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TAMPA — TECO Energy (NYSE: TE) posted gains to its net income for the second quarter compared with the same quarter last year, but its year-to-date income still lags 2010's numbers.
The energy company posted net income of $77.5 million in the second quarter, $2 million more than the $75.5 million it posted for the same quarter last year. The gain came largely from the company spending $4.1 million in 2010 to retire debt.
TECO's year-to-date net income totals $129.2 million, which is down from $131.3 million for the same period in 2010. The company's net income for the last 12 months dropped about 5%, with $236.9 million posted for the 12 months ended June 30 of this year compared with $249.7 million posted for the same time in 2010.
In its sectors, the company experienced second quarter gains with subsidiaries Tampa Electric (2.8%), and People Gas System (15.6%). The company's income was down for subsidiaries TECO Coal (24%) and TECO Guatemala (47%).
“Our second quarter results reflect the benefits of lower interest expense from our debt retirement actions,” says John Ramil, president and CEO, in a release. “The Florida utilities are benefiting from continued modest improvement in the state and local economies and moderate customer growth.”
TECO Energy Inc. is an energy-related holding company. Its subsidiary, Tampa Electric Company, is a regulated utility in Florida with both electric and gas divisions. The parent company also owns and operates coal production facilities in Kentucky and Virginia, and engages in energy-related businesses in Guatemala.
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