Sempra affirms 2018 guidance as profits edge up
San Diego-based energy company and LNG operator Sempra Energy reported 2017 adjusted earnings of $1.37 billion, up from $1.27 billion in 2016.
The company’s adjusted earnings for the fourth quarter of the year reached $389 million, up from $383 reported in the corresponding period last year, boosted by the Tax Cuts and Jobs Act of 2017.
Speaking of the results, Sempra Energy’s chairman, president and CEO, Debra Reed said the company “produced outstanding financial and operating results, while making significant investments” in order to fuel the company’s future growth.
Sempra LNG & Midstream, the company’s unit that operates the Cameron LNG terminal and is developing new liquefaction projects, reported earnings of $126 million in the fourth quarter 2017, compared with a net loss of $3 million in the fourth quarter 2016, due primarily to a $133 million non-cash income-tax benefit related to the Tax Cuts and Jobs Act of 2017.
For the full year, Sempra LNG & Midstream had earnings of $150 million in 2017, compared with a net loss of $107 million in 2016.
In addition to the results, Sempra Energy affirmed its 2018 earnings-per-share guidance range of $5.30 to $5.80.