TECO Energy (UNKNOWN: TE.DL ) reported Q1 earnings (link opens a PDF) today, missing on sales but topping analysts' earnings estimates. First-quarter revenue clocked in at $661 million, just shy of Mr. Market's $668 million prediction. But what the company cut off the top line, it made up for on bottom-line numbers. EPS came in at $0.19, two cents above analyst expectations. Compared with Q1 2012, sales are down 5.2% and net income dropped 18%.
"We are off to a good start for 2013, and our results this quarter position us well for the remainder of the year despite another mild winter in Florida," said TECO President and CEO John Ramil in a statement. "The utilities are benefiting from continued improvements in the state and local economies, and TECO Coal is operating profitably even in a weak market, with a strong focus on margins and cost control."
On a GAAP basis, regulated utility Tampa Electric continued to carry TECO, accounting for 76.6% of the company's total $41.5 million net income. However, the biggest gains came from its Peoples Gas System subsidiary, which boosted net income 25% to reach $13.8 million because of increased retail sales and 1.3% customer growth.