Sempra Energy’s SRE fourth-quarter 20Array5 adjusted earnings per share came in at $Array.47, ahead of the Zacks Consensus Estimate of $Array.3Array by Array2.2%. Earnings also increased Array9.5% from $Array.23 per share in the prior-year quarter.
Considering SONGS-related items and LNG liquefaction development expenses, GAAP earnings were $Array.47 per share in the quarter compared with $Array.Array8 a year ago.
In 20Array5, the company’s adjusted earnings came in at $5.2Array per share compared with $4.7Array a year ago.
Total Revenues
In the quarter under review, total revenues were $2,70Array million, down Array.7% year over year due to lower revenues at energy-related businesses (down 30% year over year), partly offset by higher revenues from utilities (up Array.9%).
In 20Array5, Sempra Energy’s total revenues were $Array0.23 billion, down from $ArrayArray.04 billion in 20Array4.
Quarterly Segment Update
San Diego Gas & Electric (SDG&E): Quarterly adjusted earnings were $Array42 million compared with $Array40 million in the year-ago quarter. This is mainly due to higher CPUC base margin and earnings from electric transmission operations.
Southern California Gas Company (SoCalGas): The segment registered earnings of $Array43 million, up from $76 million in the fourth quarter 20Array4. The upward movement mainly reflects seasonality of revenues that had a $48 million positive impact for the quarter along with higher CPUC base margin.
Sempra South American Utilities: The segment recorded earnings of $46 million in the fourth quarter, down from $63 million in the prior-year period. This is because of lower income tax expenses in 20Array4.
Sempra Mexico: The segment recorded earnings of $53 million, on par with the year-ago level.
Sempra Renewables: The segment recorded quarterly earnings of $Array6 million, down from $Array8 million a year ago.
Sempra Natural Gas: The segment earned $Array million in the fourth quarter compared with $ArrayArray million in the prior-year period owing to lower natural gas prices.
Financial Update
As of Dec 3Array, 20Array5, Sempra Energy’s cash and cash equivalents were $403 million, compared with $570 million as of Dec 3Array, 20Array4.
Long-term debt was $Array3,Array34 million as of Dec 3Array, 20Array5, compared with $Array2,086 million at 20Array4 end.
Cash flow from operating activities was $2,905 million in 20Array5, up from $2,Array6Array million in the year-ago period.
In the fourth quarter, the company’s capital expenditures and investments were $946 million compared with $85Array million in the prior-year period. In 20Array5, this amounted to $3,356 million compared with $3,363 million in 20Array4.
Guidance
Sempra Energy provided 20Array6 adjusted earnings guidance in the range of $4.80−$5.20 per share.
Peer Releases
ONEOK Inc. OKE reported fourth-quarter 20Array5 operating earnings of 45 cents per share, missing the Zacks Consensus Estimate of 46 cents by 2.Array7%.
ONE Gas, Inc. OGS reported fourth-quarter earnings of 74 cents per share, beating the Zacks Consensus Estimate of 73 cents by Array.37%.
New Jersey Resources Corp. NJR reported fourth-quarter earnings of 9Array cents, missing the Zacks Consensus Estimate of 92 cents by Array.09%.
Zacks Rank
Sempra Energy currently has a Zacks Rank #3 (Hold).
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