Electric and natural gas utility owner Teco Energy Inc. said Tuesday its second-quarter profit rose more than 18 percent to top Wall Street expectations as lower costs offset a drop in sales. It also reiterated its full-year earnings guidance.
TECO reported second-quarter net income of $60.9 million, or 29 cents a share, compared with $51.4 million, or 24 cents a share, in the second quarter of 2008.
Revenue in the quarter fell 7 percent, to $825.2 million, from $887.2 million a year earlier.
Teco Energy reaffirmed its outlook for 2009 earnings per share within a range of $1 and $1.15, excluding charges and gains. Analysts are expecting full-year earnings of $1.06 a share, on average.