TECO Energy raises dividend for 2015
TAMPA, February 4, 2015
The board of directors of TECO Energy Inc. (NYSE:TE) has declared a quarterly dividend of 22.5 cents per share, or 90 cents per share on an annual basis – an increase of 2.3 percent. The dividend is payable March 2 to shareholders of record as of Feb. 13.
“We are pleased to increase our dividend for our shareholders,” said TECO Energy President and Chief Executive Officer John Ramil. “Thanks to improved earnings from our stable, regulated utilities, we are looking forward to a pattern of consistent, predictable dividends for many years to come.”
This marks the 91st consecutive year TECO Energy has paid cash dividends to its shareholders.
TECO Energy Inc. (NYSE: TE) is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves more than 700,000 customers in West Central Florida; Peoples Gas System serves more than 350,000 customers across Florida; and New Mexico Gas Co. serves more than 513,000 customers across New Mexico. Other TECO Energy subsidiaries include TECO Coal, which owns and operates coal-production facilities in Kentucky, Tennessee and Virginia.
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 2015, 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; general economic conditions affecting energy sales at the utility companies; economic conditions, both national and international, affecting the Florida and New Mexico economies; weather variations and changes in customer energy usage patterns affecting sales and operating costs at the utilities and the effect of extreme weather conditions or hurricanes; operating conditions, commodity prices; natural gas demand at the utilities; the ability of TECO Energy's subsidiaries to operate equipment without undue accidents, breakdowns or failures; the ability to successfully implement the integration plans for New Mexico Gas Co. and generate the financial results to make the acquisition accretive; and the ability of TECO Energy to successfully close the sale transaction of TECO Coal. Additional information is contained under "Risk Factors" in TECO Energy Inc.'s Annual Report on Form 10-K for the period ended Dec. 31, 2013, and as updated in subsequent SEC filings.