Sempra Energy reported first-quarter net income of $106 million, or 42 cents per diluted share, down from net income of $316 million, or $1.29 per diluted share, for the like quarter of 2009.
The results included a $96 million after-tax charge caused by Sempra’s settlement of long-standing litigation against the firm for its role in California’s energy crisis of 2000-01.
The company, the parent of San Diego Gas & Electric Co. and Southern California Gas Co., did not admit any wrongdoing.
The reduced profits were also caused by the poor performance of a commodities joint venture with The Royal Bank of Scotland, which Sempra plans to exit.
Sempra said if that unit finishes the year at break-even, the company now anticipates annual per share profit in a range of $3.15 and $3.40, compared to the previous guidance of $4.25 to $4.50.
— Mike Allen