Sempra Energy Fourth-Quarter Profit Falls 4.1%

   By Michael Calia 
 

Sempra Energy's (SRE) fourth-quarter profit fell 4.1% as a plant closure continued to weigh on its utilities results and revenue from its energy-related businesses declined.

The company -- which owns energy utilities, pipelines, facilities and terminals in the U.S. and Latin America -- has recently benefited from a rate increase for its San Diego Gas & Electric and Southern California Gas Co. operations.

Still, the company has had to contend with low power and natural-gas prices, as well as lost revenue from the now-closed San Onofre Nuclear Generating Station.

Revenue from utilities, Sempra's largest top-line contributor, rose 3.3% to $2.42 billion in the quarter. Revenue from the company's energy-related-businesses, meanwhile, fell 13% to $285 million.

Overall, Sempra reported a profit of $282 million, or $1.13 a share, down from $294 million, or $1.18 a share, in the same period a year ago.

Total revenue rose 1.4% to $2.7 billion.

Analysts polled by Thomson Reuters were expecting a profit of $1.22 a share.

San Diego Gas & Electric posted earnings of $404 million, down from $484 million in the prior year period, reflecting a $119 million charged related to the San Onofre closure. Southern California Gas made a profit of $364 million, up from $289 million.

Shares of the company, which backed its full-year earnings guidance, rose 1% to $93.24 in recent trading.

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