San Diego-based Sempra Energy on Wednesday revealed its earnings for the first quarter of this year dropped to US$319 million from $437 million during the corresponding quarter in 2015.
The company’s first-quarter results included a $27 million after-tax loss related to the previously revealed agreement to sell Sempra U.S. Gas & Power’s stake in the Rockies Express Pipeline, according to the statement.
Results also included a $24 million of deferred tax expense related to the planned sale of the Termoeléctrica de Mexicali power plant.
Sempra’s first-quarter results reflected a $13 million after-tax benefit due to the reduction in the loss related to the San Onofre Nuclear Generating Station (SONGS) closure, offset by $4 million after-tax in LNG development expenses.
Excluding these items, Sempra Energy’s adjusted earnings were $370 million in the first quarter 2016, compared with $428 million, or $1.71 per diluted share, in the first quarter 2015.
Commenting on the results, Debra L. Reed, chairman and CEO of Sempra Energy said, “we believe we are on track to meet our new, revised adjusted earnings guidance for 2016.”
She added that the company’s five-year performance plan is expected to generate a 12 percent compound earnings growth from 2016 to through 2020.
However, the company reduced its 2016 earning guidance anticipating a $60 million reduction.
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LNG World News Staff