TECO Energy announces dividend increase
TAMPA, February 2, 2012
The board of directors of TECO Energy Inc. (NYSE:TE) has approved an increase to the company’s common stock dividend. A quarterly dividend of 22 cents per share was declared, payable Feb. 28 to shareholders of record as of Feb. 13.
On an annual basis, the new rate will be 88 cents per share – a 3-cent, or 3.5 percent, increase over the 85 cents per share paid in 2011.
“Our goal is to provide strong total shareholder returns, and we are achieving that with sustainable dividend growth,” said TECO Energy President and Chief Executive Officer John Ramil. “Our 2012 dividend payment marks 88 consecutive years of cash dividends to our shareholders."
TECO Energy Inc. (NYSE: TE) is an energy-related holding company. Its principal subsidiary, Tampa Electric Company , is a regulated utility in Florida with both electric and gas divisions ( Tampa Electric and Peoples Gas System ). Other subsidiaries include TECO Coal, which owns and operates coal production facilities in Kentucky and Virginia, and TECO Guatemala, which is engaged in electric power generation and energy-related businesses in Guatemala.
Note: This press release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Actual results may differ materially from those forecasted. The forecasted results are based on the company's current expectations and assumptions, and the company does not undertake to update that information or any other information contained in this press release, except as may be required by law. Any future dividends, including those in 2012, are subject to the decision of the board of directors at the time of declaration. Such decisions will be dependent upon many factors, including TECO Energy’s financial outlook and the factors that could impact its actual results. Factors that could impact actual results include: regulatory actions by federal, state or local authorities; unexpected capital needs or unanticipated reductions in cash flow that affect liquidity; the ability to access the capital and credit markets when required; the availability of adequate rail transportation capacity for the shipment of TECO Coal's production; general economic conditions affecting energy sales at the utility companies; economic conditions, both national and international, affecting the Florida economy and demand for TECO Coal 's production; weather variations and changes in customer energy usage patterns affecting sales and operating costs at Tampa Electric and Peoples Gas and the effect of extreme weather conditions or hurricanes; operating conditions, commodity prices; operating cost and environmental or safety rule changes affecting the production levels and margins at TECO Coal; fuel cost recoveries and related cash at Tampa Electric and natural gas demand at Peoples Gas; and the ability of TECO Energy's subsidiaries to operate equipment without undue accidents, breakdowns or failures. Additional information is contained under "Risk Factors" in TECO Energy Inc.'s Annual Report on Form 10-K for the period ended Dec. 31, 2010, and as updated in subsequent SEC filings.