In the course of our remarks today, we'll be making forward-looking statements regarding our financial outlook for 2012. There are a number of factors that could cause our actual results to differ materially from those that we'll discuss as our outlook and expectations today. For a more complete discussion of these factors, we refer you to the discussion of the risk factors in our Annual Report on Form 10-K for the period ended December 31, 2011. There is also helpful information related to the state and local economies contained in the appendix to today's presentation.
Today, Sandy Callahan, TECO Energy's Chief Financial Officer, will cover our results. Also with us today to participate in answering your questions is John Ramil, our Chief Executive Officer.
Now I'll turn it over to Sandy.
Sandra W. CallahanThank you, Mark. Good afternoon, everyone, and thank you for joining us this late in the day. As we've done in prior years, we're holding our first quarter call ahead of our shareholder meeting tomorrow. Today, I'll cover our first quarter results and business drivers, a Florida economic update and then our outlook for the remainder of this year. In the first quarter, net income was $50.5 million or $0.24 a share compared to $51.7 million or $0.24 in 2011. There were no non-GAAP charges or gains in either year. I'll briefly highlight the quarter's drivers that were covered on our earnings release. At Tampa Electric, we had a full 1% customer growth in the first quarter, and that's the highest we've seen since the first quarter of 2007. Tampa Electric's first quarter energy sales reflected an interesting weather mix. In the extremely mild winter of January and February, the heating degree days were half of what we would've expect to see in those months. Fortunately, March was unusually hot, and so cooling degree days were almost twice what we would normally see in March, although you're doubling a small number as it's not known as a month with much air-conditioning load. So overall, base revenues were up slightly from last year, when the weather was mild throughout the quarter, and with normal increase in depreciation expense, that resulted in net income at about last year's first quarter.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV