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Sempra Posts Q1 Earnings of $612M

Sempra Energy (NYSE: SRE) bucked the general stock market trend Friday with shares gaining value as major indexes lost value. Shares closed up 3.7% to $164.85, near their recent, 52-week high of $173.28.

One day earlier, the company reported first-quarter earnings of $612 million on revenue of $3.82 billion.

In the same quarter one year ago, the parent to San Diego Gas & Electric Co. reported net income of $874 million on revenue of $3.26 billion.

Excluding one-time items, the business posted earnings of $924 million in the recently ended quarter.

These one-time items included litigation regarding the Aliso Canyon gas storage site (Sempra is parent to Southern California Gas Co.); impact from foreign currency, inflation and associated undesignated derivatives; net unrealized losses on commodity derivatives; and deferred income tax expense associated with the change in its indefinite reinvestment assertion related to the pending sale of a non-controlling interest of a Sempra business to the Abu Dhabi Investment Authority.

Sempra updated its earnings guidance for 2022 to a range of $7.11 to $7.71 per share, when earnings are calculated according to GAAP (generally accepted accounting principles). It affirmed its full-year 2022 guidance of adjusted earnings per share in the range of $8.10 to $8.70. The year 2023 should bring adjusted earnings per share of $8.60 to $9.20, the corporation said.

The corporation also runs utilities in Texas, operates energy infrastructure in Mexico and has a growing business exporting liquefied natural gas overseas.

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