USA: Sempra Energy Posts Q2 Earnings of USD 511 Million

Sempra Energy reported second-quarter 2011 earnings of $511 million, or $2.12 per diluted share, up from earnings of $222 million, or $0.89 per diluted share, in the second quarter 2010.

This year’s second-quarter earnings included a gain of $277 million, or $1.15 per diluted share, reflecting the write-up in the value of the company’s original investments in Chile and Peru as a result of the acquisition of a controlling interest in those utilities earlier this year.

Excluding this gain, Sempra Energy’s diluted earnings per share in the second quarter 2011 increased approximately 9 percent to $0.97 over second-quarter 2010 earnings per share of $0.89.

Sempra Energy’s earnings through the first six months of 2011 were $769 million, or $3.19 per diluted share, compared with $328 million, or $1.31 per diluted share, in 2010.

First-quarter 2010 earnings included an after-tax charge of $96 million, or $0.38 per diluted share, related to a litigation settlement.

“Through the first half of the year, we are performing well across the board and are on track to meet our 2011 earnings guidance,” said Debra L. Reed, chief executive officer of Sempra Energy. “Our utility and pipeline acquisitions are providing strong contributions to our earnings. We also are making excellent progress on our major California utility projects and our build-out of contracted renewable energy infrastructure.” As previously announced, Reed was elected chief executive officer of Sempra Energy June 27, succeeding Donald E. Felsinger. Felsinger will continue to serve as executive chairman. Sempra Energy today reaffirmed its 2011 earnings-per-share guidance of $4 to $4.30, excluding the $1.15 related to the company’s acquisition of controlling interests in the Chile and Peru utilities (earnings-per-share guidance of $5.15 to $5.45, on a GAAP basis).

Sempra LNG

Sempra LNG’s earnings in the second quarter 2011 rose to $18 million from $13 million in last year’s second quarter, due primarily to payments by customers for contracted cargoes that were not delivered.

In the first half of 2011, Sempra LNG earned $51 million, compared with $45 million in the first half of 2010.

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Source: Sempra, August 9, 2011;