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Sempra Energy (SRE) Beats on Q1 Earnings, Keeps '17 View
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Sempra Energy’s (SRE - Free Report) first-quarter 2017 adjusted earnings per share (EPS) came in at $1.74, beating the Zacks Consensus Estimate of $1.59 by 9.4%. Earnings also improved 8.8% from the prior-year quarter figure.
GAAP earnings were $1.75 per share in the quarter, compared with $1.40 a year ago.
Total Revenue
In the quarter under review, total revenue was $3,031 million, up 15.6% year over year on higher contributions from both the energy-related businesses (up 85%) and utilities (10.5%). Also, total revenue surpassed the consensus mark of $2,873.9 million by 5.5%.
San DiegoGas & Electric (SDG&E): Quarterly earnings were $155 million, compared with the year-ago figure of $136 million. The upside was driven by a higher California Public Utilities Commission (CPUC) base margin and lower operating expenses.
Southern California Gas Company (SoCalGas): The segment registered earnings of $203 million in the first quarter of 2017, compared to the year-ago earnings of $199 million.
Sempra South American Utilities: The segment recorded earnings of $47 million in the first quarter, up from $38 million in the prior-year quarter. The upside can be attributed to higher operating earnings in Peru.
Sempra Mexico: The segment recorded earnings of $48 million, up from $18 million recorded in the prior-year quarter. The earnings improvement was driven primarily by the deferred tax expense of $24 million that the company incurred in 2016, on account of the planned sale of the Termoeléctrica de Mexicali (TdM) power plant.
Sempra Renewables: The segment recorded quarterly earnings of $11 million, down from $14 million in the prior-year quarter.
Sempra LNG & Midstream: The segment reported earnings of $1 million, against the year-ago quarter’s loss of $32 million.
Financial Update
As of Mar 31, 2017, Sempra Energy’s cash and cash equivalents were $290 million, compared with $349 million as of Dec 31, 2016.
Long-term debt was $14,409 million as of Mar 31, 2017, compared with $14,429 million at 2016 end.
Cash flow from operating activities was $1,004 million at the end of first-quarter 2017, up from $626 million at the end of the prior-year quarter.
In the first quarter, the company’s capital expenditures and investments were $1,051 million compared with $1,001 million in the prior-year period.
Guidance
Sempra Energy reaffirmed its 2017 earnings per share guidance in the band of $4.85–$5.25.
Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2017 adjusted earnings of $1.27 per share that beat the Zacks Consensus Estimate of $1.19 by 6.7%. It reported total revenue of $3,228 million in the first quarter, which exceeded the Zacks Consensus Estimate of $3,061 million by 5.5%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. It reported total revenue of $2,588.5 million, beating the Zacks Consensus Estimate of $2,566 million by 0.9%.
Ameren Corporation (AEE - Free Report) posted first-quarter 2017 earnings from continuing operations of 42 cents per share, in line with the Zacks Consensus Estimate. Total revenue of $1,514 million in the first quarter of 2017 was up 5.6% year over year.
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Sempra Energy (SRE) Beats on Q1 Earnings, Keeps '17 View
Sempra Energy’s (SRE - Free Report) first-quarter 2017 adjusted earnings per share (EPS) came in at $1.74, beating the Zacks Consensus Estimate of $1.59 by 9.4%. Earnings also improved 8.8% from the prior-year quarter figure.
GAAP earnings were $1.75 per share in the quarter, compared with $1.40 a year ago.
Total Revenue
In the quarter under review, total revenue was $3,031 million, up 15.6% year over year on higher contributions from both the energy-related businesses (up 85%) and utilities (10.5%). Also, total revenue surpassed the consensus mark of $2,873.9 million by 5.5%.
Sempra Energy Price, Consensus and EPS Surprise
Sempra Energy Price, Consensus and EPS Surprise | Sempra Energy Quote
Segment Update
San DiegoGas & Electric (SDG&E): Quarterly earnings were $155 million, compared with the year-ago figure of $136 million. The upside was driven by a higher California Public Utilities Commission (CPUC) base margin and lower operating expenses.
Southern California Gas Company (SoCalGas): The segment registered earnings of $203 million in the first quarter of 2017, compared to the year-ago earnings of $199 million.
Sempra South American Utilities: The segment recorded earnings of $47 million in the first quarter, up from $38 million in the prior-year quarter. The upside can be attributed to higher operating earnings in Peru.
Sempra Mexico: The segment recorded earnings of $48 million, up from $18 million recorded in the prior-year quarter. The earnings improvement was driven primarily by the deferred tax expense of $24 million that the company incurred in 2016, on account of the planned sale of the Termoeléctrica de Mexicali (TdM) power plant.
Sempra Renewables: The segment recorded quarterly earnings of $11 million, down from $14 million in the prior-year quarter.
Sempra LNG & Midstream: The segment reported earnings of $1 million, against the year-ago quarter’s loss of $32 million.
Financial Update
As of Mar 31, 2017, Sempra Energy’s cash and cash equivalents were $290 million, compared with $349 million as of Dec 31, 2016.
Long-term debt was $14,409 million as of Mar 31, 2017, compared with $14,429 million at 2016 end.
Cash flow from operating activities was $1,004 million at the end of first-quarter 2017, up from $626 million at the end of the prior-year quarter.
In the first quarter, the company’s capital expenditures and investments were $1,051 million compared with $1,001 million in the prior-year period.
Guidance
Sempra Energy reaffirmed its 2017 earnings per share guidance in the band of $4.85–$5.25.
Zacks Rank
Sempra Energy currently has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Earnings Review
Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2017 adjusted earnings of $1.27 per share that beat the Zacks Consensus Estimate of $1.19 by 6.7%. It reported total revenue of $3,228 million in the first quarter, which exceeded the Zacks Consensus Estimate of $3,061 million by 5.5%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. It reported total revenue of $2,588.5 million, beating the Zacks Consensus Estimate of $2,566 million by 0.9%.
Ameren Corporation (AEE - Free Report) posted first-quarter 2017 earnings from continuing operations of 42 cents per share, in line with the Zacks Consensus Estimate. Total revenue of $1,514 million in the first quarter of 2017 was up 5.6% year over year.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
Click here for Zacks' private trades >>