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Thursday, Sep 29, 2022
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Sempra Wraps Up 2010 With $9B in Revenue

Sempra Energy, parent to San Diego Gas & Electric Co. and other energy companies, reported net income for the fourth quarter of $280 million, down 3 percent from the like quarter of 2009.

Revenue for the quarter ended Dec. 31 was $2.34 billion, down 4.5 percent from the like quarter of 2009.

For the full year, Sempra said it had net earnings of $739 million, down from 2009’s full-year net earnings of $1.12 billion.

Revenue for the full year was $9 billion, up 11 percent from the $8.1 billion in 2009.

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Sempra said excluding the results from Sempra Commodities, which the company sold its stake in last year, its net profit on a per share basis would have increased 14 percent to $3.61, compared with net earnings in 2009 of $3.16 per diluted share.

“Exiting the commodities trading business marks a new chapter for our company,” said Chairman and Chief Executive Officer Donald Felsinger.

Sempra sold off its half ownership of the commodities business which it owned with the Royal Bank of Scotland in two separate transactions last year. The sale of the assets, which included wholesale natural gas and power trading agreements, provided the company with a net profit of $1.8 billion to $1.9 billion, Sempra said in September.

However, in its final year-end report last week, the company said Sempra Commodities incurred a loss of $155 million last year.

Sempra decided the profits from the commodities trading unit were too risky and difficult to predict and sold off its ownership stake to two parties. JP Morgan Chase & Co. acquired most of the assets for $1.6 billion, while Noble Group Ltd. paid $317 million in cash and assumed debt for the remaining part.

Except for the commodities unit, every other subsidiary of Sempra reported earnings last year.

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