TECO Energy 1Q profit, hit by items, falls 58 percent

Net income for the three months ended March 31 fell to $30.8 million, or 15 cents per share, compared with $72.8 million, or 35 cents per share, during the same period a year earlier.

The 2007 quarter included a $6.4 million gain from the company's TECO Transport division and $30.7 million in gains for the synthetic fuel business.

Analysts expected the company to earn 21 cents per share, on average, according to a survey by Thomson Financial.

"As we have previously reported, with the end of the tax credit program for the production of synthetic fuel and the completion of the sale of TECO Transport in December 2007, TECO Energy's 2008 results will be driven primarily by our Florida utility operations this year," Chairman and CEO Sherrill Hudson said in a statement. "Both utilities were down compared to last year's first quarter, primarily due to significantly milder weather."

Revenue decreased to $791.7 million from $821.3 million a year earlier. Analysts predicted revenue of $837.9 million, according to Thomson.

The company still expects 2008 earnings from continuing operations to be 95 cents to $1.10 per share. Analysts predict earnings of $1.04 per share, according to Thomson.

TECO shares fell 94 cents to $15.72 in after-hours trading. The stock closed at $16.66 in the regular session.