Teco Energy has reported net income of $92.8 million, or $0.44 per share, for the third quarter of 2007 compared to $79.7 million, or $0.38 per share, in the same period in 2006.
The nine-month net earnings were $239.3 million, or $1.15 per share, in 2007 compared to $197.4 million, or $0.95 per share, in the same period in 2006. The company reported nine-month net income and earnings per share from continuing operations of $225 million, or $1.08 per share, in 2007, compared to $196 million, or $0.94 per share, in the same period in 2006.
In 2007, results reflect a $14.3 million tax benefit recorded in discontinued operations in the second quarter as a result of reaching a favorable conclusion with taxing authorities related to the 2005 disposition of the Union and Gila River merchant power plants.
Sherrill Hudson, chairman and CEO of Teco Energy, said: Our results this quarter clearly reflect the efforts of Teco Energy team members across the company to maximize our results. Our utilities continued to enjoy customer growth, but changes in customer usage patterns limited energy sales growth, even while setting new summer peak records. We are seeing the first signs of improvement in coal markets, especially the metallurgical coal sector, and Teco Guatemala continues to perform above expectations.