Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Mark M. Kane - Director of Investor Relations

Sandra W. Callahan - Chief Financial Officer, Senior Vice President of Finance & Accounting and Chief Accounting Officer

John B. Ramil - Chief Executive Officer, President, Director and Member of Finance Committee

Analysts

Andrew Levi - Caris & Company, Inc., Research Division

Greg Gordon - ISI Group Inc., Research Division

Paul Patterson - Glenrock Associates LLC

Ali Agha - SunTrust Robinson Humphrey, Inc., Research Division

Andrew Bischof - Morningstar Inc., Research Division

Dan Eggers - Crédit Suisse AG, Research Division

Jeff Gildersleeve

Maurice E. May - Wellington Shields & Co., LLC, Research Division

TECO Energy (TE) Q1 2012 Earnings Call May 1, 2012 5:00 PM ET

Operator

Good afternoon, my name is Jared, and I will be your conference operator today. At this time, I would like to welcome everyone to the TECO Energy's First Quarter Results and 2012 Outlook Call. [Operator Instructions] Thank you. I would now like to turn the call over to Mark Kane, Director of Investor Relations. Mr. Kane, you may begin.

Mark M. Kane

Thank you, Jared. Good afternoon, everyone, and thank you for joining us for TECO Energy's First Quarter Results Conference Call and Webcast. Our earnings and -- along with unaudited financial statements were released and filed with the SEC after the market closed a little while ago today. This presentation is being webcast and our earnings release, financial statements and the slides for this presentation are available on our website at tecoenergy.com. Presentation will be available for replay through the website approximately 2 hours after the end of the presentation and will be available for 30 days.

In the course of our remarks today, we'll be making forward-looking statements regarding our financial outlook for 2012. There are a number of factors that could cause our actual results to differ materially from those that we'll discuss as our outlook and expectations today. For a more complete discussion of these factors, we refer you to the discussion of the risk factors in our Annual Report on Form 10-K for the period ended December 31, 2011. There is also helpful information related to the state and local economies contained in the appendix to today's presentation.

Today, Sandy Callahan, TECO Energy's Chief Financial Officer, will cover our results. Also with us today to participate in answering your questions is John Ramil, our Chief Executive Officer.

Now I'll turn it over to Sandy.

Sandra W. Callahan

Thank you, Mark. Good afternoon, everyone, and thank you for joining us this late in the day. As we've done in prior years, we're holding our first quarter call ahead of our shareholder meeting tomorrow.

Today, I'll cover our first quarter results and business drivers, a Florida economic update and then our outlook for the remainder of this year. In the first quarter, net income was $50.5 million or $0.24 a share compared to $51.7 million or $0.24 in 2011. There were no non-GAAP charges or gains in either year.

I'll briefly highlight the quarter's drivers that were covered in our earnings release. At Tampa Electric, we had a full 1% customer growth in the first quarter, and that's the highest we've seen since the first quarter of 2007. Tampa Electric's first quarter energy sales reflected an interesting weather mix. In the extremely mild winter of January and February, the heating degree days were half of what we would expect to see in those months. Fortunately, March was unusually hot, and so cooling degree days were almost twice what we would normally see in March, although you're doubling a small number as it's not known as a month with much air-conditioning load. So overall, base revenues were up slightly from last year, when the weather was mild throughout the quarter, and with normal increase in depreciation expense, that resulted in net income at about last year's first quarter.

First quarter therm sales at Peoples Gas also reflected the mild weather in January and February and lower sales to residential and commercial customers. Unfortunately, Peoples does not benefit from cooling degree days, so the weather impact was more pronounced on the gas company, resulting in net income lower than last year. Peoples did benefit from higher throughput for power generation customers, as gas-fired units ran more in response to the low natural gas prices. Peoples Gas also continues to experience steady customer growth, with an increase of 0.9% this quarter.

Earnings at TECO Coal were higher this quarter, the result of margin expansion of $4 per ton. Sales volumes were lower than last year, as we projected they would be in January when we reduced our volume expectations in response to market condition. The average selling price for the quarter rose to $96 per ton. This reflects met coal prices contracted when the market was stronger and higher average steam coal prices, following the expiration of a below-market contract at the end of last year. The contract to replace those tons was signed in the middle of 2011 in a more favorable pricing environment.

The all-in cost of production was almost $87 per ton, which is at the high end of our cost guidance range. The reason Q1 is at the high end is that January included costs associated with idling a facility and other actions we took to reduce production early this year. Compared to last year, production costs are higher because of: higher royalty and severance fees, which are a function of selling prices; the effective spreading fixed costs over fewer tons; and higher cost to move coal and overburden further to work around the lack of new service mining permits.

First quarter net income at TECO Guatemala was slightly higher than 2011. The San José Power Station realized higher prices on lower sales volumes compared to last year, as well as lower operating expenses. And TECO Energy parent had lower interest expense because of the debt we retired in May of last year.

Our earnings per share guidance for the year remains unchanged at a range of between $1.30 and $1.40, excluding any non-GAAP charges or gains that might occur. This range allows for variations in weather and customer usage at the utilities and for costs and sales volumes at TECO Coal.

Factors for the Florida utilities haven't changed. We expect to earn within our allowed ROE ranges at both companies, which are 10.25% to 12.25% at Tampa Electric and 9.75% to 11.75% at Peoples. This outlook assumes normal weather for the rest of the year, continued economic recovery and customer growth for the year that will probably average a little lower than the first quarter's growth.

We're encouraged by what we're seeing in the local and state economy. This slide is a summary, but as Mark mentioned, there are charts in the appendix that show graphically the positive trends noted here.

Unemployment continues to decline in Florida. The March unemployment rate for the state was 9%, and for Hillsborough County, Tampa Electric's primary service area, it was down to 8.5%, closing in on the 8.2% national rate. And I want to point out that this decline occurred during a period of labor force growth, so it's another shrinking labor force that's causing the unemployment rate to drop.

Over the past 12 months, Florida has added 90,000 new jobs in the fields that are shown here on the slide. During the same period, the Tampa area has added more than 20,000 new jobs, which is the second largest growth in the state, and consumers are spending more, with taxable sales up 5% year-over-year for the 12 months ending in January. All in all, the trends are up and the outlook is for continued improvement.

Trends are also positive in the housing market. Metrostudy, a firm that tracks new home construction trends, expect 5% to 15% more new home starts in the Tampa area by the end of 2012 than we saw in 2011. According to Metrostudy, in the first quarter of 2012, there are more than 1,000 new home starts, and that's up almost 27% from the first quarter of 2011. There's a graph in the appendix that shows new single-family building permits trending up consistent with Metrostudy's forecast.

Existing home resales have remained strong, increasing 5% in the 12 months ended March 2012, compared to the same period last year. According to Moody's Analytics, Tampa area housing is more affordable than its peers, and it's not cheaper to rent than to own, unlike some other areas of the state. The inventory of homes actively on the market, as tracked by the Greater Tampa Association of REALTORS, was well below the 6-month level considered a healthy market, and that's in stark contrast to the 25 months we saw at the deepest point of the downturn.

And prices have held up well. After bottoming in early 2011, they have been improving pretty consistently. On a sequential-month basis, which is different than the Case-Shiller year-over-year comparison, we have seen average selling prices increase in 8 of the last 12 months.

Foreclosure activity in the Tampa area picked up in the first quarter in line with national trends, although down from a year ago. Now foreclosures in Florida involve court proceedings, so it will take longer to work through the backlog than it will on some other states.

TECO Coal expects sales of 7 million to 7.3 million tons this year. Only 10% of the expected sales are not contracted, but this open position has not changed since our last report. Based on customer needs, coal shipments for 2012 are more heavily weighted to the middle of the year than they have been in recent years. For 2012, we expect the average selling price to be more than $96 per ton, production cost to be in the range of $83 to $87 per ton and the sales mix to be about 50% specialty coal, including met, PCI and stoker coal.

To date, our customers are taking their contracted tons. When we reduced our sales expectations in January, some of the lower sales were due to customers deferring some tons into 2013 and 2014. Including those deferrals, we now have more than 2.5 million tons of steam coal committed in price for 2013 at prices equivalent to the market at the middle of 2011.

At TECO Guatemala, we expect normal operations at the San José Power Station for much of the year, with perhaps some upside for spot sales from a drier-than-normal first quarter. Straddling the third and fourth quarters, which are normally the rainy season, with limited opportunities for spot sales, we will have an extended outage for a major steam turbine overhaul. When that outage is completed, we expect the turbine to have a better heat rate and to have a small amount of incremental capacity, which will help us with additional availability in the spot market in the future.

And now, I'll close with our investor communications' plans over the next several months. As I mentioned, tomorrow is our annual shareholder meeting in Tampa. Next week, we will be at the AGA Spring Financial conference in Scottsdale and look forward to seeing many of you there. Two weeks later, we will be at the EEI Spring meeting in New York, and in June, we will be traveling to meet with investors in the Midwest.

And now, I can turn it over to the operator to open the line to answer your questions.

Question-and-Answer Session

Operator

[Operator Instructions] And your first question comes from Andy Levi.

Andrew Levi - Caris & Company, Inc., Research Division

Just a very, very simple quick question. On the 2.5 million tons that you've mentioned that were priced in -- for next year that are priced kind of in mid-2011 prices, what are those prices? Can you give us an idea or a range or anything like that?

Sandra W. Callahan

No, we typically don't do that, Andy. But in general, when we've talked about pricing, we're talking about that market period that was kind of mid-2011, more robust, certainly, than it is today.

Operator

Your next question comes from Greg Gordon.

Greg Gordon - ISI Group Inc., Research Division

It sounds like things are steady as she goes on the utility front, and I'm sorry to probably ask one of the next 27 questions on the coal business. But when I think about your cost of production, just for domestic steam coal, should I presume that it's significantly lower than the average per ton price you're quoting for the entire business, which includes the -- some of the higher grades of coal? So I'm just trying to figure out, on the unhedged production for next year, whether it's economic for you guys to be selling steam coal given current forwards.

John B. Ramil

Yes. Greg, this is John Ramil. And in general, the steam is lower priced. A lot of it comes from our surface mining, which is lower cost. And of course, all the steam coal is not washed, like the met coal is all washed.

Operator

Your next question comes from Paul Patterson.

Paul Patterson - Glenrock Associates LLC

Just -- I guess in terms of the cost per ton. I guess we should think as the production ramps up and you catch up for the rest of the year, I guess, should we think of a significant economy of scale sort of lowering the price per ton, or -- I mean, I know you gave a range there. But sort of how should we think about that? Since we're at the top of the range now, would it -- should we assume that it will be going down, or should we -- is there other stuff happening with diesel and stuff that we should be thinking about?

Sandra W. Callahan

Well, Paul, the reason that we were at the top of the range in the first quarter is that we had some onetime costs associated with closing or idling a section of a mine that we had to absorb early in the year, and we were doing that in a period where the volumes were actually lower on a pro rata basis than they will be for the remainder of the year. So we had a couple of things going on. One is we were absorbing fixed costs over a smaller number of tons, and two, we had some onetime cost that didn't have any production associated with it. And so we should expect to continue to be within that range. And in fact, that we were at the top of the range in the first quarter shouldn't be indicative of where we see things going.

Paul Patterson - Glenrock Associates LLC

Right. I mean, that's what I was thinking. So I mean, without those things happening for the next 9 months, we should think that you're probably going to be at the lower end, I would think. Is that logical?

John B. Ramil

Paul, I would add that as I've studied the numbers from the quarter, our quarter number was at the upper end. January and February were highly impacted by what Sandy talked about. But even though we don't disclose monthly, our March number was below the low end of the guidance range.

Paul Patterson - Glenrock Associates LLC

And then I'm just wondering, I mean, with this big differential in gas versus coal and what have you, are there any potentials to maybe get a big payoff from a utility operator just to simply -- sort of get out of the contract, so to speak? Or what's the outlook for deferrals, I guess? Could we see more of those coming up for next year as a result of what we saw, which you just mentioned earlier?

John B. Ramil

Paul, we don't have any of those discussions going on. But we have done that in the past, where we have been paid not to produce. That way, we go do something else. We'll just look at the economics should that arise.

Paul Patterson - Glenrock Associates LLC

Okay. And then finally, with weather-adjusted sales, I wasn't really clear as to what the impact was. It sounded like it was pretty complicated with degree days being the way they were. I'm sure you guys have analyzed it a lot more significantly with the data that you have. How should we think about weather-adjusted growth for the-- for weather and for the leap year? Just what are you actually sort of seeing there?

John B. Ramil

Paul, I mean, the last 3 years have been just so difficult on weather that we had -- you had the extreme positive weather helping the business at '10 and the complete opposite in '11, and it's hard to separate those from what is happening in the economy. But if we look at the first quarter, we know we have a lot of heating load in the first quarter, especially in January and February, and that was way off. But then it looks like a really high number for cooling degree days in March, but as Sandy pointed out, the cooling degree days are low in March. So a high number doesn't translate into a lot more sales.

Paul Patterson - Glenrock Associates LLC

okay. So it's just something we can't tell.

John B. Ramil

Weather is kind of soft. Generally, we think about in terms of if customers growing -- if customers are growing about 1%, weather adjusted in what we think today's economy is going to be, your sales are going to be about 1%, maybe a little bit less than that. Used to be a little higher than customer growth, but that has backed off.

Paul Patterson - Glenrock Associates LLC

And then just low-use customers, what's happened with the trend there? I mean, just -- have they fallen a lot, or -- how should we think about that, because customer growth is a little odd here, right?

Mark M. Kane

The low-use customers spiked up at the height of the recession, Paul. Then as the economy started to recover, it backed down, and that number has been pretty stable probably for the last 6 quarters. Ever since we got back above, about 0.5% customer growth on a routine basis, that number has been pretty stable. I mean, one other point I'll add, even though Paul dropped off, is one of the positives we had in the quarter was O&M, with lower bad debt expense, which says that customers are paying their bill. There's less distress amongst the customers.

Operator

And your next question comes from Ali Agha.

Ali Agha - SunTrust Robinson Humphrey, Inc., Research Division

When you look at the 2 utility standpoint, Peoples Gas, Sandy, on an sort of an LTM basis, what was the earned ROE for the 2 currently?

Sandra W. Callahan

Well, if -- really, if I kind of look at 2011, the Peoples Gas earned slightly above its midpoint and Tampa Electric slightly below its midpoint, and we had some weather effects, obviously, going on in there. And I don't know what it is for the quarter ended. That's not something that we filed, but that's probably reasonably indicative.

Ali Agha - SunTrust Robinson Humphrey, Inc., Research Division

Okay. And when you look at customer growth and your cost projections and sales growth projections, at this point, how far can you see continuing to earn authorized ROEs before the need for a rate case may arise for you guys?

John B. Ramil

Ali, this is John. We've said all along that we're dependent upon growth of customers and finding the efficiencies, and we're still working hard to find those efficiencies. The customer growth has gotten a little bit better. But our only definition for going in for a next rate case is we know when we put our planned generation expansion into service on 2017, that will require us to go in for rates. Between now and then, we don't have a defined plan.

Ali Agha - SunTrust Robinson Humphrey, Inc., Research Division

So theoretically, John, if I heard that correctly, you could stay out until 2017 if trends unfold as you expect them to?

John B. Ramil

It -- no, I think we'd like to stay out until then. But we're going to need more help from customer growth, and we're going to need to find continued efficiencies to get there.

Ali Agha - SunTrust Robinson Humphrey, Inc., Research Division

Okay. And one final question. A couple of times you referred to the fact that on the coal side, you priced the per tonnage back in mid-'11 when pricing was better. So just extrapolating that out, is it fair to say, John, that we should assume, given pricing trends, some margin pressure as we are looking, say, in 2013 versus '12? Or is there something on the cost side that could offset the lower pricing that we're seeing in the market?

John B. Ramil

I -- we still have the bulk of our volume for sales still to price for 2013 and all of our met and PCI, which carries the highest margin. And so we just don't know. We can't say yet. All we can say is that what we've experienced so far this year, even with the increase in cost pressures, we did grow our margins by $4 a ton in the quarter.

Ali Agha - SunTrust Robinson Humphrey, Inc., Research Division

Okay. I mean, is there any data point you could share with us that you look at to give you a signal of how you're seeing pricing trending going forward?

John B. Ramil

Well, I think the ones that everybody looks at is the Australian Benchmark, and then their adjustment is based upon their location and product quality. And if you look at where we did a lot of our pricing of our specialty met products, it was up in the $225 a ton range. Mark, am I remembering that right?

Mark M. Kane

Yes.

John B. Ramil

And that number is a little lower in the $200s right now, at about $210 or so.

Operator

And your next question comes from Andy Bischof.

Andrew Bischof - Morningstar Inc., Research Division

Quick clarifying question for you on the 50% specialty mix. Is that mix current or is that from the yield trend through to 2012?

Sandra W. Callahan

That's 50%?

John B. Ramil

That's on an annual basis.

Andrew Bischof - Morningstar Inc., Research Division

Okay. And I guess my only other question is if you could provide any update on your RFP regards to the Polk Power Station for 2017?

John B. Ramil

The RFP has been issued and published, and we are expecting bids, if any, back in the next several weeks.

Mark M. Kane

End of month.

John B. Ramil

End of the month.

Operator

Your next question comes from Dan Eggers.

Dan Eggers - Crédit Suisse AG, Research Division

I guess I'm just trying to thinking about maybe the context for coal beyond this year and conversations you guys are having, looking at term contracts. Are you seeing people kind of saying, "We'll buy steam at some sort of price going forward," or are there any conversations happening today?

John B. Ramil

Dan, there are not. I mean, we're kind of in a unique situation where we do have some steam contracts this year at good prices, contracted forward as well. But beyond that, not a lot of talk going on.

Dan Eggers - Crédit Suisse AG, Research Division

And if you -- John, have you thought about kind of this market staying in a bit of a funk for coal, and inventories nationally being high as the year goes on. Is there the ability to kind of maintain your cost structure at these levels this year while still scaling down production of steam coal next year, if that was where the market conditions exist, or would that exacerbate this unit cost situation you're seeing this year?

John B. Ramil

Well, it's going to depend on what the uncontrollable factors will do, like diesel prices and other things. But we're going to continue what we've been doing. We've actually got a pretty successful track record of running the business to where the margins are. I'll go back to 2008, we used to do -- produce, 2/3 of our production was steam, 1/3 of it was met and that was on a 9 million ton total sales volume. And fast forward to last year, where our production sales were about 8 million tons, with about half of it in the met product and half of it being steam and we produced $52 million-ish net income. And I think we're going to continue to move that business more towards the higher margin and away from steam sales. And then also, it takes us away from surface mine and some of those environmental issues as well. I think that's just the natural trend where the business is going to take us.

Dan Eggers - Crédit Suisse AG, Research Division

Do you see--if the U.S. market continues to stay weak for steam coal demand, is there a window or something special to your steam from an export opportunity, whether you keep those volumes higher, or is it -- do you -- are you kind of producing stuff that's going to be relatively captured to the U.S.?

Mark M. Kane

We've had our best success in markets that are pretty near to us, Dan. In the east, our customers have tended to be DTE, Duke, Southern Company, SCANA, and really, that's where we compete the best.

Operator

Your next question comes from Chris Shelton.

Jeff Gildersleeve

It's actually Jeff Gildersleeve. I just want to clarify the hedging slide that you usually put in the deck. I assume nothing's changed, or...?

Sandra W. Callahan

Well, we -- I basically gave you the number for that. 2.5 million tons of steam sold for 2013. Instead of graphically, you got the number.

Jeff Gildersleeve

Okay. And then, it's May 1, I realize still in the first half of the year. But the 10% that's not sold for '12, if that's PCI, what are the thoughts there? Do you think you can execute agreement soon, or for '12.

John B. Ramil

We have -- Jeff, we have some PCI and we have some met in that number.

Sandra W. Callahan

And steam.

John B. Ramil

And a little bit of steam. And our -- we feel the best right now about moving the met coal.

Jeff Gildersleeve

Okay. So you think that 10% will get sold before -- I guess it's for -- it's being produced this year, correct?

John B. Ramil

No. It's in our schedule for production, but we're not going to produce it and put it in inventory. We will produce it when we get a sale.

Jeff Gildersleeve

Okay. But you're confident in that or?

John B. Ramil

We're most confident in the met portion...

Jeff Gildersleeve

I see, okay.

John B. Ramil

Of that, which is about 300,000 tons, a little -- almost half of it.

Jeff Gildersleeve

Okay, that's helpful. And then just on -- I know you had some issues in January on the production side. But the 1.4 million tons, that run rate gets us to below your current production forecast. So I guess you expect -- I guess, why is it back-end loaded? Is there -- like are you moving to a different area of the mine that's going to be more productive, or how should we think about that?

Sandra W. Callahan

Jeff, it really was not production-constrained. It was sized to meet the timing demands of our customers, as they've scheduled out deliveries for the year. And so it's more loaded into the second and third quarters than we've -- than you've seen in previous years.

Jeff Gildersleeve

Okay. So it's more lined up with what in the contracts were?

Sandra W. Callahan

It's lined up with the customers' delivery schedules that...

Jeff Gildersleeve

Okay. So you still feel good on the 7 million, 7.3 million?

John B. Ramil

We were right on our schedule for the first quarter.

Sandra W. Callahan

Right.

Jeff Gildersleeve

Okay. And the 10% would be like 700,000 tons, so what you're saying is 300,000 of that is the high vol B or A?

John B. Ramil

It's met coal, and we haven't talked about the quality.

Jeff Gildersleeve

Okay. So that should definitely go and then the other 3, 350 is sort of dependent on customer demand.

Operator

Your next question comes from Maurice May.

Maurice E. May - Wellington Shields & Co., LLC, Research Division

I want to try to summarize what you've told us about 2013 so far. Sandy, you mentioned the 2.5 million tons sold. And if we go back to that Page 17, that graph in the year-end packet, which showed the amount contracted for 2012 and the amount contracted for 2013, the one that Jeffrey just referred to. I noticed it was out of the first quarter packet.

Sandra W. Callahan

Right.

Jeff Gildersleeve

And I guess what Jeff was asking was, is the assumption still valid. That this 2.5 million tons, which from the graph looked like it represented like 36% to 37% of total production. That implies that 2013 production you think might be kind of flat with 2012. Is that still valid?

Sandra W. Callahan

Maury, we're going to mine to the market, and we're going to mine to margins. And so the total volume of tons is less important to us than the profitability of those tons. And so we're -- we deliberately provided you with very specific information on what we do have fold for 2013 rather than, at this point in time, putting out the total volume number. Our focus is on mining profitably and maximizing those margins, kind of just like we did in the first quarter.

Maurice E. May - Wellington Shields & Co., LLC, Research Division

Second question has to do with the amount of specialty coal. This year, it looks like we're producing something on the order of 3.5 million tons of specialty coal. And if we make that assumption that, that continues into 2013, what is the breakdown there between the met, the PCI and the stoker on the 50%, on the 3.5 million tons?

John B. Ramil

Maury, historically, the stoker's been 200,000 to 300,000 tons. And you and I have had this conversation, met coal, historically has been between -- true met has been between 1.5 million and 2 million, and the remainder would be PCI.

Maurice E. May - Wellington Shields & Co., LLC, Research Division

Okay. So the PCI is a small piece and the stoker is a small piece, and true met is, you said, 1.5 million to 2 million?

John B. Ramil

Yes.

Maurice E. May - Wellington Shields & Co., LLC, Research Division

Can you give us any indication on, like, pricing trends on true met, PCI and stoker? Because those prices are less visible to us than steam coal.

John B. Ramil

We talked about where we're contracted this year. And the high-vol A is in the north of $150 per ton. B is $125 to $130-ish. The -- and PCI, mid-$80s to low $90s.

Mark M. Kane

If you look at the -- using U.S. Coal Review, if you look at the speculations and all of the reference to the 2010 Australian Benchmark, the A -- high-vol A coals have held up pretty well, the B -- high-vol Bs have come off from the price John just mentioned and PCI is probably at the low end of the range that John just mentioned, based on U.S. Coal Review numbers.

Maurice E. May - Wellington Shields & Co., LLC, Research Division

And then the stoker?

Mark M. Kane

No reference.

Maurice E. May - Wellington Shields & Co., LLC, Research Division

See you next week at AGA.

Operator

And you have another question from Andy Levi.

Andrew Levi - Caris & Company, Inc., Research Division

Actually, all set.

Operator

And there are no further questions.

Mark M. Kane

Thank you very much, Jared. We'd like to thank everybody for joining us late in the afternoon on this call. This concludes the call. Thank you.

Operator

Thank you for participating. This conclude today's conference. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: TECO Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript
This Transcript
All Transcripts