San Diego-based Sempra Energy reported 2017 adjusted earnings of $1.37 billion, up from $1.27 billion the prior year.
However, the $1.37 billion figure excludes an $870 million income tax expense, a portion of which stems from the late 2017 Republican tax bill, as Sempra plans to repatriate about $1.6 billion of foreign earnings over the next five years.
Also not included was a $208 million loss from the California Public Utilities Commission denying a request to bill ratepayers for leftover 2007 wildfire costs in San Diego.
Taking those hits into account, Sempra’s earnings came to $256 million, compared with $1.37 billion in 2016.
Sempra’s fourth quarter adjusted earnings per share of $1.54 exceeded Zacks Consensus Estimate by 10 percent.
In an earnings call, CEO Debra Reed called 2017 an “exceptional operational and financial year,” and expressed optimism over a deal to buy Texas energy giant Oncor Electric Delivery.
Texas regulators have signaled support for Sempra’s $9.45 billion acquisition of Oncor. They’ll vote on the deal as soon as March 8.
“We believe 2018 will be a transformational year for Sempra with the expected closing of the Oncor transaction…and execution of a robust capital plan,” Reed said.