TECO Energy Q3 Profit Rises; Backs FY Adj. EPS View

(RTTNews) - TECO Energy Inc. (TE) reported third-quarter 2013 net income attributable to the company of $62.8 million or $0.29 per share, up from $44.0 million or $0.20 per share in the third quarter of 2012.

But, Net income from continuing operations was $62.9 million or $0.29 per share, in the 2013 third quarter, down from $90.2 million or $0.42 per share for the same period in 2012. The 2013 third-quarter cost of $0.1 million reported in discontinued operations was related to the 2012 sale of TECO Guatemala.

Third quarter non-GAAP results from continuing operations, which excluded $2.1 million of costs associated with the pending acquisition of New Mexico Gas Co. or NMGC, were $65.0 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $765.9 million from $858.6 million in the prior year quarter. Five analysts had consensus revenue estimate of $818.68 million for the quarter.

The company maintained its earnings-per-share guidance for 2013 in a range between $0.90 and $1.00, excluding charges and gains. Analysts expect the company to report earnings of $0.94 per share for fiscal 2013.