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Electric utilities

TECO Energy Reports 17% Increase in Third-Quarter Earnings

Strategic Insights

— 1 min read

TECO Energy, Inc. announced a 17% increase in third-quarter earnings, up from 47 cents in 1994 to 55 cents per share in 1995. Chairman and Chief Executive Officer Timothy L. Guzzle attributed the success to strong cash flows supporting business growth, including a large construction project in Polk County. The company's consolidated net income for the third quarter was $63 million, with revenues of $389 million compared to $367 million in 1994.

Key Takeaways:

  • TECO Energy reported a 17% increase in third-quarter earnings, up from 47 cents in 1994 to 55 cents per share in 1995.
  • Chairman and Chief Executive Officer Timothy L. Guzzle attributed the success to strong cash flows supporting business growth.
  • Consolidated net income for the third quarter was $63 million, with revenues of $389 million compared to $367 million in 1994.
  • Tampa Electric's third-quarter operating income was $82 million, up from $78 million last year, with revenues of $308 million versus $301 million a year ago.
  • The company reported a 5% higher retail energy sales, reflecting customer growth and more-normal weather during the quarter.
  • TECO Energy's diversified companies reported a 27% increase in third-quarter operating income, with revenues of $135 million compared to $119 million in 1994.
  • TECO Coal increased sales to third parties and lowered production costs, which more than compensated for lower tonnage to Tampa Electric.
  • TECO Energy's consolidated net income for the nine months of 1995 was $146 million, up 12% from $130 million in the same period last year, with revenues of $1.1 billion.

Statistics:

  • Third-quarter earnings increased by 17%, from $47 cents in 1994 to $55 cents per share in 1995.
  • Consolidated net income for the third quarter was $63 million.
  • Revenues for the third quarter were $389 million.
  • Tampa Electric's third-quarter operating income was $82 million.
  • Retail energy sales increased by 5% during the quarter.
  • TECO Energy's diversified companies reported a 27% increase in third-quarter operating income.
  • Revenues for the nine months of 1995 were $1.1 billion.

Sources:

  • PRNewswire, "TECO Energy Reports Third-Quarter Earnings Increase" (Oct. 16, 1995)
  • TECO Energy, Inc. news release

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