By Saabira Chaudhuri
Sempra Energy (SRE) lowered the top end of its earnings view for
the year and also gave a view for 2014 below Street views.
Sempra owns electric and natural-gas utilities in California,
utilities in South America, and natural-gas pipelines and storage
facilities and liquefied-natural-gas terminals in the U.S. and
Mexico. The company's bottom line has been challenged by decade-low
U.S. natural-gas and power prices of late.
Sempra narrowed its per-share earnings view for 2013 to $4.30 to
$4.60, from its prior per-share guidance of $4.30 to $4.80. For
2014, it expects per-share earnings of $4.25 to $4.55, below the
$4.66 expected by analysts polled by Thomson Reuters.
The company noted its guidance for the current year includes
earnings of 30 cents a share for the recognition of additional
revenue for 2012 operations under a general rate case decision for
San Diego Gas & Electric and Southern California Gas Co.
Recently, Sempra Energy reached a joint venture agreement with
GDF Suez SA (GSZ.FR), Mitsubishi Corp. (MSBHY, 8058.TO) and Mitsui
& Co. (MITSY, 8306.TO) to develop a liquefied natural-gas
export facility at the site of the Cameron LNG facility in
Louisiana.
Earlier this month, Sempra said its first-quarter earnings fell
25%, due in part to a reorganization charge, while the
energy-services holding company's revenue topped Wall Street
expectations.
Shares closed Wednesday at $81.65 and were inactive in recent
premarket trading. The stock has risen 29% in the past 12
months.
Write to Saabira Chaudhuri at
saabira.chaudhuri@dowjones.com.
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