TECO Energy Meets Q2 Earnings Estimates, Maintains View - Analyst Blog

Zacks Equity Research

Updated Thu, Jul 30, 2015, 2:22 PM

Energy utility company TECO Energy Inc. TE announced second-quarter 2015 operating earnings of 26 cents per share, on par with the Zacks Consensus Estimate. Earnings were 7.1% lower than the prior-year level of 28 cents.

TECO Energy’s GAAP earnings were 26 cents per share in the second quarter of 2015 compared with 27 cents in the year-ago quarter. The difference between GAAP and pro forma numbers was due to $0.4 million of costs associated with the integration of New Mexico Gas Co. ("NMGC").

Teco Energy Inc. - Earnings Surprise | FindTheBest

Operating Revenue

Total operating revenues in the second quarter were $654.2 million, up 2.7% from $636.8 million in the year-ago period.

Segment Results

Tampa Electric's net income for the second-quarter 2015 was $67.7 million, compared with $62.2 million in the same quarter of 2014. Average number of customers increased 1.8% to 717,925, primarily due to a warmer spring.

Peoples Gas reported net income of $7.6 million for the quarter, compared with $7.5 million in the comparable period in 2014. Average number of customers grew 2.2% to 361,704 in the quarter.

NMGC saw a loss of $0.1 million in the second quarter. Average number of customers rose a mere 0.7% to 515,761.

Guidance

TECO Energy reiterated its earnings per share guidance for 2015 in the range of $1.08 to $1.11. The forecast assumes normal weather through the rest of 2015.

Company Update

Due to developments in negotiations regarding the sale of TECO Coal, the company has deferred reporting results from discontinued operations at the moment. It expects to report complete second-quarter GAAP results, including unaudited financial statements on or before Aug 7.

Zacks Rank

Currently, TECO Energy carries a Zacks Rank #2 (Buy). Other favorably placed stocks in the utility space include Empresa Nacional de Electricidad S.A. EOC and Enersis S.A. ENI, both sporting a Zacks Rank #1 (Strong Buy), and American Electric Power Co., Inc. AEP, holding the same rank as TECO Energy.

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TECO Energy Meets Q2 Earnings Estimates, Maintains View - Analyst Blog

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