NEWS: Sempra Energy reported Tuesday that its third-quarter net income increased 10 percent but the results fell short of market expectations.
DETAILS: The company was helped by improved revenue from its utility business. A $60 million charge tied to the write-down of its stake in the Rockies Express Pipeline in the prior quarter also helped boost this year's results by comparison.
NUMBERS: Its net income rose to $296 million, or $1.19 per share, for the three months that ended Sept. 30. That is compared with net income of $268 million, or $1.09 per share, for the same period last year. It earned $1.33 per share last year on an adjusted basis.
Total revenue increased to $2.55 billion from $2.51 billion.
Analysts polled by FactSet were anticipating earnings of $1.21 per share on revenue of $2.62 billion.
FUTURE: Sempra reaffirmed its full-year forecast of earnings between $4.30 and $4.60 per share for the year; analysts are expecting $4.39 per share.
The company said that pending Mexican tax reform legislation will likely reduce its 2013 earnings per share by about 5 cents. Sempra also is working actively to complete a joint venture for the Energia Sierra Juarez wind project. If the joint venture is not formed as planned this year, it expects 5 cents per share of its earnings would be deferred from 2013.
STOCK: Shares of the San Diego-based energy company fell 57 cents to $91.36 by midday, in line with broader market activity.
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- Company Earnings
- Sempra Energy