) is expected to release its third-quarter 2012 results on
November 6, 2012. The Zacks Consensus Estimate for the third
quarter of 2012 is $1.00 per share (significant year-over-year
decrease of 18.03%) on revenues of $2,317 million (year-over-year
decrease of 10.1%).
Second-quarter 2012, a Synopsis
Sempra Energy reported its second-quarter 2012 results with pro
forma earnings per share of 98 cents, beating the Zacks Consensus
Estimate of 80 cents and the year-ago figure of 94 cents. Total
revenue of Sempra Energy in the second quarter of 2012 was $2.1
billion, down 13.7% year over year and also below the Zacks
Consensus Estimate of $215 million.
In the quarter, Sempra Utilities' top line decreased to $1.83
billion from $1.92 billion in the year-ago quarter.
Energy-related businesses generated revenues of $251 million
compared with $500 million in the year-ago quarter.
Sempra Energy reaffirmed its fiscal 2012 pro forma earnings
guidance range of $4 to $4.30 per share. However, including the
pipeline charge of 73 cents and a tax benefit of 19 cents per
share, the company's GAAP earnings per share were in the range of
$3.46 to $3.76 per share.
Read our full coverage on this earnings report:
Sempra Beats EPS, Sales Trail
The analysts covered by Zacks expects Sempra to post
third-quarter 2012 earnings of $1.00 per share, lower than $1.22
delivered in the prior-year quarter. Currently, the Zacks
Consensus Estimate ranges between earnings of 98 cents and $1.01
For 2012, the Zacks Consensus Estimate stood at $4.19 per share,
as compared to $4.47 per share in the year ago period. The
current Zacks Estimate ranges between $4.05 and $4.31 per share.
Estimate Revisions Trend
We see hardly any movement in third-quarter 2012. Among the 6
estimates, none of the estimates moved in the upward direction
over the last 7 days. However, one moved upward in the last 30
days. Similarly, none of the estimates moved in the opposite
direction over the last 7 days while one moved down in the last
For full-year 2012, among the 7 estimates, none of the estimates
moved in the upward direction over the last 7 days. However, one
moved upward in the last 30 days. Similarly, none of the
estimates moved in the opposite direction over the last 7 days
while two moved down in the last 30 days.
The Zacks Consensus Estimate for the third quarter of 2012
remained static for the last 7 days. However, it inched up by 4
cents to $1.00 per share over the last 30 days. For full-year
2012, the Zacks Consensus Estimate did not show any movement in
the last 7 days, while it moved down by 2 cents over the last 30
With respect to earnings surprises, Sempra has topped the Zacks
Consensus Estimate in the last four quarters in the range of
0.83% to 22.50%. The average surprise over the last four quarters
remained at positive 9.36%. The earnings beat in June 2012 was
the highest at 22.50%.
Sempra Energy is a southern California-based energy services
holding company involved in the sale, distribution, storage, and
transportation of electricity and natural gas. The company's
businesses are broadly divided into Sempra Utilities, Sempra
International and Sempra U.S. Gas & Power.
Sempra Energy's diversified basket of businesses insulates its
operations to a significant degree from regulatory rate risks. We
believe the company presents a lower risk profile relative to its
). This bullish outlook is supported by stable utility earnings,
steady progress at its LNG terminals, renewable power projects in
the Pacific Southwest, the Sunrise Powerlink transmission line
and ongoing installations of smart meter.
However, we remain concerned due to lack of any near-term
positive triggers, along with near-term trepidation in natural
gas prices and pending regulatory cases. The company presently
retains a short-term Zacks #3 Rank (Hold) that corresponds with
our long-term Neutral recommendation on the stock.
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