Sempra Energy earnings up in first nine months of year over last year; SDG&E earned $170 million in third quarter of year, up $13 million over same time last year

SAN DIEGO - San Diego-based Sempra Energy reported today third quarter earnings of $248 million, or 99 cents per diluted share -- down from $348 million, or $1.39 per diluted share, in 2014's third quarter -- but its earnings in the first nine months of the year have increased over last year's

figures.

Sempra's third-quarter earnings reflected $113 million lower earnings at the Southern California Gas Co. due to seasonal factors, compared with the third quarter 2014. SoCalGas has adopted an order by the California Public Utilities Commission to recognize revenues from its core activities on a seasonally adjusted basis.

Sempra's earnings for the first nine months of 2015 were $980 million, or $3.91 per diluted share -- up from $864 million, or $3.45 per diluted share, during the same period a year ago.

The figures include $36 million from the sale of the second block of its U.S. Gas Power's Mesquite Power facility, $7 million in expenses related to liquefied natural gas and a $13 million benefit for San Diego Gas & Electric from a reduction in the loss related to the shuttered San Onofre Nuclear Generating Station.

"Through three quarters, we are on track to exceed our 2015 financial and operational objectives, so we have raised our adjusted earnings guidance for the year,'' Sempra CEO and Chairwoman Debra Reed said. "During the third quarter, our California utilities made good progress in their general rate cases and our other businesses continued with their construction activities on major projects, including the Cameron LNG liquefaction-export facility.''

Sempra's adjusted third quarter earnings were $938 million, or $3.75 per diluted share -- up from $873 million, or $3.49 per diluted share, in the first nine months of last year.

San Diego Gas & Electric earned $170 million in the third quarter of this year, compared with $157 million in the same time period a year ago, according to a statement from its parent company, Sempra. The utility reported $443 in earnings in the first nine months of the year -- up from $379 million during the same time period a year ago.

CNS-11-03-2015 07:51