TECO Energy Inc. (TE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Teco Energy Inc. has a market cap of $3.79 billion; its shares were traded at around $17.61 with a P/E ratio of 13 and P/S ratio of 1.1. The dividend yield of Teco Energy Inc. stocks is 4.5%. Teco Energy Inc. had an annual average earning growth of 1.7% over the past 5 years.TE is in the portfolios of David Dreman of Dreman Value Management, Brian Rogers of T Rowe Price Equity Income Fund, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Year-to-date net income and earnings per share were $182.3 million or $0.85 per share in 2010, compared to $160.4 million or $0.75 per share in the same period in 2009. Year-to-date net income in 2010 was reduced by the third quarter factors discussed above and $20.3 million of early debt retirement charges and the final $0.9 million of restructuring charges recorded in the first quarter of 2010. Year-to-date net income in 2009 included the third quarter factors discussed above, a $3.8 million loss on auction-rate securities held at TECO Energy, and an $8.7 million net gain on the sale of TECO Guatemalas 16.5% interest in the Central American fiber optic telecommunications provider Navega.
Tampa Electric reported net income for the third quarter of $61.9 million, compared with $54.3 million for the same period in 2009. There were no charges or gains in the third quarter of 2010. Third quarter 2009 net income was reduced by $11.1 million of restructuring charges and the $5.2 million write-off of project development costs primarily related to the Polk Unit 6 IGCC project.
Net income for the 2010 quarter reflected the one-time $24.0 million reduction in base revenues ($14.7 million after tax) associated with the regulatory agreement approved by the FPSC in August that resolved all outstanding issues in the 2008 base rate case. Net income also reflected the 2010 component of rates approved by the FPSC in December 2009, 0.8% higher average number of customers, higher earnings on nitrogen oxide (NOx) control projects, and higher operations and maintenance expenses. Net income included $0.2 million of Allowance for Funds Used During Construction (AFUDC) - equity, which represents allowed equity cost capitalized to construction costs, compared with $2.5 million in the 2009 period.
Total retail energy sales increased 3.6% in the third quarter of 2010, compared to the same period in 2009. Total degree days in Tampa Electrics service area were 6% above normal and 4% higher than in the third quarter of 2009. Pretax base revenue increased between $6.0 and $8.0 million from hotter summer weather in the third quarter of 2010, compared to the same period last year. Pretax base revenues increased between $7.0 and $9.0 million in the third quarter of 2010, due to the new base rates approved by the FPSC for Tampa Electric effective in January 2010.
Total degree days in Tampa Electrics service area were 14% above normal and 10% above the prior year-to-date period. Pretax base revenue increased between $24.0 and $33.0 million from favorable weather in 2010 compared to the same period last year. Pretax base revenues increased between $50.0 and $60.0 million in the 2010 year-to-date period due to the new base rates approved by the FPSC for Tampa Electric effective in May 2009 and January 2010.
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Teco Energy Inc. has a market cap of $3.79 billion; its shares were traded at around $17.61 with a P/E ratio of 13 and P/S ratio of 1.1. The dividend yield of Teco Energy Inc. stocks is 4.5%. Teco Energy Inc. had an annual average earning growth of 1.7% over the past 5 years.TE is in the portfolios of David Dreman of Dreman Value Management, Brian Rogers of T Rowe Price Equity Income Fund, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
TECO Energy, Inc. reported third quarter net income of $51.0 million or $0.24 per share, compared to $64.8 million or $0.30 per share in the third quarter of 2009. Net income in the third quarter was reduced by the one time $24.0 million reduction in base revenue ($14.7 million after-tax) at Tampa Electric under its regulatory agreement approved by the Florida Public Service Commission (FPSC) in August, and a $24.9 million tax charge on undistributed earnings at DECA II as a result of its sale in October 2010. Net income included a $1.8 million benefit from the recovery of fees related to the previously sold McAdams Power Station. Third quarter 2009 net income included $15.4 million of restructuring charges and $5.2 million related to the write-off of project development costs at Tampa Electric and a $0.2 million valuation adjustment to auction rate securities held at TECO Energy.Year-to-date net income and earnings per share were $182.3 million or $0.85 per share in 2010, compared to $160.4 million or $0.75 per share in the same period in 2009. Year-to-date net income in 2010 was reduced by the third quarter factors discussed above and $20.3 million of early debt retirement charges and the final $0.9 million of restructuring charges recorded in the first quarter of 2010. Year-to-date net income in 2009 included the third quarter factors discussed above, a $3.8 million loss on auction-rate securities held at TECO Energy, and an $8.7 million net gain on the sale of TECO Guatemalas 16.5% interest in the Central American fiber optic telecommunications provider Navega.
Tampa Electric reported net income for the third quarter of $61.9 million, compared with $54.3 million for the same period in 2009. There were no charges or gains in the third quarter of 2010. Third quarter 2009 net income was reduced by $11.1 million of restructuring charges and the $5.2 million write-off of project development costs primarily related to the Polk Unit 6 IGCC project.
Net income for the 2010 quarter reflected the one-time $24.0 million reduction in base revenues ($14.7 million after tax) associated with the regulatory agreement approved by the FPSC in August that resolved all outstanding issues in the 2008 base rate case. Net income also reflected the 2010 component of rates approved by the FPSC in December 2009, 0.8% higher average number of customers, higher earnings on nitrogen oxide (NOx) control projects, and higher operations and maintenance expenses. Net income included $0.2 million of Allowance for Funds Used During Construction (AFUDC) - equity, which represents allowed equity cost capitalized to construction costs, compared with $2.5 million in the 2009 period.
Total retail energy sales increased 3.6% in the third quarter of 2010, compared to the same period in 2009. Total degree days in Tampa Electrics service area were 6% above normal and 4% higher than in the third quarter of 2009. Pretax base revenue increased between $6.0 and $8.0 million from hotter summer weather in the third quarter of 2010, compared to the same period last year. Pretax base revenues increased between $7.0 and $9.0 million in the third quarter of 2010, due to the new base rates approved by the FPSC for Tampa Electric effective in January 2010.
Total degree days in Tampa Electrics service area were 14% above normal and 10% above the prior year-to-date period. Pretax base revenue increased between $24.0 and $33.0 million from favorable weather in 2010 compared to the same period last year. Pretax base revenues increased between $50.0 and $60.0 million in the 2010 year-to-date period due to the new base rates approved by the FPSC for Tampa Electric effective in May 2009 and January 2010.
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