TECO Energy's earnings rose in the first quarter of 2014 compared to the same period last year, largely due to customer growth and improvements in state and local economies.
First-quarter net income rose to $50.1 million, or 23 cents per share, compared with $41.5 million, or 19 cents per share, in the first quarter of 2013.
TECO also received a 2014 first-quarter benefit of $3.1 million reported in discontinued operations related to the favorable resolution of a matter associated with the 2012 sale of TECO Guatemala.
"We are off to a good start to 2014 and on track to deliver our expected performance this year," said John Ramil, TECO Energy CEO. "Tampa Electric is benefiting from the 2013 rate case settlement, and both Tampa Electric and Peoples Gas are enjoying strong customer growth from continued improvements in the state and local economies.
"We effectively concluded two weeks of hearings before the hearing examiner, in the regulatory process for approval of our New Mexico Gas acquisition," he said. Last May, TECO said it would acquire New Mexico Gas Co. for $750 million.