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TECO resumes projecting its earnings
By Times Staff Writer
Published January 31, 2005
When TECO Energy Inc. releases its fourth-quarter earnings Tuesday, it will pass a modest but notable milestone: The Tampa utility will project what it expects to earn this year.
That in itself is unremarkable. Most publicly traded companies regularly provide forward-looking guidance on earnings.
But TECO hasn't done so since October 2002 because it has been hamstrung by its massive investments in unregulated wholesale power markets that later went south.
The result has been analyst earnings projections that have occasionally been laughably off the mark. In fall 2003, the consensus on Wall Street was that TECO would post third-quarter earnings that year of 38 cents a share, wildly overshooting the actual figure of 8 cents.
For the fourth quarter of 2004, the consensus of analysts polled by Thomson First Call estimates that TECO will record earnings of 16 cents a share, swinging from a net loss of $4.39 a share a year earlier.
TECO executives will discuss their earnings outlook and the company's 2004 financial results during a conference call scheduled for 9 a.m. Tuesday. The call will be webcast at www.tecoenergy.com
[Last modified January 29, 2005, 00:57:02]
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