TECO Energy Meets Q3 Earnings Estimates, Misses Revenues
Tampa, FL based TECO Energy Inc ., TE operates its regulated electricity and gas operations through its three divisions Tampa Electric, Peoples Gas System (PGS) and New Mexico Gas Company (NMGC).
Tampa Electric serves more than 715,000 customers in West Central Florida; Peoples Gas System serves around 354,000 customers across Florida; and New Mexico Gas Co. serves more than 515,000 customers across New Mexico.
Taking into consideration the ongoing softness in coal demand, TECO Energy has decided to exit the coal business. During the third quarter, the company closed the sale of its coal mining subsidiary, TECO Coal LLC, to Cambrian Coal Corporation, a Booth Energy company.
Estimate Trend & Surprise History
Investors should note that the third quarter Zacks Consensus Estimate for earnings of 33 cents per share went up by 6.5% over the last 90 days.
Coming to the earnings surprise, TECO Energy has lagged the Zacks Consensus Estimate in two of the last four quarters, resulting in a negative average surprise of 3.14%.
Zacks Rank : Currently, TECO Energy has a Zacks Rank#3 (Hold) but that could change following its third quarter 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings : TECO Energy's earnings were in-line with earnings estimate. Adjusted earnings per share came in at 33 cents, meeting the Zacks Consensus Estimate of 33 cents.
Revenue : Revenues of $693.8 million missed the Zacks Consensus Estimate of $758 million by 8.5%.
Key Stats : Ongoing improvement in economic conditions of Florida has aided Tampa Electric to increase its average customers by 1.8% year-over-year in third quarter, while People Gas increased its average customers by 2.0% year over year.
Stock Price : It would be interesting to see how the market reacts to the third quarter earnings during the trading session today.
Check back for our full write up on this TE earnings report later!