Categories Earnings, Energy

Sempra Energy’s stock gains after Q3 results beat expectations

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.

Duke Energy Q3 profit beats estimates

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.

 

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