San Diego-based Sempra Energy on Tuesday reported 18 percent higher earnings in the third quarter on a 10 percent increase in revenue and predicted a strong finish for the year.
The parent company of San Diego Gas & Electric earned $348 million, or $1.39 per share, up from $296 million, or $1.19 per share, in the third quarter of 2013. Revenue rose to $2.82 billion from $2.55 billion a year ago.
For the first nine months of 2014, Sempra’s earnings were $864 million, or $3.45 per share, up from $719 million, or$2.89 per share, in the first nine months of 2013. Revenue was the period was $8.29 billion, compared to $7.85 billion last year.
“Based on solid financial results across all of our businesses in the third quarter and through the first nine months of the year, we are confident we will be near the high end of our 2014 earnings-per-share guidance range,” said Debra L. Reed, chairman and CEO.
“We continue to accomplish new milestones in our growth plan. Last month, the Cameron LNG joint venture broke ground on its liquefaction-export project, which should be operational in 2018. Our Mexican unit, IEnova, completed the first phase of the Sonora pipeline and is nearing completion of the first phase of the Los Ramones pipeline. In addition, we will be bidding later this year on several additional pipeline projects under Mexico’s energy privatization plan.”
Sempra is a Fortune 500 energy services holding company with 2013 revenues of more than $10.5 billion. The company’s 17,000 employees serve more than 31 million consumers worldwide.