San Diego Business Journal

Sempra Reports Net Income of $245M in Q2

Thursday, August 8, 2013

Sempra Energy reported second quarter net income of $245 million, compared with $62 million for the like quarter of 2012.

Sempra (NYSE: SRE), parent of San Diego Gas & Electric and other divisions, said the higher profit included $109 million in net income taken for five previous quarters derived from retroactive higher electricity rates granted to the company’s two utilities, SDG&E and Southern California Gas Co., by the state’s Public Utility Commission.

Sempra said it took a $119 million charge related to the shutting down of the San Onofre nuclear plant. Sempra owns 20 percent stake in the plant that has not been operating since Jan. 2012 because of leaks discovered within a reactor. The remaining 80 percent of the plant is owned by Southern California Edison.

For the six months, Sempra reported net income of $423 million, compared with $298 million for the first six months of 2012.

Sempra’s revenue for the second quarter came in at $2.65 billion, compared with $2 billion in the like quarter of 2012. For the six months, revenue was $5.3 billion, compared with $4.5 billion in the first six months of 2012.

Earnings for SDG&E for the quarter were $65 million, compared with $95 million in the like quarter of 2012.

Sempra maintained its annual earnings guidance for this year to finish between $4.30 to $4.60 per diluted share, but that didn’t include a 48 cent charge related to cost associated with SDG&E’s share of the closure of the San Onofre plant.

— SDBJ Staff Report