Sempra Energy
Sempra Energy Reports Higher First-Quarter 2017 Earnings

May 10, 2017

Sempra Energy (NYSE: SRE) reported first-quarter 2017 earnings of $441 million, or $1.75 per diluted share, up from $353 million, or $1.40 per diluted share, in the first quarter 2016.

"Our strong first-quarter results keep us on track to meet our 2017 earnings guidance," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "As we outlined at our analyst conference last month, we are executing on our strategic plan to grow our earnings at about twice the average rate of our utility peers from 2017 through 2021."

All earnings, adjusted earnings, earnings per share and adjusted earnings per share for 2016 have been recast to reflect the adoption of a share-based compensation accounting standard in 2016. Additionally, first-quarter 2016 results for Southern California Gas Co. (SoCalGas) and San Diego Gas & Electric (SDG&E) did not include revenue from their 2016-18 General Rate Case, as the California Public Utilities Commission (CPUC) did not issue its final decision until last year's second quarter.

Sempra Energy's first-quarter adjusted earnings were $438 million, or $1.74 per diluted share, in 2017, up from $404 million, or $1.60 per diluted share, in 2016. Last year's adjusted first-quarter results excluded a $27 million after-tax loss related to the previously announced agreement to sell Sempra LNG & Midstream's stake in the Rockies Express Pipeline (REX) and $24 million of deferred tax expense related to the planned Termoeléctrica de Mexicali (TdM) power plant sale. Sempra Energy's adjusted first-quarter 2017 results excluded a $3 million deferred tax benefit related to the planned sale of TdM.

Click here to read the full press release.

For more information:

Sempra Energy

101 Ash St
San Diego, California
United States, 92101
Tel: 619-696-2000

Link http://www.electricenergyonline.com/detail_news.php?ID=636792
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