1 $ (102.3 )
$ 138.2
2014 Revenues - outsiders $
1,984.7 $ 392.8 $ -- $ -- $ 12.3 $ -- $ 2,389.8 Sales to affiliates
1.0 1.4
-- --
-- (2.4 )
-- Total revenues 1,985.7 394.2 -- -- 12.3 (2.4 ) 2,389.8
Depreciation and amortization 242.0 51.8 -- -- 1.6 -- 295.4 Total
interest charges (2) 90.4 13.5 -- -- 63.9 (7.6 ) 160.2 Allocated
interest expense (2) -- -- -- -- 7.6 (7.6 ) -- Provision (Benefit)
for income taxes 123.6 22.4 -- -- (27.5 ) -- 118.5 Net income
(loss) from continuing operations 204.2 35.5 -- -- 177.6 (218.5 )
198.8 Income (loss) from discontinued operations, net of tax (3) --
-- 4.4 -- 3.1 -- 7.5 Net income (loss) (1)
$ 204.2 $ 35.5 $
4.4 $ -- $ 180.7
$ (218.5 ) $ 206.3
(1
) Results are based on GAAP net income. For a complete
reconciliation between GAAP and non-GAAP items, see Results
Reconciliation in Earnings Release.
(2 ) Segment net
income is reported on a basis that includes internally allocated
financing costs. Internally allocated costs were at pretax rates of
6.00% for April 2013 through March 2015.
(3 ) All
periods have been adjusted to reflect the reclassification of
results from operations to discontinued operations for TECO Coal
and certain charges at Parent that directly relate to TECO
Guatemala or TECO Coal.
TAMPA ELECTRIC COMPANY
ELECTRIC OPERATING STATISTICS (Unaudited)
Operating Revenues* Sales
-- Kilowatt-hours*
Three Months Ended Mar. 31,
Percent Percent
2015 2014
Change 2015 2014
Change Residential
$ 213,401 $
213,542
(0.1 ) 1,839,405 1,822,905
0.9
Commercial
132,988 134,848
(1.4 )
1,350,118 1,350,878
(0.1 ) Industrial --
Phosphate
13,421 16,730
(19.8 ) 167,726
208,272
(19.5 ) Industrial -- Other
24,760
24,314
1.8 279,416 267,911
4.3 Other sales of
electricity
40,528 42,506
(4.7 )
400,065 421,801
(5.2 )
425,098 431,940
(1.6 ) 4,036,730
4,071,767
(0.9 ) Deferred and other revenues
7,468 (1,969 )
479.3 -- --
-- Provision
for Revenue Stipulation
-- --
-- -- --
-- Sales for resale
1,885 6,969
(73.0 )
53,508 106,424
(49.7 ) Other operating revenue
16,104 16,220
(0.7 ) -- --
--
SO2 Allowance Sales
-- --
-- -- --
--
NOx Allowance Sales
--
--
--
-- --
--
$ 450,555 $
453,160
(0.6 )
4,090,238 4,178,191
(2.1
) Average customers
714,028 702,320
1.7 -- --
-- Retail Net Energy For Load
4,242,266 4,185,208
1.4 Total Degree Days
630 570
10.5
Operating Revenues* Sales --
Kilowatt-hours*
Twelve Months Ended Mar. 31, Percent
Percent 2015
2014
Change 2015
2014
Change Residential
$ 1,007,429 $ 960,752
4.9 8,672,349
8,567,218
1.2 Commercial
600,232 585,397
2.5
6,141,447 6,087,348
0.9 Industrial -- Phosphate
56,603 70,824
(20.1 ) 697,030 881,606
(20.9 ) Industrial -- Other
105,027 101,324
3.7 1,174,715 1,136,475
3.4 Other sales of
electricity
179,919 178,526
0.8 1,805,161
1,832,816
(1.5 )
1,949,210
1,896,823
2.8 18,490,702 18,505,463
(0.1
) Deferred and other revenues
1,935 12,988
(85.1 ) -- --
-- Provision for Revenue
Stipulation
-- --
-- -- --
-- Sales for
resale
7,871 14,124
(44.3 ) 206,256
287,906
(28.4 ) Other operating revenue
59,377
61,731
(3.8 ) -- --
-- SO2 Allowance
Sales
-- --
-- -- --
-- NOx Allowance
Sales
-- --
-- --
--
--
$ 2,018,393 $ 1,985,666
1.6
18,696,958 18,793,369
(0.5 ) Average customers
709,088 697,768
1.6 --
-- -- Retail Net Energy
For Load
19,371,798
19,275,065
0.5 Total Degree Days
4,098 4,197
(2.4 ) * in thousands
PEOPLES
GAS SYSTEM GAS OPERATING STATISTICS (Unaudited)
Operating Revenues*
Therms*
Three Months Ended Mar. 31,
Percent Percent
2015 2014
Change 2015 2014
Change By Customer Segment: Residential
$ 49,258 $ 49,744
(1.0 ) 34,362
33,269
3.3 Commercial
41,585 40,864
1.8
138,171 130,952
5.5 Industrial
3,242 3,635
(10.8 ) 76,123 71,984
5.7 Off System
Sales
7,803 8,451
(7.7 ) 23,421 15,378
52.3 Power generation
1,936 1,902
1.8
184,609 155,650
18.6 Other revenues
16,125 15,986
0.9 -- --
-- $
119,949 $ 120,582
(0.5
) 456,686 407,233
12.1 By Sales Type: System
supply
$ 69,434 $ 71,650
(3.1 )
66,284 57,446
15.4 Transportation
34,390
32,946
4.4 390,402 349,787
11.6 Other revenues
16,125
15,986
0.9 --
--
--
$ 119,949 $ 120,582
(0.5 ) 456,686
407,233
12.1
Average customers
359,043
351,911
2.0
-- --
--
Operating Revenues* Therms*
Twelve Months
Ended Mar. 31, Percent Percent
2015 2014
Change 2015 2014
Change By Customer Segment: Residential
$ 143,631 $ 135,631
5.9 81,867 78,129
4.8 Commercial
139,796 135,060
3.5
467,729 444,319
5.3 Industrial
12,709 13,465
(5.6 ) 278,422 272,739
2.1 Off System
Sales
38,710 46,815
(17.3 ) 92,070
107,976
(14.7 ) Power generation
6,828 8,729
(21.8 ) 672,471 695,021
(3.2 )
Other revenues
48,611
45,703
6.4
-- --
--
$ 390,285 $
385,403
1.3
1,592,559 1,598,184
(0.4
) By Sales Type: System supply
$
223,508 $ 224,390
(0.4 ) 203,063
217,028
(6.4 ) Transportation
118,166 115,311
2.5 1,389,496 1,381,156
0.6 Other revenues
48,611
45,702
6.4 --
--
--
$ 390,285 $ 385,403
1.3 1,592,559
1,598,184
(0.4 )
Average customers
355,685
348,734
2.0
-- --
-- *
in thousands
NEW MEXICO GAS COMPANY GAS
OPERATING STATISTICS (Unaudited)
Operating Revenues* Therms*
Three Months Ended Mar. 31,
Percent Percent
2015
2014(1)
Change 2015
2014(1)
Change By Customer Segment:
Residential
$ 87,458 $ 112,219
(22.1 )
121,240 122,942
(1.4 ) Commercial
23,207 32,954
(29.6 ) 41,056 44,121
(6.9 ) Industrial
218 420
(48.0
) 425 673
(36.8 ) Off System Sales
308 2,175
(85.9 ) 1,200 4,251
(71.8 ) On System Transportation
6,092 6,278
(3.0 ) 84,734 97,766
(13.3 ) Off
System Transportation
205 216
(4.9 )
10,308 11,037
(6.6 ) Other revenues
1,487 1,505
(1.2 ) --
--
--
$ 118,975 $ 155,766
(23.6 )
258,963 280,790
(7.8 ) By Sales Type: System supply
$ 111,191 $ 147,768
(24.8 )
163,921 171,987
(4.7 ) Transportation
6,297 6,493
(3.0 ) 95,042 108,803
(12.6 ) Other revenues
1,487 1,505
(1.2 ) -- --
--
$ 118,975
$ 155,766
(23.6 )
258,963 280,790
(7.8 ) Average customers
516,785 513,887
0.6
Total Degree Days
1,920 1,943
(1.2
)
Operating Revenues* Therms*
Twelve
Months Ended Mar. 31, Percent Percent
2015
2014(1)
Change 2015
2014(1)
Change By Customer Segment:
Residential
$ 259,636 $ 277,003
(6.3 )
282,727 296,801
(4.7 ) Commercial
74,272 78,669
(5.6 ) 105,848 110,941
(4.6 ) Industrial
1,651 1,695
(2.6
) 2,719 2,941
(7.5 ) Off System Sales
308 2,175
(85.9 ) 1,200 4,251
(71.8 ) On System Transportation
19,209 19,146
0.3 316,694 334,274
(5.3 ) Off System
Transportation
869 839
3.6 46,227 44,374
4.2 Other revenues
6,580
6,524
0.8
-- --
-- $
362,526 $ 386,052
(6.1 ) 755,415
793,583
(4.8 ) By
Sales Type: System supply
$ 335,867 $ 359,542
(6.6 ) 392,494 414,935
(5.4 )
Transportation
20,079 19,985
0.5 362,921
378,648
(4.2 ) Other revenues
6,580 6,524
0.8 -- --
--
$ 362,526 $ 386,052
(6.1 ) 755,415
793,583
(4.8 )
Average customers
513,197
510,501
0.5
Total Degree Days
4,012 4,266
(6.0 ) (1) Information
presented for 2014 is for comparative purposes only, as this was
before the date of acquisition (Sep. 2, 2014). * in thousands
TECO Energy, Inc.News Media:Cherie Jacobs,
813-228-4945orInvestor Relations:Mark Kane, 813-228-1772Internet:
http://www.tecoenergy.com
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