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

San Diego-based Sempra Energy on Monday reported “strong financial results” in the first quarter, with net income increasing by 72%.

The utility holding company reported earnings of $760 million, or $2.53 per share, compared to $441 million, or $1.59 per share, in the same period last year.

“Our strong financial results this quarter reflect the focused execution of our strategic plan,” said Sempra CEO Jeffrey W. Martin. “We plan to continue to strengthen our balance sheet and maintain solid liquidity across our companies, while pursuing our disciplined growth plan.”

But Martin said the company’s first priority during the pandemic was the safety of its employees.

“In the midst of a global pandemic, we are reminded that our employees face health risks in their daily lives and unique challenges in performing their jobs,” he said.

The company said it has activated a task force to respond to the impacts of the global pandemic and identify and mitigate risks across the Sempra family of

Among Sempra’s major subsidiaries, San Diego Gas & Electric saw a first quarter net income of $262 million, compared with $176 million in last year’s first quarter.

Southern California Gas Co. posted first-quarter net income of $303 million, compared with $264 million in the same period last year.

The company forecast full-year earnings in the range is $11.88 to $13.02 per share.

Sempra is the utility holding company with the largest U.S. customer base, with 18,000 employees delivering energy to over 35 million consumers

Chris Jennewein

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