Sempra Reports Higher Second-Quarter Earnings, But Adjusts Full-Year Outlook

By Chris Jennewein, Times of San Diego

August 4, 2022

San Diego-based Sempra on Thursday reported higher second-quarter profits but slightly lowered its earnings guidance for the full year.

The utility and energy infrastructure company reported earnings of $559 million, or $1.77 per share, compared to $424 million, or $1.37 per share, in the second quarter of 2021. Revenue increased to $3.55 billion from $2.74 billion a year ago.

The company said full-year results would be in the range of $6.90 to $7.50 per share, slightly lower than the $7.11 to $7.71 range forecast in May.

Sempra shares closed down 2% to $161.44 amid a general losing day on Wall Street.

“At Sempra, we want to help ensure energy is increasingly abundant, cleaner and more affordable,” said Chairman and CEO Jeffry W. Martin. “We’re executing against a plan that extends our capabilities to better serve the growing needs of customers here in North America and overseas.”

The company cited “significant commercial momentum in the second quarter” from its liquefied natural gas business, with numerous contracts signed with European customers amid the war in Ukraine.

“There is an intersection of opportunity right now,” said Justin Bird, CEO of Sempra’s infrastructure unit. “It is expected that the United States will more than double its LNG export capacity by the end of the decade, while advancing the dual objectives of global energy security and de-carbonization.”

Sempra, which is the parent of San Diego Gas & Electric and Southern California Gas, serves nearly 40 million consumers in North America.

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