Sempra Energy’s Q2 earnings surge

San Diego-based energy company and LNG operator Sempra Energy reported second-quarter profit of $259 million. This compares to $16 million in the same quarter last year.

On an adjusted basis, the company’s earnings increased to $276 million, or $1.10 per diluted share, from $200 million, or $0.79 per diluted share, in last year’s second quarter.

Sempra LNG & Midstream, the company’s unit that operates the Cameron LNG terminal and is developing new liquefaction projects, recorded earnings of $27 million, compared with a net loss of $149 million in the second quarter 2016.

Sempra Energy raised its 2017 earnings-per-share guidance range to $4.95 to $5.25 and its adjusted guidance range to $5 to $5.30.

Speaking of the results, Sempra’s chairman, president and CEO, Debra Reed, said that increased operating earnings in its “utility and infrastructure businesses through the first half of the year allow us to raise our 2017 earnings guidance.”