TECO profit falls as operations pared - Tampa Bay Business Journal:

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million, or 77 cents a compared to $413.2 million, or $1.97 a share in 2007. Revenue for 2008 was $3.4 down about 4.5 percent from $3.6 billion in revenuse in 2007. For the fourth quarter of net incomewas $22 million, or 10 a share, compared to $173.9 million, or 83 centss a share, in the fourth quarter of 2007. Fourth quartet 2008 revenue was $770.3 million, a 10.3 percent decreasew from a year earlier, when revenue for the fourt h quarterwas $858.
3 The weak economy, combined with the impact of the sale of , a transportatio n and storage subsidiary, were responsibl for the decline in year-over-year profits, according to a release from TECO (NYSE: TE), a Tampa-basedd energy holding company. In TECO’s net income included $86. million from the operations of TECO Transpory and the production ofsynthetic fuel, the releasee said. Additionally, the fourth quarter of 2007 includee $149.
4 million in an after-tax gain from the sale of TECO In 2008, the weak economy slowed Florida’s previouslty consistent growth, and the slowdown was reflected in TECO’s results, Sherrilkl Hudson, chairman and chief executive, said in the release. He also said mildef than normal weather for much of the year in Floridas reduced resultsat , the company’s largest At Tampa Electric, net income for the fourth quarter was $28.90 million, compared with $29 million for the same periof in 2007. Net income for the full year of 2008was $135.6 million, compared to $150.32 million in 2007.
Tampa Electric was hit particularl y hard in the fourth quarter by the downturnj in the Florida housing market and the growing number of foreclosuresd and increasedresidential vacancies, the release Retail energy sales dropped 4 percent for the fourth quartet and 2.8 percent for the full year of 2008 at Tampaw Electric.