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TECO Energy reports slightly lower first-quarter earnings

Tampa Electric's parent company, TECO Energy, on Tuesday reported slightly lower earnings for the first quarter compared with a year ago, with net income of $50.5 million, or 24 cents per share. In 2011, TECO's first-quarter earnings reached $51.7 million, also 24 cents per share.

Revenue fell 8.3 percent to $730 million.

John Ramil, TECO's president and chief executive officer, said the relatively stable earnings report is a good sign for the economy.

"We are pleased to report earnings consistent with last year, despite the mildest winter in 40 years," Ramil said. "We are seeing stronger customer growth at our Florida utilities, and the state and local economies are continuing to improve as demonstrated by increasing employment."

For just Tampa Electric, first-quarter net income was $31.4 million, compared with $31.6 million for the same period in 2011.

Meanwhile, Peoples Gas, another TECO subsidiary, reported lower earnings, with net income of $11 million for the first quarter, compared with $14.7 million in the same period in 2011. The drop came as natural gas prices plunged over the past year.

Coal earnings were up 20 percent, as the average sales price per ton increased to about $96.

TECO reported its first-quarter results after the markets closed. Its stock price closed at $17.98.

TECO Energy reports slightly lower first-quarter earnings 05/01/12 [Last modified: Tuesday, May 1, 2012 10:35pm]
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