TECO Energy, Inc. (NYSE:TE) today reported first-quarter
non-GAAP results from continuing operations, which exclude $0.1
million of Emera transaction costs, of $73.8 million, or $0.31 on a
per-share basis, compared with $64.5 million, or $0.28 on a
per-share basis, in 2015.
First-quarter 2016 net income was $73.8 million, or $0.31 per
share, compared with $58.0 million, or $0.25 per share, in the
first quarter of 2015. Net income from continuing operations was
$73.7 million, or $0.31 per share, in the 2016 first quarter,
compared with $63.8 million, or $0.27 per share, for the same
period in 2015. The first quarter losses in discontinued operations
of $5.8 million in 2015 reflected the operating results and charges
associated with TECO Coal, which was sold in 2015.
TECO Energy President and Chief Executive Officer John Ramil
said, “Our operating companies performed well in the first quarter,
delivering good results, despite the impact on energy sales of an
El Niño winter weather pattern. The Florida operations continue to
benefit from the state’s growing economy, with the number of
electric and gas customers up 1.7% and 2.4%, respectively. Our New
Mexico Gas operations delivered improved results from better winter
weather and a continued focus on cost control. At the same time, we
are making good progress to obtain the various approvals needed to
close our transaction with Emera, with only the approval by the New
Mexico Public Regulation Commission remaining.”
Non-GAAP Results
Non-GAAP results in the first quarter and 12-months-ended
periods of 2016 and 2015 exclude costs related to the pending
acquisition by Emera, and costs associated with the integration and
acquisition of New Mexico Gas Co. (NMGC). The table below compares
the TECO Energy GAAP net income with the non-GAAP measures used in
this release.
Non-GAAP results exclude charges and gains contained in the
Results Reconciliation table later in this release. See the
Non-GAAP Presentation section and Results
Reconciliation table later in this release for reconciliation
to GAAP results and a discussion regarding this presentation of
non-GAAP results and management’s use of this information.
All amounts included in the non-GAAP discussion below are after
tax, unless otherwise noted.
3 months
ended Mar. 31
12 months
ended Mar. 31
(millions)
2016
2015
2016
2015
Net income $ 73.8 $58.0 $189.3 $138.2 Discontinued operations 0.1
(5.8) (61.8) (83.6) Net income
from continuing operations 73.7 63.8 251.1 221.8 Charges 0.1
0.7 14.4 21.9
Non-GAAP Results from
continuing operations $73.8 $64.5
$265.5 $243.7
Segment Reporting
The table below includes TECO Energy segment information on a
GAAP basis, which includes all charges and gains for the periods
shown.
Segment
Information
(millions)
3 months
ended Mar. 31
12 months
ended Mar. 31
Net Income
Summary
2016
2015
2016
2015
Tampa Electric $ 50.2 $ 48.2 $243.0 $227.5 Peoples Gas System 13.1
14.6 33.8
35.9
New Mexico Gas Co. (1) 15.2 13.9 25.4 24.5 Other - net (4.8)
(12.9) (51.1) (66.1) Net income from
continuing operations 73.7 63.8 251.1 221.8 Discontinued operations
(2) 0.1 (5.8) (61.8) (83.6)
Total net income
$ 73.8 $ 58.0
$189.3 $138.2
1. The 12-months-ended 2015 period reflects results after the
Sept. 2, 2014, closing of the NMGC acquisition.
2. Discontinued operations for all periods shown include the
operating results at TECO Coal, impairment charges and costs
associated with the sale of TECO Coal.
All amounts included in the operating company discussions below
are after tax, unless otherwise noted.
Tampa Electric
Tampa Electric’s net income for the first quarter of 2016 was
$50.2 million, compared with $48.2 million for the same period in
2015. Results for the quarter reflected a 1.7% higher average
number of customers, and higher energy sales primarily due to the
higher number of customers. Results reflected operations and
maintenance expense slightly higher than 2015, and higher
depreciation and interest expenses. First-quarter net income in
2016 included $5.6 million of Allowance for Funds Used During
Construction (AFUDC) equity, which represents allowed equity cost
capitalized to construction costs, compared with $3.8 million in
the 2015 quarter.
Total degree days in Tampa Electric's service area in the first
quarter of 2016 were 3% above normal, but 4% below the 2015 period,
when degree days were 6% above normal. Total net energy for load
increased 1.7% in the first quarter of 2016, compared with the same
period in 2015. In the 2016 period, pretax base revenues were $6.2
million higher than in 2015, driven by customer growth and higher
energy sales. The quarter included more than $1 million of higher
pretax base revenue from higher base rates, as a result of the 2013
rate case settlement.
While net energy for load is a calendar measurement of retail
energy sales rather than a billing-cycle measurement, the quarterly
energy sales shown on the operating statistical summary that
accompanies this earnings release reflect the energy sales based on
billing cycles, which can vary period to period. Retail energy
sales to residential and commercial customers increased primarily
from weather and customer growth. Sales to non-phosphate industrial
customers increased due to the strength of the Tampa area economy.
Sales to lower-margin industrial-phosphate customers decreased as
self-generation by those customers increased.
Operations and maintenance expense, excluding all Florida Public
Service Commission (FPSC)-approved cost-recovery clauses, was
slightly higher than in the 2015 quarter, reflecting higher costs
to safely and reliably operate and maintain the generating,
transmission and distribution systems, essentially offset by lower
employee-related costs, primarily due to the lower level of
short-term incentive accruals for all employees in 2016 compared to
2015. Depreciation and amortization expense increased $2.0 million
in 2016, as a result of normal additions to facilities to reliably
serve customers, and interest expense increased $0.7 million due to
higher long-term debt balances.
Peoples Gas
Peoples Gas System (PGS) reported net income of $13.1 million
for the first quarter, compared with $14.6 million in the 2015
quarter. Average customer growth was 2.4% in the quarter. Therm
sales to residential customers decreased as a result of mild winter
weather that was partially offset by customer growth. Sales to
commercial customers increased due to customer growth from the
stronger economy and increased sales of compressed natural gas to
vehicle fleets. Sales to power-generation customers and off-system
sales increased, reflecting higher levels of operation by gas-fired
generation in the state due to lower natural gas prices.
First-quarter results in 2016 reflected non-fuel operations and
maintenance expense $1.0 million higher than in 2015, driven by
higher operating and compliance costs, partially offset by lower
employee-related costs, primarily due to the lower level of
short-term incentive accruals for all employees in 2016 compared to
2015. Depreciation and amortization increased slightly due to
normal additions to facilities to serve customers.
NMGC
NMGC reported first-quarter net income of $15.2 million,
compared with $13.9 million in the 2015 period. Results reflected
the benefit of heating degree days that were almost 3% higher than
2015, but nearly 7% below normal. Growth in the average number of
customers in the 2016 quarter was 0.6%. Operating and maintenance
expense was slightly lower from acquisition synergies and a focus
on cost control. Results included $1.9 million of pretax rate
credits to customers under the Certification of Stipulation
approved by the New Mexico Public Regulation Commission (NMPRC) in
2014.
Other - net
The first quarter 2016 non-GAAP cost from continuing operations
for Other – net of $4.7 million excluded $0.1 million of costs
associated with the pending Emera transaction, compared with the
non-GAAP cost of $12.2 million in 2015, which excluded $0.7 million
of NMGC-related integration costs. First-quarter results in 2016
reflected a $5.8 million tax benefit due to an accounting rule
change related to stock-based incentive compensation, and lower
interest expense as a result of refinancing debt maturities. The
GAAP cost from continuing operations for Other – net in the first
quarter of 2016 was $4.8 million, compared with a cost of $12.9
million in 2015.
Discontinued Operations
The sale of TECO Coal closed in September 2015. The $0.1 million
first quarter gain recorded in discontinued operations reflects a
refund of prepaid costs recorded in the Other – net segment,
compared with a $5.8 million loss in the 2015 period, which
reflected TECO Coal’s operating results prior to its sale.
Emera Acquisition
Progress
- On Oct. 19, 2015, TECO Energy and Emera
filed for approval of the merger with the NMPRC Docket No.
15-00327-UT. On April 11, TECO Energy and Emera announced that they
had filed an unopposed stipulation with the NMPRC, reflecting a
settlement reached with intervening parties in the acquisition case
currently pending before the NMPRC for approval of Emera’s
acquisition of TECO Energy and the indirect acquisition of NMGC.
This stipulation was subject to a public hearing before the hearing
examiner, which was held May 2. A final recommendation by the
hearing examiner and final approval of the merger by the NMPRC are
required.
- On Dec. 3, 2015, TECO Energy
shareholders approved the merger with Emera.
- On Jan. 20, 2016, the Federal Energy
Regulatory Commission (FERC) issued an order authorizing the
merger, finding that it is consistent with the public
interest.
- On Feb. 8 the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) expired
without comment.
- On March 23, Emera announced
that the Committee on Foreign Investment in the United States
(CFIUS) had completed its review of the acquisition of TECO Energy
and had determined that there are no unresolved national security
concerns with respect to the acquisition.
Non-GAAP Presentation
Management believes it is helpful to present a non-GAAP measure
of performance that reflects the ongoing operations of TECO
Energy’s businesses and that allows investors to better understand
and evaluate the business as it is expected to operate in future
periods.
Management and the board of directors use non-GAAP measures as a
tool for measuring the company’s performance, for making decisions
that are dependent upon the profitability of the company’s various
operating units, and for determining levels of incentive
compensation.
The non-GAAP measures of financial performance used by the
company are not measures of performance under accounting principles
generally accepted in the United States and should not be
considered an alternative to net income or other GAAP figures as an
indicator of the company’s financial performance or liquidity. TECO
Energy’s non-GAAP presentation of results from operations may not
be comparable to similarly titled measures used by other
companies.
The Results Reconciliation table below presents non-GAAP
financial results after eliminating the effects of identified
charges and gains. This provides investors additional information
to assess the company’s results and future earnings potential.
Results
Reconciliation
(millions)
3 months ended
March 31
12 months ended
March 31
2016
2015
2016
2015
GAAP net income $73.8 $58.0 $189.3 $138.2 Discontinued operations
0.1 (5.8) (61.8) (83.6) Net
income from continuing operations
73.7
63.8
251.1
221.8
Add consolidated deferred tax balance adjustment (net)
--
--
--
6.7
Add Emera transaction related costs 0.1 -- 13.2 -- Add costs
associated with the acquisition and integration of NMGC --
0.7 1.2 15.2 Total charges 0.1
0.7 14.4 21.9 Non-GAAP results (1)
$73.8 $64.5 $265.5 $243.7
(1) A non-GAAP financial measure is a numerical measure that
includes or excludes amounts, or is subject to adjustments that
have the effect of including or excluding amounts, from the most
directly comparable GAAP measure.
TECO Energy Inc. (NYSE:TE) is an energy-related holding company
with regulated electric and gas utilities in Florida and New
Mexico. Tampa Electric serves nearly 725,000 customers in West
Central Florida; Peoples Gas System serves nearly 365,000 customers
across Florida; and New Mexico Gas Co. serves more than 515,000
customers across New Mexico.
Note: This press release contains forward-looking statements,
which are subject to the inherent uncertainties in predicting
future results and conditions. Actual results may differ materially
from those forecasted. The forecasted results are based on the
company's current expectations and assumptions, and the company
does not undertake to update that information or any other
information contained in this press release, except as may be
required by law. Factors that could impact actual results include:
the ability to successfully close the merger with Emera on the
anticipated schedule, if at all; regulatory actions by federal,
state or local authorities; the ability to successfully implement
the integration plans for NMGC and generate the expected financial
results; unexpected capital needs or unanticipated reductions in
cash flow that affect liquidity; the ability to access the capital
and credit markets when required; general economic conditions
affecting customer growth and energy sales at the utility
companies; economic conditions affecting the Florida and New Mexico
economies; weather variations and customer energy usage patterns
affecting sales and operating costs at the utilities and the effect
of weather conditions on energy consumption; the effect of extreme
weather conditions or hurricanes; general operating conditions;
input commodity prices affecting cost at all of the operating
companies; natural gas demand at the utilities; and the ability of
TECO Energy's subsidiaries to operate equipment without undue
accidents, breakdowns or failures. Additional information is
contained under "Risk Factors" in TECO Energy, Inc.'s Annual Report
on Form 10-K for the period ended Dec. 31, 2015.
Summary Information (as of March 31) (Millions except
per-share amounts)
Three Months
Ended
Twelve Months
Ended
2016 2015
2016 2015 Revenues $659.5
$693.0 $2,710.0 $2,681.5 Net
income from continuing operations
$73.7
$63.8
$251.1
$221.8
Net income from discontinued operations
0.1
(5.8)
(61.8)
(83.6)
Net income $ 73.8 $58.0 $189.3
$138.2 Earnings per share from continuing
operations- basic
$ 0.31
$0.27
$1.07
$0.97
Earnings per share from discontinued operations – basic --
(0.02)
(0.26)
(0.37)
Total earnings per share – basic $0.31 $0.25
$0.81 $0.60 Total earnings per
share – diluted
$0.31
$0.25
$0.81
$0.60
Average common shares outstanding – basic
234.0
232.8
233.4
227.2
Average common shares outstanding – diluted
235.2
233.5
235.0
227.8
MARCH 2016
Figures appearing in these statements are presented as general
information and not in connection with any sale or offer to sell or
solicitation of an offer to buy any securities, nor are they
intended as a representation by the company of the value of its
securities. All figures reported are subject to adjustments as the
annual audit by independent accountants may determine to be
necessary and to the explanatory notes affecting income and balance
sheet accounts contained in the company’s Annual Report on Form
10-K. Reference should also be made to information contained in
that and other reports filed by TECO Energy, Inc. and Tampa
Electric Company with the Securities and Exchange Commission.
TECO ENERGY, Inc. CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (All significant intercompany transactions have
been eliminated in the consolidated financial statements.)
Three Months Ended Twelve Months Ended Mar. 31, Mar.
31, (millions except share data)
2016 2015
2016 2015
Revenues Regulated electric and gas
$656.3 $689.9
$2,698.1 $2,671.5 Unregulated
3.2 3.1
11.9 10.0 Total revenues
659.5 693.0
2,710.0
2,681.5
Expenses Regulated operations &
maintenance Fuel
115.2 144.1
609.7 686.9 Purchased
power
14.4 17.1
76.1 70.3 Cost of natural gas sold
96.8 103.0
265.4 265.5 Other
142.3 143.7
611.8 570.9 Operations & maintenance other expense
0.0 1.6
21.2 28.0 Depreciation and amortization
89.8 85.5
353.3 325.0 Taxes, other than income
52.9 51.8
208.4
199.0 Total expenses
511.4 546.8
2,145.9 2,145.6
Income from operations
148.1 146.2
564.1
535.9
Other income (expense) Allowance for other
funds used during construction
5.7 3.8
19.3 12.0
Other income
1.5 1.6
3.3 3.0 Total other income
7.2
5.4
22.6 15.0
Interest
charges Interest expense
48.9 49.8
194.3 185.2
Allowance for borrowed funds used during construction
(3.0) (1.9)
(9.8)
(5.8) Total interest charges
45.9 47.9
184.5 179.4
Income before provision
for income taxes 109.4 103.7
402.2 371.5
Provision for income taxes
35.7 39.9
151.1 149.7
Income from continuing
operations 73.7 63.8
251.1 221.8
Discontinued
operations Income (loss) from discontinued operations
0.2 (9.6)
(96.5) (136.3) Provision (benefit) for
income taxes
0.1 (3.8)
(34.7) (52.7) Income (loss) from discontinued
operations, net
0.1 (5.8)
(61.8) (83.6)
Net income $73.8
$58.0
$189.3 $138.2
Average common shares outstanding - basic
(millions) 234.0 232.8
233.4 227.2
Average
common shares outstanding - diluted (millions) 235.2
233.5
235.0 227.8
Earnings per average common
share outstanding: Earnings per share from continuing
operations -- basic
$0.31 $0.27
$1.07 $0.97 Earnings
per share from continuing operations -- diluted
$0.31 $0.27
$1.07 $0.97 Earnings per share from discontinued
operations -- basic
$0.00 ($0.02)
($0.26) ($0.37)
Earnings per share from discontinued operations -- diluted
$0.00 ($0.02)
($0.26) ($0.37) Earnings per
share attributable to TECO Energy -- basic
$0.31 $0.25
$0.81 $0.60 Earnings per share attributable to TECO Energy
-- diluted
$0.31 $0.25
$0.81 $0.60
TECO
ENERGY, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited)
(All significant intercompany transactions have been eliminated in
the consolidated financial statements.)
Mar. 31, Dec. 31, (millions)
2016 2015
Assets Current assets
Cash and cash equivalents
$46.1 $23.8 Receivables
240.1 280.7 Inventories at average cost Fuel
118.3
113.4 Materials and supplies
77.1 76.8 Deferred income taxes
0.0 0.0 Prepayments and other current assets
25.4
30.8 Regulatory assets
40.2 44.8 Assets held for sale
0.0 0.0 Total current assets
547.2
570.3
Property, plant and equipment Utility plant in
service Electric
7,328.3 7,270.3 Gas
2,154.1 2,113.8
Construction work in progress
816.9 794.7 Other property
16.1 15.9 Property plant and equipment at
original cost
10,315.4 10,194.7 Accumulated depreciation
(2,762.4) (2,712.9) Total property, plant and
equipment, net
7,553.0 7,481.8
Other
assets Regulatory assets
393.4 395.2 Goodwill
408.4 408.4 Deferred charges and other assets
79.1
77.8 Assets held for sale
0.0 0.0 Total other
assets
880.9 881.4
Total assets
$8,981.1 $8,933.5
Liabilities and
capital Current liabilities Long-term debt due within one year
$83.3 $333.3 Notes payable
513.0 247.0 Accounts
payable
189.5 255.4 Other current liabilities
25.2
22.6 Customer deposits
176.7 182.1 Derivative liabilities
22.3 24.1 Interest accrued
54.0 36.2 Taxes accrued
28.2 13.2 Regulatory liabilities
108.4 84.8
Liabilities associated with assets held for sale
0.0
0.0 Total current liabilities
1,200.6
1,198.7
Other liabilities Deferred income taxes
607.0
570.7 Investment tax credits
10.4 10.5 Regulatory
liabilities
709.4 715.8 Derivative liabilities
0.8
2.1 Deferred credits and other liabilities
380.9 387.5
Liabilities associated with assets held for sale
0.0 0.0
Long-term debt, less amount due within one year
3,489.7 3,489.2 Total other liabilities
5,198.2 5,175.8
Total liabilities
6,398.8 6,374.5
Capital Common equity
235.5
235.3 Additional paid in capital
1,894.8 1,894.5 Retained
earnings
463.5 441.4 Accumulated other comprehensive loss
(11.5) (12.2) Total capital
2,582.3 2,559.0
Total liabilities and capital
$8,981.1 $8,933.5
Book Value Per
Share $10.96 $10.88
TECO ENERGY, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All
significant intercompany transactions have been eliminated in the
consolidated financial statements.) Three Months
Ended Twelve Months Ended Mar. 31, Mar. 31,
(millions)
2016 2015
2016 2015
Cash flows from operating
activities Net income
$73.8 $58.0
$189.3 $138.2
Adjustments to reconcile net income to net cash from
operating activities: Depreciation and amortization
89.8
85.9
354.1 342.9 Deferred income taxes & Investment tax
credits
36.1 36.0
117.6 96.7 Allowance for other
funds used during construction
(5.7) (3.8)
(19.3)
(12.0) Non-cash stock compensation
3.0 3.9
12.2 12.9
Loss (gain) on disposals of business / assets, pretax
0.0
0.0
13.2 (0.1) Deferred recovery clause
26.4 (5.7)
58.5 (23.5) Asset impairment, pretax
0.0 0.0
78.6 115.9 Receivables, less allowance for uncollectibles
40.6 51.0
25.7 (3.7) Inventories
(5.2) (15.7)
(12.1) (3.1) Prepayments and other current assets
2.8
(10.9)
5.6 (8.0) Taxes accrued
18.1 1.7
0.5
(12.7) Interest accrued
17.8 17.8
(3.7) 2.2 Accounts
payable
(59.1) (63.5)
(57.2) (14.8) Other
(6.8) (7.7)
(66.5)
(5.0)
231.6 147.0
696.5 625.9
Cash flows from investing
activities Capital expenditures
(168.0) (156.2)
(751.5) (726.1) Purchase of a business, net of cash acquired
0.0 0.0
0.0 (751.5) Net proceeds from sale of
business / assets
0.0 (0.1)
0.1 (0.1) Other
investments
(0.2) (0.1)
(0.3) (8.0)
(168.2)
(156.4)
(751.7) (1,485.7)
Cash flows from financing activities Dividends and dividend
equivalents
(54.3) (53.0)
(213.0) (204.2) Proceeds
from sale of common stock
3.9 2.8
8.5 303.5 Proceeds
from long-term debt
0.0 0.0
499.7 563.6 Repayment of
long-term debt / Purchase in lieu of redemption
(250.0) 0.0
(524.5) (83.3) Net increase (decrease) in short-term debt
(maturities of 90 days or less)
(134.0) 67.0
(93.0)
177.0 Proceeds from other short-term debt (maturities over 90 days)
400.0 0.0
400.0 0.0 Other financing activities
(6.7) 0.0
(9.2)
(1.0) (41.1) 16.8
68.5 755.6 Net increase (decrease) in
cash and cash equivalents
22.3 7.4
13.3 (104.2) Cash
and cash equivalents at beginning of period
23.8
25.4
32.8 137.0 Cash and
cash equivalents at end of period
$46.1 $32.8
$46.1 $32.8
Supplemental disclosure of non-cash activities Debt assumed
in NMGI acquisition
$0.0 $0.0
$0.0 200.0 Change in
accrued capital expenditures - excluded above
($6.0) $11.5
($9.5) $10.3
TECO ENERGY, Inc. SEGMENT
INFORMATION (Unaudited)
(millions)
Tampa Peoples
TECO
TECO
Electric Gas
Coal NMGC
Other Eliminations
Energy Three months ended Mar.
31, 2016 Revenues - outsiders $ 423.4 $ 126.8 $
-- $ 106.6 $ 2.7 $ -- $ 659.5 Sales to affiliates 1.1
4.4 --
--
-- (5.5 )
-- Total revenues 424.5 131.2 -- 106.6 2.7 (5.5 )
659.5 Depreciation and amortization 66.1 14.8 -- 8.4 0.5 -- 89.8
Total interest charges (2) 23.8 3.7 -- 3.0 15.6 (0.2 ) 45.9
Allocated interest expense (2) -- -- -- -- 0.2 (0.2 ) -- Provision
(Benefit) for income taxes 27.8 8.9 -- 9.7 (10.7 ) -- 35.7 Net
income (loss) from continuing operations 50.2 13.1 -- 15.2 (4.8 )
-- 73.7 Income (loss) from discontinued operations, net of tax (3)
-- -- -- -- 0.1 -- 0.1 Net income (loss) (1) $
50.2 $ 13.1 $ --
$ 15.2 $ (4.7 )
$ -- $ 73.8
2015 Revenues - outsiders $ 449.8 $ 121.7 $ -- $ 119.0 $ 2.5
$ -- $ 693.0 Sales to affiliates 0.8
1.2 --
-- --
(2.0 ) --
Total revenues 450.6 122.9 -- 119.0 2.5 (2.0 ) 693.0
Depreciation and amortization 62.9 13.9 -- 8.4 0.3 -- 85.5 Total
interest charges (2) 23.5 3.5 -- 3.3 17.9 (0.3 ) 47.9 Allocated
interest expense (2) -- -- -- -- 0.3 (0.3 ) -- Provision (Benefit)
for income taxes 27.4 9.2 -- 9.0 (5.7 ) -- 39.9 Net income (loss)
from continuing operations 48.2 14.6 -- 13.9 (12.9 ) -- 63.8 Income
(loss) from discontinued operations, net of tax (3) -- -- (6.0 ) --
0.2 -- (5.8 ) Net income (loss) (1) $ 48.2
$ 14.6 $ (6.0 )
$ 13.9 $ (12.7 )
$ -- $ 58.0
Twelve
months ended Mar. 31, 2016 Revenues - outsiders $
1,988.6 $ 406.6 $ -- $ 304.2 $ 10.6 $ -- $ 2,710.0 Sales to
affiliates 3.7 9.2
-- --
--
(12.9 ) -- Total revenues
1,992.3 415.8 -- 304.2 10.6 (12.9 ) 2,710.0 Depreciation and
amortization 260.1 57.6 -- 33.9 1.7 -- 353.3 Total interest charges
(2) 95.4 14.7 -- 12.7 62.9 (1.2 ) 184.5 Allocated interest expense
(2) -- -- -- -- 1.2 (1.2 ) -- Provision (Benefit) for income taxes
144.1 21.5 -- 16.1 (30.6 ) -- 151.1 Net income (loss) from
continuing operations 243.0 33.8 -- 25.4 (51.1 ) -- 251.1 Income
(loss) from discontinued operations, net of tax (3) -- -- (63.6 )
-- 1.8 -- (61.8 ) Net income (loss) (1) $
243.0 $ 33.8 $ (63.6 )
$ 25.4 $ (49.3 )
$ -- $ 189.3
2015 Revenues - outsiders $ 2,016.8 $ 397.7 $ -- $ 256.5 $
10.5 $ -- $ 2,681.5 Sales to affiliates 1.6
2.1 --
-- 0.2
(3.9 )
-- Total revenues 2,018.4 399.8 -- 256.5 10.7 (3.9 )
2,681.5 Depreciation and amortization 249.4 54.6 -- 19.4 1.6 --
325.0 Total interest charges (2) 94.2 13.9 -- 7.6 68.0 (4.3 ) 179.4
Allocated interest expense (2) -- -- -- -- 4.3 (4.3 ) -- Provision
(Benefit) for income taxes 134.0 22.7 -- 16.1 (23.1 ) -- 149.7 Net
income (loss) from continuing operations 227.5 35.9 -- 24.5 (66.1 )
-- 221.8 Income (loss) from discontinued operations, net of tax (3)
-- -- (86.5 ) -- 2.9 -- (83.6 ) Net income (loss) (1)
$ 227.5 $ 35.9 $
(86.5 ) $ 24.5 $ (63.2 )
$ -- $ 138.2
(1 ) Results are based on GAAP net
income. For a complete reconciliation between GAAP and non-GAAP
items, see Results Reconciliation in Earnings Release.
(2
) Segment net income is reported on a basis that includes
internally allocated financing costs. Internally allocated costs
were at pretax rates of 6.00% for April 2014 through March 2016.
(3 ) All periods have been adjusted to reflect the
reclassification of results from operations to discontinued
operations for TECO Coal and certain charges at Other, including
Parent and TECO Diversified, that directly relate to TECO Coal and
TECO Guatemala.
TAMPA ELECTRIC COMPANY ELECTRIC
OPERATING STATISTICS (Unaudited)
Operating Revenues*
Sales -- Kilowatt-hours*
Three Months Ended Mar. 31,
Percent Percent
2016 2015
Change 2016
2015
Change
Residential
$ 217,436 $ 213,401
1.9
1,914,557 1,839,405
4.1 Commercial
132,783
132,988
(0.2 ) 1,387,966 1,350,118
2.8
Industrial -- Phosphate
13,099 13,421
(2.4 )
163,531 167,726
(2.5 ) Industrial -- Other
25,475 24,760
2.9 297,259 279,416
6.4
Other sales of electricity
39,517 40,528
(2.5
) 401,296 400,065
0.3
428,310 425,098
0.8 4,164,609
4,036,730
3.2 Deferred and other revenues
(19,433 ) 7,468
(360.2 ) -- --
-- Provision for Revenue Stipulation
-- --
--
-- --
-- Sales for resale
1,399 1,885
(25.8 ) 50,317 53,508
(6.0 )
Other operating revenue
14,232 16,104
(11.6 )
-- --
-- SO2 Allowance Sales
-- --
--
-- --
-- NOx Allowance Sales
--
--
-- --
--
--
$ 424,508 $ 450,555
(5.8 )
4,214,926 4,090,238
3.0 Average customers
726,142 714,028
1.7 --
-- --
Retail Net Energy For Load
4,317,006 4,243,704
1.7 Total Degree Days
602 630
(4.4 )
Operating Revenues* Sales -- Kilowatt-hours*
Twelve Months Ended Mar. 31, Percent Percent
2016
2015
Change
2016 2015
Change Residential
$ 1,044,299 $
1,007,429
3.7 9,120,173 8,672,349
5.2
Commercial
607,798 600,232
1.3 6,338,515
6,141,447
3.2 Industrial -- Phosphate
52,757 56,603
(6.8 ) 651,043 697,030
(6.6 )
Industrial -- Other
107,797 105,027
2.6
1,232,145 1,174,715
4.9 Other sales of electricity
176,179 179,919
(2.1 ) 1,792,477
1,805,161
(0.7 )
1,988,830 1,949,210
2.0 19,134,353 18,490,702
3.5 Deferred and other revenues
(55,692
) 1,935
(2,978.1 ) -- --
--
Provision for Revenue Stipulation
-- --
-- --
--
-- Sales for resale
3,234 7,871
(58.9
) 112,097 206,256
(45.7 ) Other
operating revenue
55,848 59,377
(5.9 )
-- --
-- SO2 Allowance Sales
-- --
--
-- --
-- NOx Allowance Sales
--
--
-- --
--
--
$ 1,992,220 $ 2,018,393
(1.3 )
19,246,450 18,696,958
2.9 Average customers
721,742 709,088
1.8 --
-- --
Retail Net Energy For Load
20,176,559 19,371,798
4.2 Total Degree Days
4,701 4,098
14.7 * in thousands
PEOPLES GAS SYSTEM GAS OPERATING STATISTICS
(Unaudited)
Operating
Revenues* Therms*
Three Months Ended Mar. 31,
Percent Percent
2016 2015
Change 2016
2015
Change By Customer
Segment: Residential
$ 50,501 $ 49,258
2.5
32,935 34,362
(4.2) Commercial
42,796 41,585
2.9 141,130 138,171
2.1 Industrial
3,295 3,242
1.6 83,451 76,123
9.6 Off
System Sales
12,882 7,803
65.1 53,877 23,421
130.0 Power generation
2,089 1,936
7.9
190,569 184,609
3.2 Other revenues
16,601 16,125
3.0 -- --
-- $ 128,164
$ 119,949
6.8
501,962 456,686
9.9 By Sales Type: System
supply
$ 75,427 $ 69,434
8.6 94,095 66,284
42.0 Transportation
36,136 34,390
5.1
407,867 390,402
4.5 Other revenues
16,601 16,125
3.0 -- --
-- $ 128,164
$ 119,949
6.8
501,962 456,686
9.9 Average customers
367,530 359,043
2.4 -- --
--
Operating Revenues* Therms*
Twelve Months Ended
Mar. 31, Percent Percent
2016 2015
Change 2016
2015
Change By Customer
Segment: Residential
$ 138,268 $ 143,631
(3.7)
73,466 81,867
(10.3) Commercial
140,012
139,796
0.2 473,735 467,729
1.3 Industrial
13,029 12,709
2.5 296,298 278,422
6.4
Off System Sales
54,901 38,710
41.8 196,886
92,070
113.8 Power generation
7,351 6,828
7.7
764,247 672,471
13.6 Other revenues
50,968 48,611
4.8 -- --
-- $ 404,529
$ 390,285
3.6
1,804,632
1,592,559
13.3 By Sales
Type: System supply
$ 231,339 $ 223,508
3.5
296,483 203,063
46.0 Transportation
122,222
118,166
3.4 1,508,149 1,389,496
8.5 Other
revenues
50,968 48,611
4.8 --
--
-- $
404,529 $ 390,285
3.6 1,804,632
1,592,559
13.3 Average
customers
363,299 355,685
2.1 --
--
-- * in
thousands
NEW MEXICO GAS COMPANY GAS OPERATING STATISTICS
(Unaudited) Operating Revenues*
Therms*
Three
Months Ended Mar. 31, Percent
Percent 2016
2015
Change
2016 2015
Change By Customer Segment: Residential
$ 77,742 $ 87,458
(11.1) 122,600 121,240
1.1 Commercial
19,817 23,207
(14.6)
42,008 41,056
2.3 Industrial
169 218
(22.5) 433 425
1.9 Off System Sales
611
308
98.4 3,870 1,200
222.5 On System
Transportation
6,591 6,092
8.2 95,072 84,734
12.2 Off System Transportation
212 205
3.4
11,131 10,308
8.0 Other revenues
1,471
1,487
(1.1)
--
--
-- $
106,613 $ 118,975
(10.4) 275,114
258,963
6.2 By Sales
Type: System supply
$ 98,339 $ 111,191
(11.6)
168,911 163,921
3.0 Transportation
6,803 6,297
8.0 106,203 95,042
11.7 Other revenues
1,471 1,487
(1.1) -- --
-- $ 106,613
$ 118,975
(10.4)
275,114 258,963
6.2 Average customers
519,714
516,785
0.6
Total Degree Days
1,970 1,920
2.6
Operating
Revenues* Therms*
Twelve Months Ended Mar. 31,
Percent Percent 2016
2015 (1)
Change
2016 2015 (1)
Change By Customer Segment:
Residential
$ 219,450 $ 256,290
(14.4) 292,596
282,727
3.5 Commercial
56,208 73,308
(23.3)
105,311 105,848
(0.5) Industrial
1,154 1,665
(30.7) 2,565 2,719
(5.7) Off System Sales
611 308
98.4 3,870 1,200
222.5 On
System Transportation
19,613 19,116
2.6
339,010 316,694
7.0 Off System Transportation
909 884
2.8 48,019 46,227
3.9 Other
revenues
6,227 6,479
(3.9) --
--
-- $
304,172 $ 358,050
(15.0) 791,371
755,415
4.8 By Sales
Type: System supply
$ 277,423 $ 331,571
(16.3)
404,342 392,494
3.0 Transportation
20,522
20,000
2.6 387,029 362,921
6.6 Other revenues
6,227 6,479
(3.9) -- --
-- $ 304,172
$ 358,050
(15.0)
791,371 755,415
4.8 Average customers
516,799 513,197
0.7
Total Degree Days
4,139 4,012
3.2 (1) Information presented for 2014 is for
comparative purposes only, as this was before the date of
acquisition (Sep. 2, 2014). * in thousands
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160505005085/en/
TECO Energy, Inc.News Media:Cherie Jacobs,
813-228-4945orInvestor Relations:Mark Kane,
813-228-1772Internet: http://www.tecoenergy.com
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