San Diego-based utility holding company Sempra reported a decline in third-quarter earnings Wednesday, but predicted strong performance for the year as a whole.
The parent of San Diego Gas & Electric reported profits of $77 million, or 12 cents per share, down from $638 million, or $1.01 per share, in the same quarter a year ago. Revenue increased from to $3.15 billion from $2.78 billion a year ago.
However, on an adjusted basis, which takes into account the upcoming sale of a 45% stake in Sempra’s liquefied natural gas export terminals, the company earned $728 million compared to $566 million a year ago.
Those adjusted results beat Wall Street estimates, and the stock closed essentially unchanged at $92.39 per share.
“We are pleased with another solid quarter of financial performance,” said Jeffrey W. Martin, chairman and CEO. “We continue to make significant progress on our near-term value creation initiatives and we are pleased with our year-to-date financial results.”
The company increased its forecast of earnings-per-share for the full year to a range of $3.05 to $3.45.
Sempra serves nearly 40 million customers in California, Texas and Mexico.
