) fourth-quarter 2012 earnings per share of $1.08 beat the Zacks
Consensus Estimate of 97 cents by 11.3% but was lower than
the year-ago figure by 10 cents.
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The company reported GAAP earnings per share of $1.18, flat
year over year. The variance of 10 cents between GAAP and pro
forma earnings per share was due to a one-time receipt of 10
In 2012, Sempra Energy posted earnings of $4.35 per share, 5.8%
higher than the Zacks Consensus Estimate but lagged the 2011
results by a penny.
GAAP earnings for 2012 were $3.48 per share versus $5.51 per
share in 2011. The difference between operating and GAAP numbers
was due to non-cash charges of $239 million and after-tax cash
receipts of $25 million.
Total revenue of Sempra Energy in the fourth quarter of 2012 was
$2,668 million, surpassing the year-ago number by $64 million and
the Zacks Consensus Estimate by $40 million.
Full-year 2012 revenues came in at $9.6 billion, lagging the
year-ago figure by 3.9% and the Zacks Consensus Estimate by 2%.
The year-over-year decline in revenue was primarily due to a
29.6% decline in revenue from energy-related businesses.
San Diego Gas & Electric
: Quarterly earnings for San Diego Gas & Electric (SDG&E)
were $110 million compared with $158 million in the year-ago
quarter, primarily due to higher expenses and lower revenue for
wildfire insurance premiums compared with the previous year.
Southern California Gas Company (SoCalGas)
: The segment generated earnings of $99 million, up $20 million
year over year.
Sempra South American Utilities
: The segment recorded earnings of $46 million, up from $39
million in the fourth quarter of 2011.
: The segment recorded earnings of $35 million compared with $80
million last year. A change in an intercompany agreement resulted
in lower earnings at Sempra Mexico and higher earnings at Sempra
: The segment recorded earnings of $14 million, up from a loss of
$2 million in the fourth quarter of 2011. The uptrend was
primarily due to an increase in solar and wind assets.
Sempra Natural Gas
: The segment recorded earnings of $19 million versus a loss of
$36 million in fourth-quarter 2011. The turn to profit was driven
by cash receipts due to sale of its ownership interest in the
Rockies Express Pipeline and the change in the intercompany
agreement with Sempra Mexico, partially offset by lower earnings
from LNG marketing operations.
As of Dec 31, 2012, cash and cash equivalents were $475 million
increasing from $252 million at the end of Dec 31, 2011.
Long-term debt increased to $11.6 billion from $10.1 billion at
In 2012 cash flow from operating activities was $2.02 billion, up
from $1.87 billion in 2011.
Sempra Energy expects 2013 pro forma earnings in the range of
$4.30 to $4.80 per share. This earnings guidance takes into
consideration the anticipated 2012 impact of the final decision
in SDG&E's and SoCalGas' General Rate Cases and 30
cents per share in higher tax expense from repatriation of
dividends from international operations.
Other Company Releases
The Laclede Group Inc.
) reported earnings per share of $1.25 in the first quarter of
fiscal 2013, which surpassed the Zacks Consensus Estimate by
) reported fourth quarter 2012 earnings of 52 cents per share, up
23.81% from the Zacks Consensus Estimate.
Sempra Energy ends 2012 on a strong note and remains on track to
achieve compound annual earnings growth of 6% to 8%. The company
has doubled its renewable energy generation portfolio and its
success to win a bid to construct and own a $1 billion of natural
gas pipeline in Mexico will surely help its cause.
The board of directors approved a 4.8% increase in the quarterly
dividend rate to 63 cents. The increase reflects the underlying
strength of the business and management's inclination to improve
shareholder value. Sempra Energy currently has a Zacks Rank #2
(Buy). Another Zacks Rank # 2 (Buy) stock
Clean Energy Fuels Corp.
) is yet to release its fourth quarter 2012 results.
Based in San Diego, California, Sempra Energy, along with its
subsidiaries, engages in the development of energy
infrastructure, operation of utilities, and provision of
energy-related products and services to its consumers. With a
market cap of $18.30 billion, the company has 17,483