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TECO's Fourth-Quarter Profits Down 87% From Last Year

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The Associated Press

Published: February 6, 2009

TAMPA - Tampa-based electric and natural gas utility owner Teco Energy Inc. said today its fourth-quarter profit tumbled 87 percent from a year-ago period boosted by a one-time gain, as the Florida market continued to slow.

Earnings slid to $22 million, or 10 cents per share, compared with $173.9 million, or 83 cents per share, in the same quarter a year ago. The prior-year results included a $149.4 million gain related to the sale of Teco Transport.

"The weak Florida and national economies significantly slowed Florida's previously consistent growth, and our results reflect the slow down. In addition to the economy, milder-than-normal weather for much of the year in Florida reduced results at Tampa Electric and higher production costs reduced results at the coal company," Chairman and Chief Executive Sherrill Hudson said in a statement.

Excluding synthetic fuel, profit dropped to $42.3 million from $47.7 million.

Revenue for the period ended Dec. 31 declined 10 percent to $770.3 million from $858.3 million.

Analysts surveyed by Thomson Reuters expected profit of 17 cents per share on revenue of $868.3 million. Analysts' estimates typically exclude one-time items.

Teco Energy reported weakness in its coal and Teco Guatemala divisions during the quarter, with Guatemala's results hurt by the repatriation of $71.7 million in cash and investments to the parent company.

For the full year net income slumped 61 percent to $162.4 million, or 77 cents per share, compared with $413.2 million, or $1.97 per share, in the previous year. Excluding synthetic fuel, full-year earnings slipped to $183.3 million from $223.7 million. Annual revenue fell 5 percent to $3.38 billion from $3.54 billion.

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