Teco Energy quarterly profit narrows as Guatemalan unit swaps profit for loss

Hurt by a one-time charge to Tampa Electric and lower sales of coal, Teco Energy said its third-quarter profit narrowed from the prior year, pushing shares more than 2 percent lower.

 

The Tampa-based company posted net income of $51 million, or 24 cents a share, compared with $64.8 million, or 30 cents a share, in the same quarter last year.

 

Improvements were offset by a profit decline in Teco’s coal division, down to $8.3 million from $11.6 million on slightly lower sales, and a quarterly loss in its Guatemala unit from a profit last year.

 

Original source: Fox Business