Sempra Energy’s (SRE - Free Report) fourth-quarter 2018 adjusted earnings per share (EPS) came in at $1.56, beating the Zacks Consensus Estimate of $1.47 by 6.1%. The bottom line also improved 1.3% from $1.54 registered in the prior-year quarter.
Barring one-time items, the company generated GAAP earnings of $3.03 per share, against a loss of $1.99 in fourth-quarter 2017. This year- over-year upside was driven by solid top-line performance.
For 2018, Sempra Energy’s operating EPS came in at $5.57, up 2.8% from the prior-year quarter’s $5.42. The figure also surpassed the Zacks Consensus Estimate of $5.46 by 2%.
In the quarter under review, total revenues were $3,221 million, up 8.7% year over year on higher contributions from both its Utilities (up 7.5%) and energy-related businesses (up 17.5%). The top line also surpassed the consensus mark of $3,183 million by 1.2%.
For 2018, Sempra Energy’s revenues were $11,687 million, up 4.3% from the prior-year figure of $11,207 million. The figure surpassed the Zacks Consensus Estimate of $11,480 million by 1.8%.
San Diego Gas & Electric (SDG&E): Quarterly earnings amounted to $148 million compared with the year-ago quarter’s $131 million.
Southern California Gas Company (SoCalGas): The segment quarterly earnings amounted to $156 million in the fourth quarter of 2018 compared with earnings of $128 million in the prior-year quarter.
Sempra Texas Utility: This segment registered earnings of $88 million in the reported quarter.
Sempra South American Utilities: The segment recorded earnings of $59 million, up from $52 million in fourth-quarter 2017.
Sempra Mexico: The segment recorded net earnings of $76 million compared with $64 million in the year-ago quarter.
Sempra Renewables: The segment recorded net quarterly earnings of $382 million, compared with $203 million in the fourth quarter last year.
Sempra LNG & Midstream: The segment reported earnings of $147 million compared with the year-ago quarter’s $126 million.
Parent and Other: Quarterly loss declined to $192 million from the year-ago quarter’s loss of $1,205 million.
Sempra Energy Price, Consensus and EPS Surprise