Despite a $24 million loss taken on the sale of a UK-based retail energy marketer, San Diego-based Sempra Energy reported first quarter earnings that more than doubled results in the first quarter last year ($197 million, or 85 cents/share, versus $88 million, or 42 cents/share).

Excluding the loss, Sempra said first quarter earnings were $221 million, or 96 cents/diluted share, compared to $120 million, or 58 cents/share, in the first quarter last year. Revenues in the first quarter were $2.4 billion, up from $1.9 billion for the first quarter of 2003. The increase was “due primarily to increased power deliveries by (the merchant energy unit) Sempra Energy Resources, and higher commodity prices,” Sempra said.

All of Sempra’s major business units except its energy services unit, Sempra Energy Solutions, showed increased earnings, although the utilities — the core business — were only up slightly. Trading, merchant energy, and international operations increased considerably over first-quarter 2003 results. The Solutions unit lost $4 million for the first quarter, compared with breaking even in the same quarter a year earlier.

Sempra CEO Stephen Baum said the favorable results reflect “the continued execution of our strategy.” He said that the trading, merchant energy and utility units were “producing solid earnings and positive cash flow.”

The loss came from the discontinued operations of Atlantic Electric & Gas, a United Kingdom-based retail energy marketer, which was sold earlier this week, according to Baum.

Combined, the utilities — San Diego Gas and Electric Co. and Southern California Gas Co. — produced $106 million of net income, compared to $103 million for the first quarter 2003. Individually, SDG&E had profits of $50 million for the quarter, compared to $45 million in the same period in ’03; SoCalGas was down slightly, earning $56 million this first quarter, compared with $58 million the same quarter last year.

Sempra Energy Trading showed $59 million in profits, compared to $10 million in the first quarter of 2003 when it had the cumulative impact of accounting principle changes. Sempra Energy Resources first-quarter profits totaled $37 million, compared with $10 million for the same quarter in 2003; and the international and LNG operations showed $17 million in net income, compared with $7 million for the first quarter last year.

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