The stock market was in full coronavirus panic mode on Thursday, but Sempra Energy reported 2019 earnings of $2.1 billion, more than double the $924 million posted in 2018.
“This year has been one of the strongest in our company’s history,” said Jeffrey W. Martin, chairman and CEO of the San Diego-based utility holding company. “Our earnings results are a direct reflection of our sharper strategic focus and ongoing execution of our mission to be North America’s premier energy infrastructure company.”
The company’s annual earnings equaled $7.29 per share, compared to $3.42 per share in 2018. The company said it expected to earn between $12.78 and $14.26 per share in 2020, an estimate that includes the anticipated gain on the sale of its South American businesses.
For the fourth quarter, Sempra earned $447 million, or $1.55 per share, compared with earnings of $864 million, or $3.03 per share, in the fourth quarter 2018.
The company’s stock closed Thursday at 141.42 per share, down nearly 4% amid a general market panic.
Sempra is the utility holding company with the largest U.S. customer base. It has more than 20,000 employees and over 40 million customers worldwide.
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