San Diego Business Journal

Sempra Reports Q1 Net Income of $247M

By Mike Allen Friday, May 2, 2014

Sempra Energy reported first quarter net income of $247 million, up from $178 million for the like quarter of 2013.

Total revenues for the area’s second largest company were $2.79 billion, up 5.5 percent from the like period of last year.

San Diego Gas & Electric, a major subsidiary of Sempra, reported net income of $99 million, up from net income of $109 million in the prior year’s first quarter.

Sempra said excluding a $9 million after-tax charge related to the closure of the San Onofre Nuclear Generating Station, its net income would have been $256 million.

CEO Debra Reed said Sempra is seeing year-over-year earnings growth consistent with expectations, and is on track to meeting its 2014 earnings guidance of $4.25 to $4.55 per share.

The company said it received notice from the Federal Energy Regulatory Commission that it completed the environmental review process on its Cameron liquefied natural gas project in Louisiana. Construction is expected to begin later this year, with commercial operations to start in 2018.