Sempra Raises 2015 Outlook
November 03 2015 - 10:22AM
Dow Jones News
By Tess Stynes
Sempra Energy raised its 2015 earnings guidance, though its
third-quarter earnings fell 29% amid weaker results at its U.S. gas
and power business and a loss at Southern California Gas Co.
Still, per-share earnings excluding certain items beat
expectations.
Chairman and Chief Executive Debra L. Reed said Sempra is on
track to exceed its financial and operational objectives for 2015,
leading the company to boost its outlook.
For the year, the company raised its per-share earnings estimate
to $4.95 to $5.15, from its previous estimate for per-share profit
of $4.60 to $5.
Overall, Sempra reported a profit of $248 million, or 99 cents a
share, down from $348 million, or $1.39 a share, a year earlier.
Excluding items such as expenses related to a liquefied natural-gas
project, per-share earnings were $1. Revenue decreased 12% to $2.48
billion.
Analysts polled by Thomson Reuters expected per-share profit of
88 cents and revenue of $2.94 billion.
In its California utilities business, earnings at San Diego Gas
& Electric grew to $170 million from $157 million on higher
margins and stronger electric transmission earnings.
Southern California Gas swung to a loss of $8 million, compared
with year-earlier earnings of $98 million on negative seasonal
impacts.
In Sempra's U.S. gas and power business, Sempra Renewable's
earnings fell to $15 million from $17 million. Sempra Natural Gas
earnings skidded to $1 million from $26 million, mostly on a year
earlier tax benefit.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 03, 2015 10:07 ET (15:07 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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