USA: Sempra Q3 Earnings Up

Sempra Energy reported third-quarter 2013 earnings of $296 million, up from $268 million in the third quarter 2012.

Sempra Energy’s third-quarter 2012 earnings included a charge of $60 million, related to a write-down on Sempra U.S. Gas & Power’s minority stake in the Rockies Express Pipeline. On an adjusted basis, third-quarter 2012 earnings were $328 million.

For the first nine months of 2013, Sempra Energy’s earnings were $719 million, compared with $566 million, in the first nine months of 2012.

Nine-month 2013 earnings included $77 million, in earnings recorded in the second quarter from the retroactive impact of the final decision in the California Public Utilities Commission General Rate Case for San Diego Gas & Electric and Southern California Gas Co. Nine-month 2013 earnings also reflected the impact of a $119 million, charge taken in the second quarter related to the closure of the San Onofre Nuclear Generating Station. Nine-month 2012 earnings included $239 million, in charges on the write-down related to the Rockies Express Pipeline.

For comparison with 2013 earnings-per-share guidance of $4.30 to $4.60, Sempra Energy’s nine-month earnings -excluding the charge related to SONGS – were $838 million in 2013.

“During the quarter, we continued to make progress on several of our key infrastructure projects and also entered into new joint ventures consistent with our strategy for our growing renewable energy business,” said Debra L. Reed, chairman and CEO of Sempra Energy.

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LNG World News Staff, November 05, 2013; Image: Sempra