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TECO Energy Reports Third-Quarter Results

Stocks in this article: TE

TECO Energy, Inc. (NYSE:TE) today reported third quarter 2012 net income of $44.0 million, which included losses on the Guatemalan assets sold or held for sale (see Discontinued Operations below), or $0.20 per share, compared with $90.2 million, or $0.42 per share in the third quarter of 2011. Net income from continuing operations was $90.2 million, or $0.42 per share, in the 2012 third quarter, compared with net income from continuing operations of $86.1 million, or $0.40 per share, for the same period in 2011. The 2012 third-quarter loss of $46.2 million reported in discontinued operations reflected the operating results from TECO Guatemala, and the book loss, transaction fees and the charge related to foreign tax credits as a result of the sales agreements reported in September 2012.

The 2012 year-to-date net income was $167.6 million, or $0.78 per share, compared with $219.4 million, or $1.02 per share, for the same period in 2011. The 2012 year-to-date net income from continuing operations was $200.4 million, or $0.93 per share, compared with $203.5 million, or $0.95 per share, for the same period in 2011. The 2012 year-to-date loss reported in discontinued operations was $32.8 million.

TECO Energy President and Chief Executive Officer John Ramil said, “Our operating results this quarter reflect an improving Florida economy and outstanding cost control efforts by our team members at our utilities to offset the ongoing unfavorable weather patterns, and TECO Coal’s team members continue to deliver strong financial results in a weak coal market.

“Our agreement to sell the Guatemalan companies reflects our commitment to our utility operations and to obtain good value for our non-utility businesses. Faced with uncertainty in 2015, we took advantage of an attractive opportunity and entered into agreements to sell the operations this year.”

Non-GAAP Results

There were no non-GAAP adjustments to net income in the third quarter or year-to-date periods of 2012 or 2011, or the 12 months ended Sept. 30, 2012.

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