San Diego-based Sempra Energy Friday reported net income of $813 million, or $2.84 per diluted share, in the third quarter compared to $274 million, or 99 cents per diluted share, in the same period last year.
The company recently announced that it had entered into two agreements to sell its businesses in South America for combined proceeds of approximately $5.82 billion.
The two agreements, one to sell its equity interests in its Peruvian business to China Yangtze Power International Co. and the other to sell its equity interests in its Chilean businesses to State Grid International Development Limited, are expected to be completed in the first quarter of 2020, according to the company.
“At Sempra Energy, we laid out a plan last year to increasingly focus on core markets where we can produce the best results for our stakeholders.” Sempra CEO Jeffrey W. Martin said. “With our recently announced agreements to sell our South American businesses, it reflects our ongoing commitment to simplify our strategy.”
For the first nine months as a whole, Sempra reported net income of $1.61 billion, or $5.74 per diluted share, compared with $60 million, or 23 cents per diluted share in the same period last year.
Among its major subsidiaries, San Diego Gas & Electric saw a third quarter net income of $263 million, compared with a net income of $205 million in last year’s third quarter. For the first three quarters combined, net income was $582 million, compared with $521 million last year.
Net income for Southern California Gas Co. was $143 million, compared with net losses of $14 million in last year’s third quarter. SoCalGas’ nine- month earnings were $437 million compared with $244 million in 2018.
–City News Service