TECO Energy, Inc. (NYSE:TE) today reported fourth-quarter
non-GAAP results from continuing operations, which exclude $1.5
million of acquisition-related costs, of $52.5 million, or $0.23 on
a per-share basis, compared with $45.0 million, or $0.19 on a
per-share basis in 2014.
Fourth-quarter 2015 net income was $50.5 million, or $0.21 per
share, compared with $10.8 million, or $0.04 per share, in the
fourth quarter of 2014. Net income from continuing operations was
$51.0 million, or $0.22 per share, in the 2015 fourth quarter,
compared with $27.4 million, or $0.11 per share, for the same
period in 2014. The fourth quarter losses in discontinued
operations of $0.5 million and $16.6 million in 2015 and 2014,
respectively, reflect the operating results and charges associated
with TECO Coal, which was sold on Sept. 21.
Full-year 2015 non-GAAP results from continuing operations,
which exclude $15.0 million of acquisition-related costs, were
$256.2 million, or $1.10 on a per-share basis, compared with $229.7
million, or $1.03 on a per-share basis in 2014.
Full-year net income was $173.5 million, or $0.74 per share,
compared with net income of $130.4 million, or $0.58 per share in
2014. Net income from continuing operations was $241.2 million, or
$1.03 per share, compared with $206.4 million or $0.92 per share in
2014. The full-year losses from discontinued operations were $67.7
million and $76.0 million in 2015 and 2014, respectively.
TECO Energy President and Chief Executive Officer John Ramil
said, “Our operating companies recorded strong earnings in 2015,
delivering per-share results almost 7% higher than last year. We
continue to see robust customer growth in Florida, with the number
of electric and gas customers up 1.8% and 2.1%, respectively. We
also had continued success with our New Mexico Gas integration
activities, resulting in accretive earnings in 2015, despite
disappointing first quarter weather. At the same time, we are
making good progress on obtaining the various approvals needed to
close our transaction with Emera. TECO Energy’s shareholders
approved the transaction in December, and all the other required
regulatory filings have been made. With the approval schedule
established in New Mexico, we expect to close the transaction this
summer.”
Non-GAAP Results
Non-GAAP results in the fourth quarter and full-year periods of
2015 and 2014 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 Dec. 31
12 months
ended Dec. 31
(millions)
2015
2014
2015
2014
Net income $ 50.5 $ 10.8 $ 173.5 $ 130.4 Discontinued operations
(0.5) (16.6) (67.7) (76.0) Net
income from continuing operations 51.0 27.4 241.2 206.4 Charges
1.5 17.6 15.0 23.3
Non-GAAP
Results from continuing operations
$
52.5
$
45.0
$
256.2
$
229.7
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 Dec. 31
12 months
ended Dec. 31
Net Income
Summary
2015
2014
2015
2014
Tampa Electric $ 43.0 $ 37.4 $ 241.0 $ 224.5 Peoples Gas System 6.9
8.9 35.3 35.8 New Mexico Gas Co. (1) 13.1 11.4 24.1 10.5 Other -
net (12.0 ) (30.3 ) (59.2
) (64.4 ) Net income from continuing operations 51.0
27.4 241.2 206.4 Discontinued operations (2) (0.5 )
(16.6 ) (67.7 ) (76.0 )
Total net income
$ 50.5 $
10.8 $ 173.5
$ 130.4
1. The 12-months-ended 2014 periods reflect 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 fourth quarter of 2015 was
$43.0 million, compared with $37.4 million for the same period in
2014. Results for the quarter reflected a 1.8% higher average
number of customers, and higher energy sales primarily due to
record high temperatures in November and December. Results
reflected operations and maintenance expense slightly higher than
2014, and higher depreciation expense. Fourth-quarter net income in
2015 included $5.1 million of Allowance for Funds Used During
Construction (AFUDC) equity, which represents allowed equity cost
capitalized to construction costs, compared with $3.2 million in
the 2014 quarter.
Total degree days in Tampa Electric's service area in the fourth
quarter of 2015 were 36% above normal, and 51% above the 2014
period, driven by record high temperatures in November and
December. Total net energy for load increased 9.6% in the fourth
quarter of 2015, compared with the same period in 2014. In the 2015
period, pretax base revenues were $15.7 million higher than in
2014, driven by customer growth and higher energy sales as warm
weather produced significant air conditioning load. The quarter
included almost $3 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 the warm 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
increased as self-generation by those customers decreased due to
outages at a customer’s facilities.
Operations and maintenance expense, excluding all Florida Public
Service Commission (FPSC)-approved cost-recovery clauses, was
slightly higher than in the 2014 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 level of short-term
incentive accruals for all employees in 2015 compared to 2014.
Results also include a $1.9 million loss on the disposition of
small generating units no longer in service.
Depreciation and amortization expense increased $1.4 million in
2015, as a result of normal additions to facilities to reliably
serve customers.
Full-year net income was $241.0 million, compared with $224.5
million in 2014, driven by 1.8% higher average number of customers
and higher energy sales from customer growth, warmer than normal
spring and early winter weather and a stronger economy. Higher
operations and maintenance, depreciation and interest expenses
partially offset the higher revenues. Full-year net income in 2015
included $17.2 million of AFUDC equity, compared with $10.5 million
in 2014.
Full-year total degree days in Tampa Electric's service area
were 12% above normal and 17% above the prior full-year period.
Pretax base revenues were more than $37 million higher than in
2014, including approximately $8 million of higher pretax base
revenues as a result of the Nov.1, 2014 and 2015 base rate
increases. In the 2015 full-year period, total net energy for load
was 4.1% higher than in 2014. Higher energy sales were driven by
more favorable weather in 2015 than in 2014.
Operations and maintenance expenses, excluding all FPSC-approved
cost-recovery clauses, increased $5.4 million in the 2015 full-year
period, reflecting higher costs to safely and reliably serve
customers partially offset by lower employee-related expenses.
Compared to 2014, depreciation and amortization expense increased
$5.0 million, reflecting additions to facilities to serve
customers. Interest expense increased $1.4 million due to higher
long-term debt balances.
Peoples Gas
Peoples Gas System (PGS) reported net income of $6.9 million for
the fourth quarter, compared with $8.9 million in the 2014 quarter.
Average customer growth was 2.0% in the quarter, and therm sales to
retail customers decreased as a result of warm fall and early
winter weather partially offset by customer growth and a stronger
economy. Sales to power-generation customers and off-system sales
increased due to levels of operation by gas-fired generation in the
state due to the warm weather. As a result, total retail base
revenues and off-system revenues (net of fuel) were unchanged from
last year. Fourth-quarter results in 2015 reflected non-fuel
operations and maintenance expense $2.4 million higher than in
2014, driven by higher operating costs, partially offset by lower
employee-related costs, primarily due to the level of short-term
incentive accruals for all employees in 2015 compared to 2014.
Depreciation and amortization increased slightly due to normal
additions to facilities to serve customers.
PGS reported net income of $35.3 million for the full-year
period, compared with $35.8 million in 2014. Results reflect a 2.1%
higher average number of customers, lower therm sales to
residential customers due to warmer-than-normal spring and winter
weather, and increased therm sales to commercial and industrial
customers due to strong economic conditions in Florida. Sales to
power generation customers and off-system sales increased due to
the same reasons as in the fourth quarter. Non-fuel operations and
maintenance expense increased $1.9 million compared to the 2014
period, driven by the same factors as the fourth quarter.
Operations and maintenance expense in 2014 reflected a
first-quarter recovery of $1.6 million of costs incurred in
connection with a 2010 outage incident.
NMGC
NMGC reported fourth-quarter net income of $13.1 million,
compared with $11.4 million in the 2014 period. Results reflected
the benefit of 5% higher heating degree days, 0.8% higher average
number of customers, and lower operating and maintenance expenses
from acquisition synergies and a focus on cost control. Results
included $1.3 million of pretax rate credits to customers under the
Certification of Stipulation approved by the New Mexico Public
Regulation Commission.
NMGC reported full-year 2015 net income of $24.1 million.
Results reflected customer growth of 0.7% and much milder than
normal winter weather in the first quarter partially offset by
colder fourth quarter 2015 weather that resulted in degree days
5.5% below normal but 1.4% above 2014. Operations and maintenance
expense was lower than in the 2014 period from acquisition
synergies and a focus on cost control. Results included $2.7
million of pretax rate credits to customers. Net income of $10.5
million in 2014 reflects a partial year beginning with the Sept. 2,
2014 date of acquisition.
Other - net
The fourth quarter 2015 non-GAAP cost from continuing operations
for Other – net of $10.5 million excluded $0.9 million of
transaction costs related to the pending Emera acquisition and $0.6
million of costs associated with the integration of NMGC, compared
with the non-GAAP cost of $12.7 million in 2014, which excluded
$3.0 million of NMGC-related costs and a $14.6 million consolidated
deferred income tax balance adjustment to reflect the then pending
sale of TECO Coal. Fourth-quarter results in 2015 reflected lower
income tax adjustments and lower interest expense as a result of
refinancing debt maturities in May. The GAAP cost from continuing
operations for Other – net in the fourth quarter of 2015 was $12.0
million, compared with a cost of $30.3 million in 2014.
The 2015 full-year non-GAAP cost from continuing operations for
Other – net was $44.2 million, which excluded $13.1 million of
transaction costs related to the pending Emera acquisition and $1.9
million of NMGC integration-related costs, compared with $41.1
million in 2014, which excluded $16.6 million of NMGC acquisition
and integration-related costs, and net consolidated state deferred
tax balance adjustments of $6.7 million. Cost drivers in the 2015
full-year period included $3.1 million of interest at New Mexico
Gas Intermediate (the parent company of NMGC), $2.8 million of
interest previously allocated to TECO Coal that was offset by lower
interest expense on refinanced debt, and a $2.9 million tax expense
related to long-term incentive compensation shares that vested
below target levels. The 2015 full-year GAAP Other – net cost from
continuing operations was $59.2 million, compared with $64.4
million in the 2014 period.
Discontinued Operations
The sale of TECO Coal closed in September 2015. The 2015 loss of
$67.7 million recorded in discontinued operations reflects TECO
Coal’s operating results prior to its sale, net impairment charges
of $50.8 million recorded in the second quarter, and a $7.7 million
charge related to black-lung liabilities recorded in the third
quarter. Discontinued operations include fourth quarter costs of
$0.5 million and $0.2 million in the 2015 and 2014 periods,
respectively, and full-year benefits of $1.9 million and $6.0
million in the 2015 and 2014 periods, respectively, recorded in the
Other – net segment.
Emera Acquisition
Progress
- In October, TECO Energy and Emera filed
for approval of the merger with the Federal Energy Regulatory
Commission (FERC) requesting a decision in March 2016. On Jan. 20,
2016, the FERC issued an order authorizing the merger finding that
it is consistent with the public interest.
- On Oct. 19, 2015, TECO Energy and Emera
filed for approval of the merger with the New Mexico Public
Regulation Commission (NMPRC) Docket No. 15-00327-UT.
- On Dec. 3, 2015, TECO Energy
shareholders approved the merger with Emera.
- On Dec. 11, 2015, the hearing examiner
in the application with the NMPRC issued a Procedural Oder
establishing a schedule for the case. The significant schedule
dates are: direct testimony or a settlement to be filed April 22,
2016, and a public hearing is scheduled to begin May 23, 2016.
- On Jan. 6, 2016, TECO Energy and Emera
filed a Premerger Notification with the U.S. Department of Justice
as required by the Hart-Scott-Rodino Antitrust Improvements Act of
1976 (HSR).
- On Jan. 6, 2016, TECO Energy and Emera
made the initial filings required to obtain approval of the merger
with the Committee on Foreign Investment in the U.S. (CFIUS).
2016 Business Drivers
Results in 2016 are expected to be driven by customer growth
trends for all three utilities at or above the trends experienced
in 2015. Tampa Electric and PGS are expected to continue to earn in
the upper half of their allowed Return on Equity ranges of 9.25% to
11.25% and 9.75% to 11.75%, respectively. Expected results for all
utilities assume normal weather.
On a weather normalized basis, energy sales at Tampa Electric
are expected to increase about 0.3% to 0.5% below the rate of
customer growth.
Depreciation expense at all three utilities is expected to
increase from normal additions to facilities to safely and reliably
serve customers. Tampa Electric expects higher AFUDC-equity
earnings from the growing investment in the Polk Power Station
conversion project.
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
Dec. 31
12 months ended
Dec. 31
2015
2014
2015
2014
GAAP net income $ 50.5 $ 10.8 $ 173.5 $ 130.4 Discontinued
operations (0.5 ) (16.6 )
(67.7 ) (76.0 ) Net income from continuing operations
51.0
27.4
241.2
206.4
Add consolidated deferred tax balance adjustment (net)
--
14.6
--
6.7
Add Emera transaction related costs 0.9 -- 13.1 -- Add costs
associated with the acquisition and integration of NMGC
0.6
3.0
1.9
16.6
Total charges 1.5 17.6
15.0 23.3 Non-GAAP
results (1) $ 52.5 $ 45.0 $
256.2 $ 229.7
(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; regulatory actions by federal, state or local
authorities; the ability to successfully implement the integration
plans for NMGC and generate the financial results to make that
acquisition accretive; 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,
2014, as updated in subsequent filings with the SEC.
Summary Information (as of Dec. 31) (millions except
per share amounts)
Three Months
Ended
Twelve Months
Ended
2015 2014
2015 2014
Revenues $ 676.1 $ 695.5 $
2,743.5 $ 2,566.4 Net income from continuing
operations
$
51.0
$
27.4
$
241.2
$
206.4
Net income from discontinued operations
(0.5
)
(16.6
)
(67.7
)
(76.0
)
Net income $ 50.5 $ 10.8 $ 173.5
$ 130.4 Earnings per share from
continuing operations- basic
$
0.22
$
0.11
$
1.03
$
0.92
Earnings per share from discontinued operations – basic
(0.01 )
(0.07
)
(0.29
)
(0.34
)
Total earnings per share – basic $ 0.21 $ 0.04
$ 0.74 $ 0.58 Total
earnings per share – diluted
$
0.21
$
0.04
$
0.74
$
0.58
Average common shares outstanding – basic
233.4
232.5
233.1
223.1
Average common shares outstanding – diluted
234.9
233.1
234.5
223.7
DECEMBER 2015
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 Dec.
31, Dec. 31, (millions except share data)
2015
2014
2015 2014
Revenues Regulated electric and gas
$672.8 $692.9
$2,731.7 $2,557.3 Unregulated
3.3 2.6
11.8 9.1 Total revenues
676.1 695.5
2,743.5
2,566.4
Expenses Regulated operations & maintenance Fuel
146.1 168.5
638.6 692.3 Purchased power
18.4
12.3
78.9 71.4 Cost of natural gas sold
77.5 99.2
271.6 209.7 Other
164.7 162.5
613.2 547.8
Operations & maintenance other expense
3.9 6.9
22.7 29.5 Depreciation and amortization
88.7 85.3
349.0 315.3 Taxes, other than income
50.8
48.7
207.4 195.0 Total expenses
550.1 583.4
2,181.4
2,061.0
Income from operations 126.0
112.1
562.1 505.4
Other
income (expense) Allowance for other funds used during
construction
5.2 3.2
17.4 10.5 Other income
(1.0) 0.9
3.4 0.5 Total
other income
4.2 4.1
20.8
11.0
Interest charges Interest expense
48.7
49.6
195.1 176.4 Allowance for borrowed funds used during
construction
(2.7) (1.7)
(8.7) (5.3) Total interest charges
46.0
47.9
186.4 171.1
Income
before provision for income taxes 84.2 68.3
396.5
345.3 Provision for income taxes
33.2 40.9
155.3 138.9
Income from continuing
operations 51.0 27.4
241.2 206.4
Discontinued
operations Loss from discontinued operations
(0.8)
(27.8)
(106.3) (125.4) Benefit from income taxes
(0.3) (11.2)
(38.6)
(49.4) Loss from discontinued operations, net
(0.5)
(16.6)
(67.7) (76.0)
Net
income $50.5 $10.8
$173.5 $130.4
Average common shares
outstanding - basic (millions) 233.4 232.5
233.1
223.1
Average common shares outstanding - diluted (millions)
234.9 233.1
234.5 223.7
Earnings per
average common share outstanding: Earnings per share from
continuing operations -- basic
$0.22 $0.11
$1.03
$0.92 Earnings per share from continuing operations -- diluted
$0.22 $0.11
$1.03 $0.92 Earnings per share
from discontinued operations -- basic
($0.01) ($0.07)
($0.29) ($0.34) Earnings per share from discontinued
operations -- diluted
($0.01) ($0.07)
($0.29) ($0.34)
Earnings per share attributable to TECO Energy -- basic
$0.21 $0.04
$0.74 $0.58 Earnings per share
attributable to TECO Energy -- diluted
$0.21 $0.04
$0.74 $0.58
TECO ENERGY, Inc. CONSOLIDATED
BALANCE SHEETS (Unaudited) (All significant intercompany
transactions have been eliminated in the consolidated financial
statements.)
Dec.
31, Dec. 31, (millions)
2015 2014
Assets Current assets Cash and cash
equivalents
$23.8 $25.4 Receivables
280.7 299.8
Inventories at average cost Fuel
113.4 96.4 Materials and
supplies
76.8 75.4 Deferred income taxes
0.0 72.8
Prepayments and other current assets
30.8 22.6 Regulatory
assets
44.8 53.6 Assets held for sale
0.0
109.6 Total current assets
570.3 755.6
Property, plant and equipment Utility plant in service
Electric
7,270.3 7,094.8 Gas
2,113.8 1,984.6
Construction work in progress
794.7 640.0 Other property
15.9 14.5 Property plant and equipment at
original cost
10,194.7 9,733.9 Accumulated depreciation
(2,712.9) (2,645.7) Total property, plant and
equipment, net
7,481.8 7,088.2
Other
assets Regulatory assets
395.2 348.5 Goodwill
408.4 408.3 Deferred charges and other assets
105.4
65.8 Assets held for sale
0.0 59.8 Total other
assets
909.0 882.4
Total assets
$8,961.1 $8,726.2
Liabilities and
capital Current liabilities Long-term debt due within one year
$333.3 $274.5 Notes payable
247.0 139.0 Accounts
payable
255.4 288.6 Other current liabilities
22.6
16.8 Customer deposits
182.1 176.2 Derivative liabilities
24.1 36.6 Interest accrued
36.2 39.9 Taxes accrued
13.2 29.9 Regulatory liabilities
84.8 57.0
Liabilities associated with assets held for sale
0.0
39.4 Total current liabilities
1,198.7
1,097.9
Other liabilities Deferred income taxes
570.7
519.2 Investment tax credits
10.5 9.0 Regulatory liabilities
715.8 729.0 Derivative liabilities
2.1 6.1 Deferred
credits and other liabilities
387.4 370.9 Liabilities
associated with assets held for sale
0.0 65.4 Long-term
debt, less amount due within one year
3,516.9
3,354.0 Total other liabilities
5,203.4
5,053.6
Total liabilities 6,402.1 6,151.5
Capital Common equity
235.3 234.9 Additional paid in
capital
1,894.5 1,875.9 Retained earnings
441.4 479.6
Accumulated other comprehensive loss
(12.2)
(15.7) Total capital
2,559.0 2,574.7
Total
liabilities and capital $8,961.1 $8,726.2
Book Value Per Share $10.88 $10.96
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 Dec. 31, Dec. 31, (millions)
2015 2014
2015 2014
Cash flows from operating activities Net income
$50.5
$10.8
$173.5 $130.4 Adjustments to reconcile net
income to net cash from operating activities: Depreciation and
amortization
88.7 86.2
350.2 341.9 Deferred income
taxes & Investment tax credits
32.9 31.0
117.5
89.4 Allowance for other funds used during construction
(5.2) (3.2)
(17.4) (10.5) Non-cash stock compensation
3.0 2.5
13.1 12.7 Loss (gain) on disposals of
business / assets, pretax
3.2 0.0
13.2 (0.2) Deferred
recovery clause
13.3 (9.7)
26.4 (15.2) Asset
impairment, pretax
0.0 17.5
78.6 115.9 Receivables,
less allowance for uncollectibles
(10.1) (10.7)
36.0
(36.6) Inventories
23.1 22.4
(22.6) 12.8 Prepayments
and other current assets
6.2 8.3
(8.0) 2.8 Taxes
accrued
(47.5) (47.5)
(15.9) 1.1 Interest accrued
(18.3) (20.5)
(3.6) 7.3 Accounts payable
24.1
52.8
(61.6) 23.4 Other
(33.7) 18.7
(69.8) (10.4)
130.2
158.6
609.6 664.8
Cash flows
from investing activities Capital expenditures
(228.7)
(219.3)
(739.7) (703.8) Purchase of a business, net of cash
acquired
0.0 1.0
0.0 (751.5) Net proceeds from sale
of business / assets
0.0 (0.1)
0.0 0.2 Other
investments
(0.1) (7.9)
(0.3)
(7.9)
(228.8) (226.3)
(740.0) (1,463.0)
Cash flows from financing
activities Dividends paid
(52.9) (51.7)
(211.7)
(199.2) Proceeds from sale of common stock
0.9 5.7
7.3 302.3 Proceeds from long-term debt
0.0 (0.6)
499.7 563.6 Repayment of long-term debt / Purchase in lieu
of redemption
0.0 0.0
(274.5) (83.3) Net increase in
short-term debt
119.0 67.0
108.0
55.0
67.0 20.4
128.8 638.4 Net decrease
in cash and cash equivalents
(31.6) (47.3)
(1.6)
(159.8) Cash and cash equivalents at beginning of period
55.4 72.7
25.4 185.2 Cash and
cash equivalents at end of period
$23.8 $25.4
$23.8 $25.4
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
$16.1 $3.1
$8.0 $13.3
TECO ENERGY, Inc.
SEGMENT INFORMATION (Unaudited)
(millions)
Tampa Peoples
TECO New Mexico Gas TECO
Electric Gas Coal
Company (4) Other (5)
Eliminations (5)
Energy
Three months ended Dec. 31, 2015 Revenues - outsiders
$ 474.1 $ 99.5 $ -- $ 99.8 $ 2.7 $ -- $ 676.1 Sales to affiliates
1.0 1.5 --
-- -- (2.5 )
-- Total revenues 475.1 101.0 -- 99.8 2.7 (2.5 )
676.1 Depreciation and amortization 65.2 14.5 -- 8.5 0.5 -- 88.7
Total interest charges (2) 23.9 3.7 -- 3.2 15.5 (0.3 ) 46.0
Allocated interest expense (2) -- -- -- -- 0.3 (0.3 ) -- Provision
(Benefit) for income taxes 27.3 4.4 -- 8.3 (6.8 ) -- 33.2 Net
income (loss) from continuing operations 43.0 6.9 -- 13.1 (12.0 )
-- 51.0 Income (loss) from discontinued operations, net of tax (3)
-- -- -- -- (0.5 ) -- (0.5 ) Net income (loss) (1)
$ 43.0 $ 6.9 $ -- $ 13.1
$ (12.5 ) $ -- $ 50.5
2014
Revenues - outsiders $ 473.0 $ 98.5 $ -- $ 121.3 $ 2.7 $ -- $ 695.5
Sales to affiliates 0.3 0.5
-- -- --
(0.8 ) -- Total revenues 473.3 99.0 --
121.3 2.7 (0.8 ) 695.5 Depreciation and amortization 63.0 13.7 --
8.2 0.4 -- 85.3 Total interest charges (2) 23.7 3.5 -- 3.1 17.8
(0.2 ) 47.9 Allocated interest expense (2) -- -- -- -- 0.2 (0.2 )
-- Provision (Benefit) for income taxes 21.0 5.7 -- 7.6 6.6 -- 40.9
Net income (loss) from continuing operations 37.4 8.9 -- 11.4 (30.3
) -- 27.4 Income (loss) from discontinued operations, net of tax
(3) -- -- (16.4 ) -- (0.2 ) -- (16.6 ) Net income
(loss) (1) $ 37.4 $ 8.9 $ (16.4 ) $
11.4 $ (30.5 ) $ -- $ 10.8
Twelve months ended Dec. 31, 2015 Revenues -
outsiders $ 2,014.9 $ 401.5 $ -- $ 316.5 $ 10.6 $ -- $ 2,743.5
Sales to affiliates 3.4 6.0
-- -- 0.1
(9.5 ) -- Total revenues 2,018.3 407.5
-- 316.5 10.7 (9.5 ) 2,743.5 Depreciation and amortization 256.7
56.8 -- 33.8 1.7 -- 349.0 Total interest charges (2) 95.1 14.5 --
13.0 65.1 (1.3 ) 186.4 Allocated interest expense (2) -- -- -- --
1.3 (1.3 ) -- Provision (Benefit) for income taxes 143.6 21.9 --
15.4 (25.6 ) -- 155.3 Net income (loss) from continuing operations
241.0 35.3 -- 24.1 (59.2 ) -- 241.2 Income (loss) from discontinued
operations, net of tax (3) -- -- (69.6 ) -- 1.9 -- (67.7 )
Net income (loss) (1) $ 241.0 $ 35.3 $
(69.6 ) $ 24.1 $ (57.3 ) $ -- $
173.5
2014 Revenues - outsiders $ 2,019.9 $ 398.5 $
-- $ 137.5 $ 10.5 $ -- $ 2,566.4 Sales to affiliates
1.1 1.1 -- --
0.2 (2.4 ) --
Total revenues 2,021.0 399.6 -- 137.5 10.7 (2.4 ) 2,566.4
Depreciation and amortization 248.6 54.0 -- 11.0 1.7 -- 315.3 Total
interest charges (2) 92.8 13.8 -- 4.2 66.1 (5.8 ) 171.1 Allocated
interest expense (2) -- -- -- -- 5.8 (5.8 ) -- Provision (Benefit)
for income taxes 133.2 22.7 -- 7.1 (24.1 ) -- 138.9 Net income
(loss) from continuing operations 224.5 35.8 -- 10.5 (64.4 ) --
206.4 Income (loss) from discontinued operations, net of tax (3) --
-- (82.0 ) -- 6.0 -- (76.0 ) Net income (loss) (1)
$ 224.5 $ 35.8 $ (82.0 ) $ 10.5
$ (58.4 ) $ -- $ 130.4
(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 2015 and 2014.
Rates were based on the average of each subsidiary's equity and
indebtedness to TECO Energy assuming a 50/50 debt/equity capital
structure. Internally allocated interest charges are a component of
total interest charges.
(3 ) All periods have been adjusted to reflect the
reclassification of results from operations to discontinued
operations for TECO Coal, along with certain charges at Other,
including Parent and TECO Diversified, that directly relate to TECO
Coal and TECO Guatemala.
(4 ) Results for New Mexico
Gas Company are reflective of results since the date of
acquisition, Sep. 2, 2014.
(5 ) Represents a change
in presentation to segment previously combined and reported as
Other & Eliminations.
TAMPA ELECTRIC COMPANY ELECTRIC
OPERATING STATISTICS (Unaudited)
Operating
Revenues* Sales -- Kilowatt-hours*
Three Months
Ended Dec. 31, Percent
Percent 2015
2014
Change
2015 2014
Change
Residential
$ 247,667 $ 229,978
7.7 2,146,182
1,964,382
9.3 Commercial
153,095 146,735
4.3
1,587,043 1,488,904
6.6 Industrial -- Phosphate
14,818 12,636
17.3 183,467 153,800
19.3
Industrial -- Other
26,745 25,877
3.4 301,656
287,088
5.1 Other sales of electricity
45,523 45,445
0.2 461,368 452,181
2.0
487,848
460,671
5.9 4,679,716 4,346,355
7.7
Deferred and other revenues
(27,354) (6,172)
(343.2)
-- --
-- Provision for Revenue Stipulation
--
--
-- -- --
-- Sales for resale
654
3,254
(79.9) 25,582 87,826
(70.9) Other
operating revenue
13,919 15,543
(10.4) -- --
-- SO2 Allowance Sales
-- --
-- -- --
-- NOx Allowance Sales
-- --
-- --
--
-- $ 475,067
$ 473,296
0.4
4,705,298 4,434,181
6.1 Average customers
722,826
709,873
1.8
-- -- --
Retail Net Energy For Load
4,758,271
4,342,208
9.6 Total Degree Days
1,029 682
50.9
Operating Revenues* Sales --
Kilowatt-hours*
Twelve Months Ended Dec. 31, Percent
Percent 2015 2014
Change 2015
2014
Change Residential
$
1,040,263 $ 1,007,570
3.2 9,045,021 8,655,850
4.5 Commercial
608,003 602,093
1.0
6,300,667 6,142,206
2.6 Industrial -- Phosphate
53,079 59,912
(11.4) 655,239 737,576
(11.2) Industrial -- Other
107,082 104,581
2.4
1,214,302 1,163,210
4.4 Other sales of electricity
177,190 181,897
(2.6) 1,791,245 1,826,897
(2.0)
1,985,617 1,956,053
1.5
19,006,474 18,525,739
2.6 Deferred and other
revenues
(28,791) (7,502)
(283.8) -- --
-- Provision for Revenue Stipulation
-- --
--
-- --
-- Sales for resale
3,721 12,955
(71.3) 115,288 259,172
(55.5) Other operating
revenue
57,721 59,493
(3.0) -- --
--
SO2 Allowance Sales
-- 1
(100.0) -- --
-- NOx Allowance Sales
-- --
-- --
--
-- $ 2,018,268
$ 2,021,000
(0.1)
19,121,762 18,784,911
1.8 Average customers
718,713
706,161
1.8
-- -- --
Retail Net Energy For Load
20,103,257
19,314,740
4.1 Total Degree Days
4,729 4,038
17.1 * in thousands
PEOPLES GAS SYSTEM GAS
OPERATING STATISTICS (Unaudited)
Operating Revenues* Therms*
Three Months
Ended Dec. 31, Percent Percent
2015 2014
Change
2015 2014
Change By Customer
Segment: Residential
$ 32,914 $ 37,534
(12.3)
17,011 21,562
(21.1) Commercial
33,934 34,311
(1.1) 116,706 117,226
(0.4) Industrial
3,204 3,205
0.0 73,833 72,359
2.0 Off
System Sales
14,123 8,532
65.5 53,688 20,262
165.0 Power generation
1,566 1,187
31.9
190,686 149,322
27.7 Other revenues
12,052 11,740
2.7 --
--
-- $ 97,793 $
96,509
1.3 451,924 380,731
18.7 By Sales Type: System supply
$
55,775 $ 55,771
0.0 76,616 48,795
57.0
Transportation
29,966 28,998
3.3 375,308
331,936
13.1 Other revenues
12,052
11,740
2.7 -- --
-- $ 97,793 $ 96,509
1.3 451,924 380,731
18.7
Average customers
362,918 355,902
2.0 -- --
--
Operating Revenues*
Therms*
Twelve Months Ended Dec. 31, Percent
Percent 2015 2014
Change 2015 2014
Change
By Customer Segment: Residential
$ 137,024 $
144,117
(4.9) 74,892 80,775
(7.3) Commercial
138,801 139,075
(0.2) 470,777 460,510
2.2 Industrial
12,978 13,101
(0.9)
288,969 274,283
5.4 Off System Sales
49,822
39,358
26.6 166,430 84,026
98.1 Power
generation
7,198 6,794
5.9 758,288 643,512
17.8 Other revenues
50,491 48,472
4.2 -- --
--
$ 396,314 $ 390,917
1.4
1,759,356 1,543,106
14.0
By Sales Type: System supply
$ 225,348 $ 225,723
(0.2) 268,672 194,225
38.3 Transportation
120,475 116,722
3.2 1,490,684 1,348,881
10.5 Other revenues
50,491 48,472
4.2 -- --
--
$ 396,314 $ 390,917
1.4
1,759,356 1,543,106
14.0
Average customers
361,178 353,903
2.1 -- --
-- * in
thousands
NEW MEXICO GAS COMPANY GAS OPERATING STATISTICS
(Unaudited)
Operating
Revenues* Therms*
Three Months Ended Dec.
31, Percent Percent
2015 2014
Change 2015
2014
Change By Customer Segment:
Residential
$ 73,159 $ 88,787
(17.6) 108,580
100,509
8.0 Commercial
17,812 23,742
(25.0)
34,877 33,507
4.1 Industrial
689 824
(16.4) 1,521 1,355
12.3 Off System Sales
-- --
-- -- --
-- On System
Transportation
6,280 6,108
2.8 100,607 91,302
10.2 Off System Transportation
236 226
4.4
12,460 11,973
4.1 Other revenues
1,686
1,667
1.1 -- --
-- $ 99,862 $ 121,354
(17.7) 258,045 238,646
8.1
By Sales Type: System supply
$ 91,660 $ 113,353
(19.1) 144,978 135,371
7.1 Transportation
6,516 6,334
2.9 113,067 103,275
9.5
Other revenues
1,686 1,667
1.1
-- --
-- $
99,862
$ 121,354
(17.7) 258,045 238,646
8.1 Average customers
517,258
513,403
0.8
Total Degree Days
1,693 1,605
5.5
Operating Revenues* Therms*
Twelve Months Ended Dec. 31, Percent Percent
2015 2014 (1)
Change
2015 2014 (1)
Change
By Customer Segment: Residential
$ 229,166 $ 281,051
(18.5) 291,236 284,429
2.4 Commercial
59,598 83,054
(28.2) 104,359 108,913
(4.2) Industrial
1,202 1,866
(35.6)
2,557 2,967
(13.8) Off System Sales
308 2,175
(85.8) 1,200 4,251
(71.8) On System
Transportation
19,114 19,302
(1.0) 328,673
329,726
(0.3) Off System Transportation
903 895
0.9 47,196 46,956
0.5 Other revenues
6,243 6,496
(3.9) --
--
-- $ 316,534 $
394,839
(19.8) 775,221 777,242
(0.3)
By Sales Type: System supply
$ 290,274 $ 368,146
(21.2) 399,352 400,560
(0.3) Transportation
20,017 20,197
(0.9) 375,869 376,682
(0.2) Other revenues
6,243 6,496
(3.9) -- --
--
$ 316,534 $ 394,839
(19.8)
775,221 777,242
(0.3)
Average customers
516,066 512,471
0.7 Total
Degree Days
4,090 4,035
1.4 (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/20160204005101/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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