Sempra Energy reported earnings of $259 million, or $1.03 per share, on revenue of $2.53 billion in the quarter ending June 30.
In the same quarter one year ago, Sempra (NYSE: SRE) reported earnings of $16 million, or 6 cents per share, on revenue of $2.16 billion.
The business announced the second quarter results before the market opened on Aug. 4. Shares of Sempra closed up 1 percent at $117.19 — near the stock’s 52-week high.
Sempra is an energy services holding company, and parent to two big Southern California utilities, San Diego Gas & Electric Co. and Southern California Gas Co.
Sempra narrowed its guidance for the entire year, to $4.95 to $5.25 per share. Previously the company forecast $4.85 to $5.25 per share. The company also affirmed its previous 2018 guidance of $5.30 to $5.80 per share.
“Increased operating earnings in our utility and infrastructure businesses through the first half of the year allow us to raise our 2017 earnings guidance,” said Debra L. Reed, Sempra’s chairwoman and CEO, in a statement issued by the company.
“Strong operating results were coupled with positive regulatory outcomes, including the final regulatory decision in the cost-of-capital proceeding, which provides greater visibility to earnings at our California utilities over the next two years. Earlier this week, Southern California Gas Co. was able to resume limited injections at the Aliso Canyon natural gas storage facility after receiving regulatory approval in mid-July. Additionally, our Mexican business continues to expand, taking an important step forward in developing infrastructure for the promising new liquids market in Mexico.”