San Diego Business Journal

Sempra Reports Q3 Earnings

Thursday, November 7, 2013

Sempra Energy reported third quarter net income of $296 million, compared with net income of $268 million for the like quarter of 2012.

For the nine months, Sempra, the parent company to San Diego Gas & Electric and other subsidiaries, reported net income of $719 million, compared with $566 million for the like period of last year.

On a diluted per share basis, Sempra said net earnings for the nine months were $2.89. It affirmed an earlier forecast the company set at $4.30 to $4.60 per share for the full year.

Those earnings will be impacted by a nickel per share by pending changes in Mexican tax law, Sempra said. Without the reform, the earnings should finish at the midpoint of the forecast guidance range, Sempra said.

Sempra’s third quarter revenue was $2.5 billion, about flat from the same quarter last year. For the nine months, revenue was $7.85 billion, up from $6.97 billion for the like period of last year.

SDG&E earnings in the third quarter came in at $129 million, down from $174 million for the like quarter of last year. The company said the higher profit last year was helped by a $33 million tax benefit.

Sempra CEO Debra Reed said the company continued to make progress on several key infrastructure projects and entered into new joint ventures involving renewable energy.

Sempra’s largest joint venture is a liquefied natural gas export plant in Cameron, La., that has three other partner corporations and projected to cost $9 billion to $10 billion.

— Mike Allen