San Diego-based utility holding company Sempra Energy on Friday reported significantly higher second-quarter earnings and raised it’s financial outlook for the year.
The company earned $259 million, or $1.03 per share, compared to $16 million, or $0.06 per share, in the second quarter 2016. Revenue rose 17 percent to $2.53 billion from $2.16 billion.
“Strong operating results were coupled with positive regulatory outcomes,” said Debra L. Reed, chairman, president and CEO of the company.
The company is now targeting earnings per share of $4.95 to $5.25 for the year, up from $4.85 to $5.25.
Reed noted that earlier this week Sempra’s Southern California Gas unit was able to resume limited injections of natural gas at the Aliso Canyon storage facility, which had been out of operation because of leaks.
San Diego Gas & Electric, another unit of the company, posted second-quarter earnings of $149 million, compared with $100 million in the second quarter last year.
Sempra’s earnings for the first six months of 2017 were $700 million, or $2.77 per share, compared with $369 million, or $1.47 per share, in the first six months of 2016.
The company’s stock was down a fraction of a point in early trading on the New York Stock Exchange.