SRE Sempra

By Tess Stynes 

Sempra Energy said its third-quarter earnings soared thanks to gains related to a pipeline joint-venture deal in its Mexico subsidiary but the energy company's revenue missed expectations.

Shares, up 7.1% this year, fell 3.9% to $100.73 in early trading.

Sempra's Mexican unit, IEnova, recently completed a restructured deal to purchase state oil company Petróleos Mexicanos' 50% stake in their 50-50 pipeline joint venture.

Sempra, parent company of California utilities San Diego Gas & Electric and Southern California Gas Co., reported a profit of $622 million, or $2.46 a share, up from $248 million, or 99 cents a share, a year earlier. Excluding gains related to its Mexico subsidiary's pipeline-joint venture deal and other items, adjusted per-share earnings were $1.02. Revenue increased 2.2% to $2.54 billion.

Analysts polled by Thomson Reuters expected adjusted per-share profit of 96 cents and revenue of $2.68 billion.

Sempra Energy also affirmed its 2016 outlook.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

November 02, 2016 10:53 ET (14:53 GMT)

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