TECO Energy Q1 Results Top Estimates - Quick Facts

(RTTNews) - TECO Energy Inc. (TE) reported that its first-quarter net income was $73.8 million, or $0.31 per share, up from $58.0 million, or $0.25 per share, in the first quarter of 2015.

Net income from continuing operations was $73.7 million, or $0.31 per share, in the 2016 first quarter, compared with $63.8 million, or $0.27 per share, for the same period in 2015. The first quarter losses in discontinued operations of $5.8 million in 2015 reflected the operating results and charges associated with TECO Coal, which was sold in 2015.

Quarterly non-GAAP results from continuing operations, which exclude $0.1 million of Emera transaction costs, was $73.8 million, or $0.31 on a per-share basis, compared with $64.5 million, or $0.28 on a per-share basis, in 2015.

Revenues for the quarter dropped to $659.5 million from $693.0 million in the year ago quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share and revenues of $652.24 million for the quarter. Analysts' estimates typically exclude special items.