TECO Energy (TECO Energy) Operating Income : $564 Mil (TTM As of Mar. 2016)

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What is TECO Energy Operating Income?

TECO Energy's Operating Income for the three months ended in Mar. 2016 was $148 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2016 was $564 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. TECO Energy's Operating Income for the three months ended in Mar. 2016 was $148 Mil. TECO Energy's Revenue for the three months ended in Mar. 2016 was $660 Mil. Therefore, TECO Energy's Operating Margin % for the quarter that ended in Mar. 2016 was 22.46%.

TECO Energy's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. TECO Energy's annualized ROC % for the quarter that ended in Mar. 2016 was 4.28%. TECO Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2016 was 8.42%.

TECO Energy Operating Income Historical Data

The historical data trend for TECO Energy's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

TECO Energy Operating Income Chart

TECO Energy Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Operating Income

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621.70

556.50

463.70

505.40

562.10

TECO Energy Quarterly Data
	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
Operating Income	Get a 7-Day Free Trial															146.20	143.30	146.60	126.00	148.10

TECO Energy Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2016 adds up the quarterly data reported by the company within the most recent 12 months, which was $564 Mil.

TECO Energy (NYSE:TE) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

TECO Energy's annualized ROC % for the quarter that ended in Mar. 2016 is calculated as:

	ROC % (Q: Mar. 2016 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2015 )	+	Invested Capital (Q: Mar. 2016 ))	/ count )
=	592.4 * ( 1 - 32.63% )	/	( (9284.7	+	9362.8)	/ 2 )
=	399.09988	/	9323.75
=	4.28 %

where

	Invested Capital		(Q: Dec. 2015 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	8961.1	-	304.8	-	( 23.8	-	max(0, 1198.7	-	570.3	+	23.8	))
=	9284.7

	Invested Capital		(Q: Mar. 2016 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	8981.1	-	271.7	-	( 46.1	-	max(0, 1200.6	-	547.2	+	46.1	))
=	9362.8

Note: The Operating Income data used here is four times the quarterly (Mar. 2016) data.

2. Joel Greenblatt's definition of Return on Capital:

TECO Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2016 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2016 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2015		Q: Mar. 2016
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	633.2	/	( ( (7481.8 + max(-352.6, 0))	+	(7553 + max(-343.3, 0)) )	/	2 )
=	633.2	/	( ( 7481.8	+	7553 )	/	2 )
=	633.2	/	7517.4
=	8.42 %

where Working Capital is:

	Working Capital		(Q: Dec. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	190.2	+	75.6)	-	(304.8	+	182.1	+	131.5)
=	-352.6

	Working Capital		(Q: Mar. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	195.4	+	65.6)	-	(271.7	+	176.7	+	155.9)
=	-343.3

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2016) EBIT data.

3. Operating Income is also linked to Operating Margin %:

TECO Energy's Operating Margin % for the quarter that ended in Mar. 2016 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2016 )	/	Revenue (Q: Mar. 2016 )
	=	148.1	/	659.5
	=	22.46 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

TECO Energy Operating Income Related Terms

Thank you for viewing the detailed overview of TECO Energy's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

TECO Energy (TECO Energy) Business Description

Industry

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Address

Website

http://www.tecoenergy.com

TECO Energy Inc was incorporated in Florida in 1981 as part of a restructuring in which it became the parent corporation of Tampa Electric Company. The Company is an energy-related holding company with five core businesses, consisting of regulated electric and gas utility operations in Florida and other operating companies engaged in coal mining and synthetic fuel production, waterborne transportation services and unregulated electric generation with long-term contracts and regulated electricity distribution in Guatemala. In 2000 and 2001, the Company announced a series of investments in unregulated domestic power generation facilities outside of Florida, which were made in the 2000 through 2003 period. In the same period, the Company also invested in other smaller unregulated energy service providers within Florida. These investments were made in anticipation of a movement toward competitive energy markets in Florida and other states in which the Company was investing in new power plants. In 2003, the Company announced its revised business strategy, which was to focus on its Florida utilities and other profitable operating companies and to reduce the risk to cash flow and earnings from its involvement in the merchant power sector. Since that announcement, the Company has taken a number of steps that have eliminated its merchant power risk and improved its financial results. The Company's regulated utility companies, Tampa Electric and Peoples Gas operate in the high-growth Florida market. Tampa Electric serves almost 720,000 retail customers in a 2,000-square-mile service area in West Central Florida and has electric generating plants with a winter peak generating capacity of 4,730 MW. PGS, Florida's largest gas distribution utility, serves more than 360,000 residential, commercial, industrial and electric power generating customers in all major metropolitan areas of the state, with a total natural gas throughput of almost 1.8 billion therms in 2015.. Peoples Gas System, a division of Tampa Electric Company, is engaged in the purchase and distribution of natural gas for residential, commercial, industrial and electric power generation customers in Florida. The Company's other energy-related operating companies are: TECO Coal, TECO Transport and TECO Guatemala. TECO Coal, through its subsidiaries, operates 13 surface and 27 underground mines and related coal processing facilities in eastern Kentucky, Tennessee and southwestern Virginia producing metallurgical-grade and high-quality steam coals. TECO Transport, the Company's waterborne transportation company, through its subsidiaries, operates a fleet of inland river barges and towboats on the Ohio, Mississippi and Illinois rivers and their tributaries; a fleet of eight oceangoing tug-barge combination units and three ships that operate in the Gulf of Mexico and world wide; and a dry-bulk storage and transfer terminal located on the Mississippi River southeast of New Orleans. TECO

Executives

Sherrill W Hudson	director	201 SOUTH BISCAYNE BOULEVARD, 34TH FLOOR, MIAMI CENTER, MIAMI FL 33131
Paul L Whiting	director	2910 BAY TO BAY BLVD #200, TAMPA FL 33629
Evelyn V Follit	director	200 TAYLOR ST STE 400, FORTH WORTH TX 76102
Dubose Ausley	director	C/O TECO ENERGY INC, P O BOX 111, TAMPA FL 336010111
William P Sovey	director	5349 WINDING CREEK ROAD, ROCKFORD IL 61114
Shirley M Payne	officer: VP-Corp Accounting and Tax	C/O TECO ENERGY INC, P O BOX 111, TAMPA FL 336010111
Ira D Hall	director	C/O TECO ENERGY INC, P O BOX 111, TAMPA FL 336010111