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TECO first quarter profits up

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By TED JACKOVICS | The Tampa Tribune

Published: May 1, 2009

TAMPA - TECO Energy Inc. improved its profits with first quarter income of $34.7 million or 16 cents a share compared with $30.8 million or 15 cents a share a year ago.

Revenue for the quarter ended March 31 was $824 million, compared with $791.7 million for the year-ago period.

"The higher base rates recently approved by the Florida Public Service Commission for Tampa Electric will take effect in May and are expected to enable it to earn a more appropriate return on the investments that have been made," TECO Energy chairman and chief executive Sherrill Hudson said.

The Tampa Electric subsidiary reported first quarter income of $18.3 million compared with $15.9 million a year ago, reflecting higher retail energy sales

Peoples Gas reported $11.2 million in profits compared with $10 million a year ago, while TECO Coal reported $8 million income compared with $7.5 million last year.

Hudson said TECO Coal results should improve this year with higher prices from contracts signed in 2008.

Reporter Ted Jackovics can be reached at (813) 259-7817.

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