WASHINGTON (dpa-AFX) - TECO Energy Inc. (TE) Tuesday said its profit for the first quarter declined, due mainly to a sharp drop in revenues.
The Tampa, Florida-based company's attributable net profit for the first quarter was $50.5 million or $0.23 per share, compared to $51.7 million or $0.24 per share last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped to $730.0 million from $796.1 million in the prior-year quarter. Six analysts had a consensus revenue estimate of $768.54 million for the quarter.
Looking ahead, the company maintained its full-year 2012 earnings guidance, excluding charges and gains, in a range of $1.30 and $1.40 per share. Seventeen analysts on consensus currently expect earnings of $1.35 per share for the year.
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