Full-year net income was $193.1 million, compared with $202.7 million in 2011, driven primarily by lower energy sales and higher depreciation and operations and maintenance expenses, partially offset by 1.2% higher average number of customers, and lower interest expense. Net income in 2012 included $2.6 million of AFUDC equity, compared with $1.0 million in 2011.Full-year total degree days in Tampa Electric's service area were normal, and almost 3% below the prior year full-year period, reflecting mild winter weather and the unusually rainy summer weather pattern offset by higher than normal degree days in the normally mild spring and fall periods, which do not generate significantly higher energy sales. Pretax base revenue was almost $6.0 million lower than in 2011, primarily reflecting lower sales to residential customers from the milder weather and voluntary conservation that typically occurs during periods without extreme weather and changes in customer usage patterns.
TECO Energy Reports Fourth-Quarter Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts