USA: Sempra Q3 Earnings Down

Sempra Energy reported third-quarter 2012 earnings of $268 million, compared with third-quarter 2011 earnings of $289 million.

Third-quarter 2012 earnings included a $60 million non-cash charge related to a write-down on Sempra U.S. Gas & Power’s 25-percent stake in the Rockies Express Pipeline. This $60 million charge, in addition to a $179 million charge taken in the second quarter 2012, totaled $239 million for the first nine months of 2012. Nine-month results in 2011 included a gain of $277 million in the second quarter 2011, reflecting the write-up in value of Sempra International’s South American utility investments.

Excluding the $60 million charge in 2012, adjusted third-quarter earnings increased to $328 million, or $1.33 per diluted share, in 2012 from $289 million, or $1.20 per diluted share, in 2011.

Sempra Energy’s earnings for the first nine months of 2012 were $566 million, compared with $1 billion during the first nine months of 2011. For the nine-month period, adjusted earnings increased to $805 million.

“Our solid operating performance in the third quarter and through the first nine months keeps us on track to meet our 2012 earnings-per-share guidance of $4 to $4.30, excluding the impairment charges and assuming a final California Public Utilities Commission rate decision for our California utilities comes by year-end,” said Debra L. Reed, chief executive officer of Sempra Energy.

[mappress]
LNG World News Staff, November 07, 2012