TECO Energy Inc. has reported non-GAAP 3Q15 results.
The quarter’s non-GAAP results of US$77.3 million, or $0.33 on a per-share basis, and this does not include US$12.4 million of acquisition-related costs.
Year-to-date non-GAAP results from continuing operations, which exclude US$13.4 million of acquisition-related costs, were US$203.6 million (US$0.87 on a per-share basis), compared with US$184.7 million (US$0.84 on a per-share basis) in 2014.
3Q15 net income totalled US$53.2 million (US$0.23 per share), whereas in 3Q14 it was US$11.1 million (US$0.04 per share). Net income from continuing operations finished at US$64.9 million, yet in 3Q14 it was US$73 million.
The sale of TECO Coal closed on 21 September. The company reported that the third quarter loss in discontinued operations of US$11.7 million and US$61.9 million in 2015 and 2014, respectively, is a reflection of the operating results and charges associated with the TECO Coal sale.
The year-to-date loss of US$67.2 million in discontinued operations is reported to reflect TECO Coal’s operating loss, net impairment charges of US$50.8 million recorded in the second quarter and the third-quarter medical related charge.
TECO Energy President and CEO, John Ramil, commented: “This has been a momentous quarter for TECO Energy marked by significant changes. On 4 September, we announced that Emera, Inc. would acquire TECO Energy for US$27.55 per share. On 21 September, we closed the sale of TECO Coal, our last unregulated business, thus completing our transformation to a regulated utility business. At the same time, our operating companies have delivered impressive results. Our Florida utilities have achieved year-to-date net income growth of almost 6%, and we are well positioned for New Mexico Gas to be accretive this year.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/10112015/teco-energy-reports-3q15-results-3136/