Sempra reports rise in third-quarter profit

Sempra reports rise in third-quarter profit

San Diego-based energy company and LNG operator Sempra Energy reported third-quarter 2017 adjusted earnings of $265 million, up from $259 million in the third quarter 2016. 

For the first nine months of 2017, Sempra Energy’s adjusted earnings increased to $979 million from $884 million for the first nine months of 2016.

“Based on our strong operating and financial performance through the first nine months, we are on track for one of the best years in our history,” said Debra Reed, chairman, president and CEO of Sempra Energy.

Sempra LNG & Midstream, the company’s unit that operates the Cameron LNG terminal and is developing new liquefaction projects, recorded a net loss of $4 million, compared with earnings of $77 million in the third quarter 2016, due to the $78 million after-tax gain from the sale of EnergySouth in last year’s third quarter.

For the first nine months of 2017, Sempra LNG & Midstream had earnings of $24 million, compared with a net loss of $104 million in the first nine months of 2016.

Sempra Energy updated its 2017 earnings-per-share guidance range to $4.13 to $4.43 and its adjusted 2017 earnings per share to $5 to $5.30.

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