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Tuesday, Mar 19, 2024
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Sempra Tallies Quarterly Net Income of $131M

Sempra Energy, parent of San Diego Gas & Electric Co. and Southern California Gas Co., reported third-quarter net income of $131 million, or 53 cents per share, compared to net income of $317 million or $1.27 per share, for the third quarter of 2009.

The profit includes the company’s earlier reported $139 million after-tax charge on the write-down of its investment in the RBS Sempra Commodities joint venture. That entity is in the process of being sold off in pieces.

For the first nine months, Sempra reported a net profit of $459 million, or $1.84 per share, down from net earnings of $831 million, or $3.37 per share, for the like period of 2009.

CEO Donald Felsinger said with the completion of recent sales, Sempra is exiting the commodities trading business.

In September and October, Sempra announced two separate agreements to sell most of the assets of the RBS Sempra Commodities to the Nobel Group Ltd. and JP Morgan Ventures Energy. In July Sempra and RBS completed the sale of the joint venture’s global metals and oil businesses, and European natural gas and power businesses to JP Morgan Chase & Co.

Sempra previously said it expects its share of the proceeds from all the joint venture transactions and related cash distributions to total $1.8 billion to $1.9 billion.

Sempra reaffirmed its previous per share guidance for this year to finish at $3.15 to $3.40.

The stock market reacted negatively to the news. In midday trading Nov. 9 on the New York Stock Exchange, shares were down by about $2 or nearly 4 percent to $51.47. In the past 52 weeks, the stock, trading under SRE, has ranged from $43.91 to $57.18.

— Mike Allen

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