By Michael Calia
Sempra Energy's (SRE) fourth-quarter profit fell 4.1% as a plant
closure continued to weigh on its utilities results and revenue
from its energy-related businesses declined.
The company -- which owns energy utilities, pipelines,
facilities and terminals in the U.S. and Latin America -- has
recently benefited from a rate increase for its San Diego Gas &
Electric and Southern California Gas Co. operations.
Still, the company has had to contend with low power and
natural-gas prices, as well as lost revenue from the now-closed San
Onofre Nuclear Generating Station.
Revenue from utilities, Sempra's largest top-line contributor,
rose 3.3% to $2.42 billion in the quarter. Revenue from the
company's energy-related-businesses, meanwhile, fell 13% to $285
million.
Overall, Sempra reported a profit of $282 million, or $1.13 a
share, down from $294 million, or $1.18 a share, in the same period
a year ago.
Total revenue rose 1.4% to $2.7 billion.
Analysts polled by Thomson Reuters were expecting a profit of
$1.22 a share.
San Diego Gas & Electric posted earnings of $404 million,
down from $484 million in the prior year period, reflecting a $119
million charged related to the San Onofre closure. Southern
California Gas made a profit of $364 million, up from $289
million.
Shares of the company, which backed its full-year earnings
guidance, rose 1% to $93.24 in recent trading.
Write to Michael Calia at michael.calia@wsj.com
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