UPDATE: Teco Energy Q4 Profit Misses Expectations

reported weaker-than-expected earnings for the fourth quarter. The Tampa, Florida-based company posted quarterly earnings of $10.8 million, or $0.04 per share, down from $42.0 million, or $0.20 per share, in the year-ago period. Teco's non-GAAP earnings from continuing operations adjusted earnings rose to $0.19 per share from $0.18 per share. Its revenue climbed 23.7% to $695.5 million. However, analysts were expecting earnings of $0.21 per share on revenue of $612.04 million. Tampa Electric's net income fell to $37.4 million in the fourth quarter, down from $39.8 million, in the year-ago period. Net income for Peoples Gas System rose to $8.9 million from $7.6 million, while NMGC posted quarterly net income of $11.4 million. TECO Energy President and Chief Executive Officer John Ramil said, "2014 was a watershed year for TECO Energy. Our Florida utilities achieved net income growth of more than 15%, and enjoyed customer growth well above national averages. We expanded our utility operations with our NMGC acquisition in September, and we're benefitting from accretion from the acquisition earlier than we originally expected. We are committed to exiting the coal business, and continue to work with the purchaser to complete the sale this year. Upon closing, this action will complete our return to our utility foundation." For 2015, Teco projects earnings of $1.08 to $1.11 per share. Teco shares fell 3.26% to close at $21.07 on Friday.