Sempra Energy reported earnings of $16 million, or 6 cents per share, during the second quarter of 2016. Total revenue was $2.16 billion, the company said Aug. 4.
The parent to San Diego Gas & Electric Co. and Southern California Gas Co. reported earnings of $295 million, or $1.19 per share, on revenue of $2.37 billion during the same quarter of 2015.
Excluding one-time items, Sempra said its adjusted earnings for the recently ended quarter were $200 million, or 79 cents per share, down from $259 million, or $1.03 per share, one year ago.
Sempra (NYSE: SRE) reaffirmed its previous adjusted earnings per share forecast for 2016. The company said it will be in the range of $4.60 to $5.00.
Costs related to Southern California Gas’ Aliso Canyon natural gas leak in Los Angeles County are now $717 million, the company said, adding that it recorded $679 million of that as an insurance receivable at June 30. SoCalGas has begun collecting insurance recoveries, with $34 million collected to date, the company said.
In Sempra’s bookkeeping, the bottom line number for the most recent quarter — the $16 million in earnings — is not exactly the same as net income. The corporation defines earnings as net income minus two things: first, earnings attributable to noncontrolling interests and second, preferred dividends of a Sempra subsidiary. Net income for the recently ended quarter was $27 million. From that, Sempra subtracted $1 million of preferred dividends and $10 million of earnings attributable to noncontrolling interests.