After several one-time utility gains and charges, San Diego-based Sempra Energy reported a 37% increase in third quarter earnings compared to the same period last year, racking up $211 million, or $1/share, for the quarter, compared to $150 million, or 73 cents/share for the period in 2002. Without the one-time items earnings would have been $232 million, or $1.09/share, the company reported Thursday.

Revenues were $2.1 billion in the third quarter, compared to $1.4 billion for the same period in 2002. The increase was primarily due to increased electric sales in both the merchant and utility sectors, along with higher gas utility revenues, Sempra said in its announcement. The utility holding company continued to show profits in the utilities, merchant energy and trading sectors; it broke even with its energy services, and international unit showed a loss due to one time charges.

Calling it a “strong” quarter, Sempra CEO Stephen Baum said the two utilities — San Diego Gas and Electric Co. and Southern California Gas Co. — continue to do well, and in addition, the merchant energy developer, Sempra Energy Resources, is “producing a steady income stream that has become a reliable and consistent contributor to earnings.” A major boost in the quarter came from SDG&E, whose earnings jumped more than 60%, compared to the same period in 2002.

SoCalGas earnings were down slightly on a quarter-to-quarter comparison ($53 million vs. $56 million in the third quarter of 2002), but SDG&E had earnings of $120 million, compared to $46 million a year earlier. “The (SDG&E) increase was primarily due to the positive impact of the CPUC settlement…and higher transmission and distribution revenues…” Sempra reported in its announcement.

Sempra Energy Trading earned $22 million for the third quarter, compared to $10 million in the same quarter last year. The merchant energy developer, Sempra Energy Resources reported net income of $33 million in the third quarter, compared to $29 million in the same quarter in 2002. Sempra Energy Solutions, the energy service provider, “broke even” after posting $5 million in net income for the third quarter last year.

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