TECO Energy Reports First Quarter 2012 Results

TECO Energy Inc. (NYSE:TE) today reported first quarter 2012 net income of $50.5 million, or $0.24 per share, compared to $51.7 million, or $0.24 per share, in the first quarter of 2011.

TECO Energy President and CEO John Ramil said, “We are pleased to report earnings consistent with last year, despite the mildest winter in 40 years. We are seeing stronger customer growth at our Florida utilities, and the state and local economies are continuing to improve as demonstrated by increasing employment. We are also very pleased with the $4.00 per ton margin expansion that TECO Coal achieved this quarter from better selling prices for its specialty coals from contracts signed in 2011 when prices were stronger.”

Non-GAAP Results

There were no non-GAAP adjustments to net income in the first quarter of 2012 or 2011, or the 12-months-ended March 31, 2012.

The table below compares the TECO Energy GAAP net income to the non-GAAP measures used in this release for the 12 month ended 2011 period. Non-GAAP results exclude charges and gains contained in the Results Reconciliation table later in this release. See the Non-GAAP Presentation section and Results Reconciliation table later in this release for a reconciliation to GAAP results and a discussion regarding this presentation of non-GAAP results and management’s use of this information.

All amounts included in the non-GAAP discussion below are after tax, unless otherwise noted.

Results Comparisons
 

3 months

ended March 31
  12 months

ended March 31

(millions)

2012
 

2011

2012
 

2011
Net income attributable to TECO Energy

$

50.5
$ 51.7 $ 271.4

$

234.9
Non-GAAP Results

$

50.5
$ 51.7 $ 271.4 $ 254.3

Segment Reporting

The table below includes TECO Energy segment information on a GAAP basis, which includes all charges and gains for the periods shown.
Segment Information  

3 months

ended March 31
 

12 months

ended March 31
(in millions)
Net Income (loss)

2012
 

2011

2012
 

2011
Tampa Electric $ 31.4 $ 31.6 $ 202.5 $ 192.3
Peoples Gas System 11.0 14.7 28.9 30.9
TECO Coal 9.8 8.2 53.2 44.4
TECO Guatemala 6.6 6.3 22.6 37.6
Parent/other (8.3 ) (9.1 ) (35.8 ) (70.3 )
Net income attributable to TECO Energy $ 50.5 $ 51.7 $ 271.4 $ 234.9

Operating Company Results

All amounts included in the operating company and Parent/other results discussions are after tax, unless otherwise noted.

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