Sempra Energy’s (SRE - Free Report) second-quarter 2018 adjusted earnings per share (EPS) came in at $1.35, beating the Zacks Consensus Estimate of $1.17 by 15.4%. Earnings also improved 22.7% from the prior-year quarter figure.
Barring one-time items, the company incurred a GAAP loss of $2.11 per share in the quarter, against earnings of $1.03 in the year-ago quarter.
In the quarter under review, total revenues were $2,564 million, up 1.2% year over year on higher contributions from its energy-related businesses (up 11.3%). However, total revenues lagged the consensus mark of $2,708 million by 5.3%.
San DiegoGas & Electric (SDG&E): Quarterly earnings came down to $146 million from the year-ago bottom line figure of $149 million.
Southern California Gas Company (SoCalGas): The segment registered earnings of $33 million in the second quarter of 2018, down from the year-ago earnings of $58 million.
Sempra South American Utilities: The segment recorded earnings of $44 million in the second quarter, marginally down from $45 million in the prior-year quarter.
Sempra Mexico: The segment recorded net earnings of $97 million, against the net loss of $9 million recorded in the prior-year quarter. The bottom line deteriorated due to the impairment of Sempra Mexico's Termoeléctrica de Mexicali (TdM) assets that were held for sale until June 2018.
Sempra Renewables: The segment recorded net quarterly loss of $109 million, against the net earnings of $23 million in the prior-year quarter.
Sempra LNG & Midstream: The segment reported a net quarterly loss of $764 million, against the year-ago quarter’s income of $27 million. The bottom line deteriorated due to an impairment of certain non-utility natural gas storage assets in the southeast United States at Sempra LNG & Midstream.
Parent and Other: Quarterly loss rose to $122 million compared with the year-ago loss of $34 million.
Sempra Energy Price, Consensus and EPS Surprise