Sempra Energy headquarters.
Sempra Energy headquarters in downtown San Diego. Courtesy of the company

Sempra Energy reported a 27 percent rise in first quarter earnings on Tuesday and said it is “well positioned” for continued growth.

The San Diego-based utility-holding company said it earned $441 million, or $1.59 per share, in the first quarter, compared to $347 million, or $1.33 per share, in the same period last year. Revenues rose to $2.90 billion from $2.54 billion a year ago.

“Our earnings performance this quarter reflects our strategic focus, improved capital investments and commitment to a high-performance culture, as we work to
achieve our mission to be North America’s premier energy infrastructure company,” said Sempra CEO Jeffrey W. Martin.

“Sempra Energy is well positioned at the intersection of two key trends — the transition toward cleaner energy, and the U.S.’ rise as a global energy leader — and this creates a unique opportunity for our company’s continued growth,” he said.

The company is moving ahead with major investments to support the worldwide export of natural gas. Last month its Cameron Liquefied Natural Gas project in Hackberry, LA, began the liquefaction of U.S. natural gas for export..

Among Sempra’s major subsidiaries, San Diego Gas & Electric saw first quarter net income of $176 million, compared with $170 million in last year’s first quarter.

Southern California Gas Co. had first quarter net income of $264 million, compared with $225 million in the same period last year.

The company told investors it continues to expect adjusted earnings per share of $5.70 to $6.30 in 2019 and $6.70 to $7.50 in 2020.

Sempra shares closed at $125.71 on Wall Street Tuesday, down two-thirds of a point amid a general market decline caused by trade war fears.

Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.