Sempra Energy 's ( SRE ) first quarter
2013 earnings per share of 97 cents per share missed the Zacks
Consensus Estimate of $1.02 per share. Earnings were flat year over
Including a one-time charge of 26 cents per share for income tax
expense related to reorganization in connection with the initial
public offering of Sempra Energy's Mexican subsidiary, the company
reported earnings of 72 cents versus 97 cents per share in the
first quarter of 2012.
Total revenue of Sempra Energy in the first quarter of 2013 was
$2,334 million, up 11.6% year over year. However, the top-line
missed the Zacks Consensus Estimate by $50 million.
San Diego Gas & Electric (SDG&E):
Quarterly earnings for San Diego Gas & Electric were $91
million compared with $105 million in the year-ago quarter.
Southern California Gas Company (SoCalGas): The
segment generated earnings of $46 million, up from $66 million in
first quarter 2012.
Sempra South American Utilities: The segment
recorded earnings of $37 million, down from $40 million in the
prior-year period. The decline reflects impairment charge on its
investment in Argentine utilities. However, these were partially
offset by higher earnings in Chilean and Peruvian operations.
Sempra Mexico: The segment recorded earnings of
$31 million, down from $33 million in first quarter 2012.
During the quarter, Sempra Mexico completed separate debt and
equity offerings and thereby succeeded in raising approximately $1
billion of external capital. The Mexican operating company
was renamed "IEnova."
Sempra Renewables: The segment recorded earnings
of $4 million, down from $10 million in first quarter 2012. The
decline reflects lower tax benefits from solar projects.
Sempra Natural Gas: The segment recorded earnings
of $53 million, up from $1 million in the prior-year period.
As of Mar 31, 2013, cash and cash equivalents were $1,471 million,
up from $475 million as of Dec 31, 2012. Long-term debt was $10,680
million, down from $11,621 million at 2012 end. During the quarter,
cash flow from operating activities was $835 million, up from $699
million in first quarter 2012.
Sempra does not plan to revise its 2013 earnings guidance until
the California Public Utilities Commission issues a final decision
in the General Rate Case for SDG&E and SoCalGas. Currently,
even if the General Rate Case draft decision is adopted in the
final decision, the company expects 2013 earnings to remain at the
low end of the guidance range of $4.30 to $4.80 per share.
At the Peer
Edison International ( EIX ) reported adjusted
earnings of 77 cents per share for the first quarter of 2013,
comfortably surpassing both the Zacks Consensus Estimate of 64
cents and the year-ago quarterly earnings of 54 cents per
Zacks RankEDISON INTL (EIX): Free Stock Analysis ReportLACLEDE GRP INC (LG): Free Stock Analysis
ReportNATL FUEL GAS (NFG): Free Stock Analysis ReportSEMPRA ENERGY (SRE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment
Sempra Energy presently retains a short-term Zacks Rank #2 (Buy).
Other stocks worth considering are The Laclede Group,
Inc. ( LG )
and National Fuel Gas Company ( NFG ), both with a
Zacks Rank #2 (Buy).