Sempra Energy’s earnings rise in Q1
San Diego-based energy company and LNG operator Sempra Energy posted an 8 percent rise in its earnings in in the first quarter of this year.
Sempra Energy’s bottom line rose to $438 million, or $1.74 per share. This was higher than $404 million, or $1.60 per share, in last year’s first quarter.
Revenue for the quarter rose 15.6 percent to $3.03 billion.
Sempra LNG & Midstream, the company’s unit that operates the Cameron LNG terminal and is developing new liquefaction projects, recorded a profit of $1 million in the quarter as compared to a loss of $32 million in the first quarter 2016.
Sempra reaffirmed its 2017 earnings-per-share guidance range of $4.85 to $5.25.
“Our strong first-quarter results keep us on track to meet our 2017 earnings guidance,” said Debra L. Reed, Chief Executive of Sempra.
“As we outlined at our analyst conference last month, we are executing on our strategic plan to grow our earnings at about twice the average rate of our utility peers from 2017 through 2021,” Reed added.