Sempra Energy reported third-quarter 2015 earnings of $248 million, or $0.99 per diluted share, compared with $348 million, or $1.39 per diluted share, in last year's third quarter.
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For the first nine months of 2015, Sempra Energy's earnings were $980 million, or $3.91 per diluted share, up from $864 million, or $3.45 per diluted share, in the first nine months of 2014.
Sempra Energy's nine-month results in 2015 included a $36 million after-tax gain on the sale of the second block of Sempra U.S. Gas & Power's Mesquite Power facility, $7 million after tax in liquefied natural gas (LNG) liquefaction development expenses and a benefit of $13 million after tax for San Diego Gas & Electric (SDG&E), due to the reduction in the loss related to the San Onofre Nuclear Generating Station (SONGS).
In the first nine months of 2014, SDG&E recorded a $9 million charge related to the closure of SONGS. Excluding items in both years, Sempra Energy's adjusted earnings in the first nine months of 2015 were $938 million, or $3.75 per diluted share, up from $873 million, or $3.49 per diluted share, in the first nine months of last year.
Beginning in the first quarter 2015, Southern California Gas Co. (SoCalGas) adopted an order by the California Public Utilities Commission (CPUC) to recognize revenues from the utility's core activities on a seasonally adjusted basis (seasonality).
The application of seasonality in revenues will result in substantially all of SoCalGas' annual earnings being reported in the first and fourth quarters of the year, but will not affect full-year operating earnings or cash flow.
Sempra Energy's third-quarter 2015 earnings reflected $113 million lower earnings at SoCalGas due to seasonality, compared with the third quarter 2014.
For the first nine months of 2015, Sempra Energy's earnings were $48 million lower at SoCalGas due to seasonality, compared with the same period last year. Sempra Energy will see a $48 million after-tax benefit at SoCalGas in the fourth quarter related to seasonality. ■