San Diego Business Journal

Sempra Reports 2013 Net Income of $1 Billion

By Mike Allen Thursday, February 27, 2014

Sempra Energy, parent of San Diego Gas & Electric and other subsidiaries, reported full year 2013 net income of $1 billion, compared with net income of $859 million in 2012.

Sempra’s total revenue last year was $10.5 billion, up from $9.6 billion in 2012.

For the fourth quarter, Sempra reported net income of $282 million, compared with net income of $292 million for the like quarter of 2012.

Revenue in the fourth quarter was $2.7 billion, about flat from the like period of 2012.

Chairman and CEO Debra Reed said Sempra achieved its financial and operational objectives. Among those were a successful public offering of a Mexican energy company, new Mexican pipelines and electric transmission projects in South America. The company also resolved a general rate case and made large investments in infrastructure, she said.

Sempra also noted it obtained a conditional use permit from the U.S. Department of Energy to export natural gas to non-free-trade-agreement countries from the company’s Cameron liquefied natural gas plant in Louisiana. The $9 billion project needs approval from the Federal Energy Regulatory Commission before construction can begin later this year.

“Exporting natural gas will lead to the creation of thousands of new jobs and bolster the U.S. economic growth,” Reed said.

Sempra affirmed its guidance for this year for consolidated earnings per share to be in a range of $4.25 to $4.55.

Shares of Sempra were trading at $94.48 at midday Feb. 27 on the New York Stock Exchange, up about $2 from the prior day’s closing price. Its 52-week range is $72.03 to $95.84.