Summary
Sempra Energy reported a net income of $236 million ($0.97 per diluted share) for the first quarter of 2012, a decrease from $254 million ($1.05 per diluted share) in the same period last year. The decline was primarily driven by lower earnings at Sempra Natural Gas, largely due to the expiration of a significant contract and the sale of a power plant, although this was partially offset by improved performance from Sempra South American Utilities and SDG&E. The company also announced updates to its credit facilities, entering into new five-year agreements for Sempra Energy, Sempra Global, and the California Utilities. Major capital projects are underway, including the Sunrise Powerlink transmission line and significant investments in renewable energy and natural gas infrastructure. The company's California Utilities (SDG&E and SoCalGas) are actively engaged in regulatory proceedings for their 2012 General Rate Cases and cost of capital adjustments, which will influence future revenue requirements and earnings.
Financial Highlights
46 data points| Revenue | $2.38B |
| Interest Expense | $113.00M |
| Net Income | $236.00M |
| EPS (Basic) | $0.49 |
| EPS (Diluted) | $0.48 |
| Shares Outstanding (Basic) | 481.20M |
| Shares Outstanding (Diluted) | 487.60M |
Key Highlights
- 1Net income decreased by 7% to $236 million ($0.97 diluted EPS) compared to $254 million ($1.05 diluted EPS) in Q1 2011, primarily due to a significant drop in earnings from Sempra Natural Gas.
- 2Total revenues slightly decreased to $2.38 billion from $2.43 billion in the prior year's quarter.
- 3SDG&E's earnings increased by 18% to $105 million, driven by investments in infrastructure like the Sunrise Powerlink and the acquisition of the Desert Star generation facility.
- 4SoCalGas' earnings slightly decreased by 3% to $66 million, impacted by higher operating expenses and bad debt accruals, partially offset by regulatory awards.
- 5Sempra South American Utilities saw a significant earnings increase to $40 million, driven by the consolidation of acquired South American utility interests.
- 6The company refinanced its credit facilities, entering into new five-year revolving credit agreements for Sempra Energy, Sempra Global, and the California Utilities, increasing overall credit availability.
- 7Capital expenditures for 2012 are projected at $3.1 billion, with significant portions allocated to the California Utilities' infrastructure improvements and various projects within Sempra International and Sempra U.S. Gas & Power, including renewable energy development.