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Sempra Boosts Net Income to $264M in Q1

Sempra Energy, San Diego’s second-largest public company, reported May 9 that it took in net income of $264 million on revenue of $2.43 billion during the first quarter, which ended March 31.

In the same quarter one year ago, Sempra turned in lower net income, $100 million, on higher revenue of $2.53 billion. The 2010 figures included an after-tax charge of $96 million to settle litigation.

Slightly more than three-quarters of Sempra’s revenue in the most recent quarter, some $1.89 billion, came from its utility businesses. Sempra is parent to San Diego Gas & Electric Co. as well as the Southern California Gas Co.

Shares of Sempra trade on the New York Stock Exchange as SRE. They closed at $54.99 on May 11, near the high point of the stock’s 52-week range of $43.91 and $55.97.

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“All of our businesses are performing well,” Sempra Chairman and Chief Executive Officer Donald Felsinger said in an earnings conference call May 9.

Felsinger said the corporation expects to finish its Sunrise Powerlink transmission line project in the second half of 2012. More than 100 towers are in various stages of construction, he reported. The transmission line, which has faced court challenges, will cross through rural San Diego County and into southwestern Imperial County.

— Brad Graves

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