Energy utility company TECO Energy (NYSE:TE) announced first-quarter 2016 operating earnings of 31 cents per share, surpassing the Zacks Consensus Estimate and the year-ago earnings of 28 cents by 10.7%.
Operating Revenue
Total operating revenues in the first quarter were $659.5 million, down 4.8% from $693 million in the year-ago period.
Segment Results
Tampa Electric's net income in first-quarter 2016 was $50.2 million, up 4.2% from $48.2 million in first-quarter 2015. The average number of customers increased 1.8% year over year to 721,742.
Peoples Gas reported a net income of $13.1 million for the quarter, compared with $14.6 million in the comparable period of 2015. The average number of customers grew 2.4% to 367,530 in the quarter.
New Mexico Gas Co.’s net income was $15.2 million in the first quarter of 2016 compared with $13.9 million a year ago.
Highlights of the Release
Total expenses during the first quarter were $511.4 million, down 6.5% from the year-ago level of $546.8 million.
Interest expenses in the reported quarter were $48.9 million, decreasing 1.8% from $49.8 million in the year-ago quarter.
Financial Update
TECO Energy had $46.1 million of cash and cash equivalents as of Mar 31, 2016, compared with $23.8 million at the end of 2015.
Long-term debt as of Mar 31, 2016, was $3,489.7 million, up marginally from $3,489.2 million as of Dec 31, 2015.
Net cash from operating activities in first-quarter 2016 was $231.6 million compared with $147 million in the same period a year ago.
Acquisition Update
The merger of TECO Energy and Emera is on track and the completion is subject to approval of various commissions and regulatory authorities.
Other Peer Releases
NextEra Energy, Inc. (NYSE:NEE) reported first-quarter 2016 adjusted earnings of $1.55 per share, outpacing the Zacks Consensus Estimate of $1.38 by 12.3%.
American Electric Power Co., Inc. (NYSE:AEP) reported first-quarter 2016 operating earnings of $1.02 per share, missing the Zacks Consensus Estimate of $1.06 by 3.8%.
Dominion Resources Inc. (NYSE:D) reported first-quarter 2016 operating earnings of 96 cents per share, in line with the Zacks Consensus Estimate
Zacks Rank
TECO Energy currently has a Zacks Rank #3 (Hold).
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