This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

TECO Energy's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Sandra W. Callahan

Thank you, Mark. Good afternoon, everyone, and thank you for joining us in the middle of a very earnings season ahead of the EEI meeting next week. In consideration of the time of day, I'll keep my remarks brief in order to allow plenty of time for questions. Today, I'll cover our third quarter and year-to-date results, discuss our new reserve discovery at TECO Coal, provide an update on the Florida economy and comment on our outlook for the remainder of this year and a preliminary outlook for 2012.

In the third quarter, GAAP net income was $90.2 million, or $0.42 a share, compared to $74.1 million, or $0.24 a share in 2010. The results in 2010 included the $24 million pretax, onetime refund at Tampa Electric. The non-GAAP comparison for 2010 is $74.1 million, or $0.35 per share, which excludes net charges of $23.1 million, primarily for taxes on the undistributed earnings at DECA II, which we sold last year.

On a year-to-date basis, GAAP net income in 2011 was $219.4 million, or $1.02 per share, compared to $182.4 million, or $0.85 in 2010. And again, the 2010 non-GAAP results were $226.6 million, or $1.06 per share, excluding charges of $44 million, primarily for the DECA II taxes affecting the quarter and for debt-retirement premiums.

The results drivers for the quarter and year-to-date periods were covered extensively in our earnings release, so I'll just hit a few highlights. We were pleased to see our eighth consecutive quarter of customer growth at the Florida utilities and also to see at both companies an uptick in growth in the third quarter from what we were experiencing earlier in the year. Tampa Electric was up to 8/10 of 1% in the quarter, which is the highest level we've seen since the fourth quarter of 2007.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs