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TECO Q1 earnings beat estimates on higher utility results

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TECO Q1 earnings beat estimates on higher utility results

TECO Energy Inc.reported first-quarter non-GAAP earnings from continuing operations of $73.8 million,or 31 cents per share, up from $64.5 million, or 28 cents per share, in the openingmonths of 2015. The result also beat the S&P Global Market Intelligence normalizedEPS consensus estimate of 27 cents per share.

Non-GAAP results exclude certain charges, including costs relatedto the pending acquisitionof the company by Emera Inc.Accounting for those charges, first-quarter 2016 net income amounted to $73.8 million,or 31 cents per share, compared to first-quarter 2015 GAAP net income of $58.0 million,or 25 cents per share.

Tampa ElectricCo. contributed $50.2 million toward first-quarter 2016 results, followedby New Mexico Gas Co.which contributed $15.2 million. PeoplesGas System contributed $13.1 million.

During the same quarter of 2015, Tampa Electric had contributed$48.2 million while New Mexico Gas had contributed $13.9 million toward results.Peoples Gas System had contributed $14.6 million during the first three months of2015.

"The Florida operations continue to benefit from the state'sgrowing economy, with the number of electric and gas customers up 1.7% and 2.4%,respectively. Our New Mexico Gas operations delivered improved results from betterwinter weather and a continued focus on cost control," TECO Energy Presidentand CEO John Ramil said of the results.

TECO Energy generated $659.5 million in first-quarter 2016 operatingrevenues, down from $693.0 million in the first quarter of 2015, results releasedMay 5 showed.