TECO Q2 Earnings Rise, Beat Estimates; Sales Miss - Quick Facts

(RTTNews) - Electric and gas utility company TECO Energy, Inc (TE) reported second-quarter earnings which increased, as lower natural gas costs as well as a drop in mining costs helped offset a fall in sales. Earnings also topped analysts' estimates by a penny, while revenues fell short.

Net earnings increased to $58.4 million or $0.27 per share, from $51.4 million or $0.24 per share a year earlier.

Excluding NMGC acquisition costs, earnings totaled $61.1 million or $0.28 per share. On average, eight analysts polled by Thomson-Reuters estimated the company's earnings to be $0.27 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues declined to $726.3 million from $735.9 million last year, below the $754.88 million Wall Street expected.