January 30, 2014
TECO Energy, Inc. (NYSE:TE) reported fourth-quarter 2013 net income of $42.0 million, or $0.20 per share, compared with $45.1 million, or $0.21 per share, in the fourth quarter of 2012. Net income from continuing operations was $42.1 million, or $0.20 per share, in the 2013 fourth quarter, compared with $45.6 million, or $0.21 per share, for the same period in 2012.
Fourth quarter non-GAAP results from continuing operations, which exclude $2.3 million of costs associated with the pending acquisition of New Mexico Gas Co. (NMGC), were $44.4 million, or $0.21 on a per-share basis.
Full-year 2013 net income was $197.7 million, or $0.92 per share, compared with $212.7 million, or $0.99 per share, in 2012. Net income from continuing operations was $197.8 million, or $0.92 per share, in the 2013 full-year period, compared with $246.0 million, or $1.14 per share, in 2012.
The 2013 fourth quarter and full-year cost of $0.1 million reported in discontinued operations was related to the 2012 sale of TECO Guatemala.
Full-year 2013 non-GAAP results from continuing operations, which exclude $6.2 million of costs associated with the pending acquisition of NMGC, were $204.0 million, or $0.95 on a per-share basis.
TECO Energy President and Chief Executive Officer John Ramil said, 'I am very proud of our team's work to exceed expectations this past year. This quarter Tampa Electric realized the initial benefits of its September rate case settlement. The agreement provides strong visibility to our utility earnings through 2017, when we expect to have the Polk conversion project in service, and it provides the opportunity for our utilities to earn their allowed returns over the period. Our Florida utilities are experiencing good customer growth as the state and local economies continue to strengthen. At the same time, we are making progress on the regulatory approval required for our acquisition of New Mexico Gas, and we look forward to welcoming them to the TECO Energy family.'
Ramil went on to say, 'We expect strong performance from Tampa Electric and Peoples Gas in 2014 and beyond. In 2014, we project that the combined earnings growth of our Florida utilities will exceed 13% as a result of the growing economy, attractive economics of using natural gas and Tampa Electric's rate case.'
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