Sempra Energy — parent company to San Diego Gas & Electric Co. and Southern California Gas Co. — reported first quarter earnings of $319 million, or $1.27 per share of common stock, on revenue of $2.62 billion. The company made the announcement May 4.
In the first quarter of 2015, the company reported earnings of $437 million, or $1.74 per share of common stock, on revenue of $2.68 billion.
Southern California Gas updated the cost of the Aliso Canyon gas leak in Los Angeles County to $665 million. The company also said it recorded an insurance receivable of $660 million. The updated cost estimate has no material impact on first-quarter 2016 earnings, Sempra said.
The company revised its adjusted earnings forecast for 2016 downward 20 cents to a range of $4.60 to $5.00 per share, reflecting a loss of earnings from the pending sale of its stake in the Rockies Express Pipeline.
Sempra (NYSE: SRE) also provided a long-range forecast. It said it expected a 12 percent compound annual growth rate in adjusted earnings between 2016 and 2020. The company’s earnings guidance for 2020 was $7.20 to $7.80 per share.