San Diego-based Sempra Energy Thursday reported second quarter earnings that mirrored the results for the same period last year ($121 million, or 52 cents/diluted share, compared to $116 million, or 55 cents/share in the second quarter of 2003), but for the first six months of the year, profits were up 56% to $318 million, or $1.37/diluted share, compared to $204 million, or 98 cents/share, for the first half of 2003.
California utility results, which are still the bulk of the company’s earnings, were mixed with Southern California Gas Co. reporting increased net income for the second quarter ($50 million, compared to $37 million for the same quarter in 2003), and San Diego Gas and Electric Co. reporting decreased quarterly results ($30 million, compared with $41 million for last year’s second quarter), due to a loss of a revenue incentive in San Onofre Nuclear Generating Station, in which SDG&E holds a 20% interest.
Sempra’s energy trading unit contributed nearly half of the six-month profits, doubling its results to $158 million, compared with $60 million during the first six months of 2003. The merchant electric generation business and California utilities also provided “solid results,” according to Steve Baum, Sempra’s CEO.
The discontinuance of Sempra’s UK-based Atlantic Electric & Gas caused Sempra to record $8 million and $32 million losses for the second quarter and first six months, respectively.
Revenues for the second quarter totaled $2 billion, Sempra said, compared with $1.8 billion for the same period last year. For the first half of the year, overall revenues were $4.4 billion, compared to $3.8 billion for the same six-month period in 2003.
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