Sempra Energy (SRE) topped market expectations on revenues and earnings for the third quarter of 2018. Shares gained 2.4% in morning trade on Wednesday.
Total revenues grew 9.7% to $2.94 billion versus the same period last year, reflecting increases in utilities and energy-related businesses.
Net income improved to $274 million or $0.99 per share compared to $57 million or $0.22 per share in the prior-year period. Adjusted net income was $339 million or $1.23 per share.
For the full-year of 2018, Sempra reaffirmed its guidance for GAAP EPS of $2.83 to $3.44 and adjusted EPS of $5.30 to $5.80.
Sempra’s subsidiaries IEnova and Sempra LNG & Midstream signed three Heads of Agreements with affiliates of Total S.A., Mistui & Co. Ltd. and Tokyo Gas Co. Ltd. for the full export capacity of Phase 1 of the Energia Costa Azul LNG liquefaction project located in Mexico.
Last month, Sempra Energy and Oncor entered into agreements under which Oncor will acquire InfraREIT Inc. for $1.27 billion and Sempra will acquire a 50% interest in Sharyland Utilities for approx. $98 million.
Sempra Renewables agreed to sell its US operating solar assets, one US wind generation facility, and its solar and battery storage development projects to a subsidiary of Consolidated Edison for $1.54 billion. The sales process for the US wind and US non-utility natural gas storage assets is ongoing.