Sempra Energy Posts Lower 3Q Profit, Backs 2021 Guidance

By Anthony O. Goriainoff

Sempra Energy on Thursday reported a 57% fall in third-quarter profit, missing market expectations, and backed its EPS guidance for 2021.

The San Diego, Calif.-based gas and electricity company earned a quarterly profit of $351 million, or $1.21 a share, compared with $813 million, or $2.84 a share, for the same period last year. Analysts polled by FactSet were expecting a profit of $446.5 million.

Sales for the period fell to $2.64 billion from $2.76 billion the year before, below a consensus forecast of $2.65 billion taken from FactSet and based on six analysts' estimates.

"As a result of the company's strong execution and financial results, Sempra Energy is reaffirming and guiding to the high end of both its full-year 2020 GAAP earnings-per-common-share guidance range of $12.50 to $13.10 and adjusted EPS guidance range of $7.20 to $7.80," the company said.

Sempra Energy said its full-year 2021 earnings per share guidance was in the $7.50 to $8.10 range.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

November 05, 2020 07:41 ET (12:41 GMT)

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