Sempra Energy’s third quarter earnings rise

Sempra Energy's third quarter earnings rise

San Diego-based energy company and LNG operator Sempra Energy on Wednesday reported adjusted earnings of US$259 million, 4.4 percent up on the corresponding quarter in 2015. 

The earnings exclude a $350 million after-tax remeasurement gain related to the acquisition of Pemex’s share of the Gasoductos de Chihuahua (GdC) joint venture by Sempra Energy’s Mexican subsidiary IEnova.

The adjusted earnings also exclude a $78 million after-tax gain on the sale of EnergySouth by Sempra U.S. Gas & Power which was partially offset by a $65 million impairment charge related to the planned sale of IEnova’s Termoeléctrica de Mexicali power plant, net of a reduction in deferred taxes.

This bring’s Sempra’s GAAP earnings for the quarter to $622 million, up from the $248 million reported in the third quarter of 2015, according to the latest quarterly report.

Debra L. Reed, chairman and CEO of Sempra Energy, said that following the third quarter results are in line with the company’s 2016 adjusted earning guidance.

Sempra’s adjusted earnings for the first nine months reached $884 million, below the $931 million during the first nine months of 2015. The GAAP earnings, however, came at $991 million, up from the $980 million in 2015.

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