San Diego-based Sempra Energy reported Thursday its annual earnings increased 16 percent in 2014 to $1.16 billion, or $4.63 per share, compared to $1 billion, or $4.01 per share, in 2013.
The 2014 results included $21 million in charges related to the early closure of the San Onofre Nuclear Generating Station, including $12 million in the fourth quarter. Sempra’s 2013 results included $77 million from the retroactive impact of a rate case, offset by a $119 million charge related to the San Onofre closure.
Excluding these amounts, Sempra’s adjusted earnings in 2014 were $1.18 billion, or $4.71 per share, up from adjusted earnings of $1.04 billion, or $4.18 per share, in 2013. Revenue increased to $11.03 billion from $10.56 billion the previous year.
Sempra’s fourth-quarter earnings increased to $297 million, or $1.18 per share, from $282 million, or $1.13 per share, in 2013. Excluding the San Onofre charge in the fourth quarter 2014, Sempra’s adjusted earnings in the fourth quarter 2014 were $309 million, or $1.23 per share. Revenue for the quarter was $2.75 billion, up from $2.70 billion in the same quarter of 2013.
“We achieved excellent results in 2014,” said Debra L. Reed, chairman and CEO of Sempra. “We delivered strong, year-over-year earnings growth and we advanced the Cameron LNG liquefaction-export facility and our other major infrastructure projects that are central to our five-year growth plan. We have made great progress toward achieving compound annual growth in earnings per share toward the upper end of our stated growth-rate range of 9 percent to 11 percent from 2014 through 2019.”
Last week, Sempra’s board of directors approved a 6-percent increase in the company’s annualized dividend to $2.80 per share from $2.64 per share.
The company forecast that earnings per share in 2015 would be in the range of $4.60 to $5.
Sempra Energy is a Fortune 500 company with 17,000 employees serving more than 32 million consumers worldwide.