Sempra Raises 2015 Outlook

By Tess Stynes 

Sempra Energy raised its 2015 earnings guidance, though its third-quarter earnings fell 29% amid weaker results at its U.S. gas and power business and a loss at Southern California Gas Co.

Still, per-share earnings excluding certain items beat expectations.

Chairman and Chief Executive Debra L. Reed said Sempra is on track to exceed its financial and operational objectives for 2015, leading the company to boost its outlook.

For the year, the company raised its per-share earnings estimate to $4.95 to $5.15, from its previous estimate for per-share profit of $4.60 to $5.

Overall, Sempra reported a profit of $248 million, or 99 cents a share, down from $348 million, or $1.39 a share, a year earlier. Excluding items such as expenses related to a liquefied natural-gas project, per-share earnings were $1. Revenue decreased 12% to $2.48 billion.

Analysts polled by Thomson Reuters expected per-share profit of 88 cents and revenue of $2.94 billion.

In its California utilities business, earnings at San Diego Gas & Electric grew to $170 million from $157 million on higher margins and stronger electric transmission earnings.

Southern California Gas swung to a loss of $8 million, compared with year-earlier earnings of $98 million on negative seasonal impacts.

In Sempra's U.S. gas and power business, Sempra Renewable's earnings fell to $15 million from $17 million. Sempra Natural Gas earnings skidded to $1 million from $26 million, mostly on a year earlier tax benefit.

Write to Tess Stynes at [e-mail]

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(END) Dow Jones Newswires

November 03, 2015 10:07 ET (15:07 GMT)

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