DOW JONES NEWSWIRES

TECO Energy Inc. (NYSE:TE) (TE), parent of Florida utility Tampa Electric (NYSE:TE) , reported late Tuesday first-quarter net income fell to $30.8 million, or 15 cents a share, from $72.8 million, or 35 cents, a year ago.

Excluding one-time items, earnings from ongoing operations were $31.4 million, compared with $43.9 million a year earlier.

Revenue for the three months ended March 31 fell to $791.7 million from $821.3 million, with much of the drop due to the loss of synthetic fuel tax credits and weaker power sales caused by mild winter weather.

Analysts polled by FactSet had predicted the company would earn 22 cents a share on $838 million in revenue.

TECO shares rose 3 cents ahead of the report to close at $16.66.

-Jim Jelter; 415-439-6400; AskNewswires@dowjones.com

    (END) Dow Jones Newswires   04-29-08 1725   Copyright (c) 2008 Dow Jones & Company, Inc.