The board of directors of TECO Energy Inc. (NYSE:TE) has declared a quarterly dividend of 22 cents per share, or 88 cents per share on an annual basis. The dividend is payable Feb. 28 to shareholders of record as of Feb. 15.
“We are maintaining our 2013 dividend at the current level, and this dividend marks 89 consecutive years of cash dividends to our shareholders," said TECO Energy President and Chief Executive Officer John Ramil. “Due to Tampa Electric's need for rate relief and to soft coal markets, earnings in 2013 will be under pressure. With expected earnings improvements in 2014, we look forward to returning to our pattern of predictable dividend growth.”
TECO Energy Inc. (NYSE: TE) is an energy-related holding company. Its principal subsidiary, Tampa Electric Company, is a regulated utility in Florida with both electric and gas divisions ( Tampa Electric and Peoples Gas System). Its other major subsidiary, TECO Coal, owns and operates coal production facilities in Kentucky 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. Any future dividends, including those in 2013, are subject to the decision of the board of directors at the time of declaration. Such decisions will be dependent upon many factors, including TECO Energy’s financial outlook and the factors that could impact its actual results. Factors that could impact actual results include: regulatory actions by federal, state or local authorities; unexpected capital needs or unanticipated reductions in cash flow that affect liquidity; the ability to access the capital and credit markets when required; the availability of adequate rail transportation capacity for the shipment of TECO Coal's production; general economic conditions affecting energy sales at the utility companies; economic conditions, both national and international, affecting the Florida economy and demand for TECO Coal's production; weather variations and changes in customer energy usage patterns affecting sales and operating costs at Tampa Electric and Peoples Gas and the effect of extreme weather conditions or hurricanes; operating conditions, commodity prices; operating cost and environmental or safety rule changes affecting the production levels and margins at TECO Coal; fuel cost recoveries and related cash at Tampa Electric and natural gas demand at Peoples Gas; and the ability of TECO Energy's subsidiaries to operate equipment without undue accidents, breakdowns or failures. Additional information is contained under "Risk Factors" in TECO Energy Inc.'s Annual Report on Form 10-K for the period ended Dec. 31, 2011, and as updated in subsequent SEC filings.