71.5 F
San Diego
Sunday, Jun 16, 2024

Sempra Earnings Dip as Energy Firm Boosts Reserves

Sempra Energy’s third-quarter 2005 earnings slipped to $221 million (86 cents per diluted share), down $10 million from 2004, the company announced Nov. 2.

The San Diego-based company attributed the drop to a $189 million increase in its reserves , primarily for litigation.

Sempra and two of its subsidiaries are in the midst of a $24 billion class-action suit brought by consumers who allege the company conspired to manipulate the natural gas market and contributed to the state’s current energy crisis.

The company’s earnings-per-share outlook jumped from a range of $3.20-$3.40 to a range of $3.40-$3.60.

Its third-quarter revenues were $2.7 billion, up from $2.2 billion in 2004. The company attributed the increase to natural gas and power sales at Sempra Commodities.

Sempra Commodities earned $161 million in the third quarter, up from $46 million a year ago.

San Diego Gas & Electric saw its third-quarter earnings rise to $102 million from $60 million a year ago.

Sempra Generation’s third-quarter income was $30 million, down from $64 million a year ago.

Sempra Pipelines and Storage increased its net income to $19 million from $7 million one year ago.

Sempra LNG (liquefied natural gas) posted a $5 million loss. It lost $4 million in the third quarter last year.

Sempra trades on the New York Stock Exchange under the symbol SRE. Shares closed Nov. 2 at $43.

, Rob Davis


Featured Articles

Hair Today, Hair Tomorrow

Oberon Eyes Europe for Renewable DME

Leaders of Influence in Law 2024


Related Articles