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

Sempra Energy on Wednesday reported a 48% increase earnings from continuing operations in the second quarter on a 13% increase in revenue.

The San Diego-based utility holding company earned $2.24 billion, or $7.61 per share, compared to earnings of $354 million, or $1.26 per share, in the same period last year.

The results in the latest quarter included a one-time $1.75 billion gain from the sale of the company’s South American businesses in June. Earnings from continuing operations were reported as $528 million, compared to $357 million in the same period a year ago.

The company said its investments are now focused on top-tier markets in North America, including California, Texas, Mexico, and North America’s liquefied natural gas export market.

“Our year-to-date financial results set us up well to post strong results for the full year in 2020 and are a credit to the dedication and teamwork of our employees who have continued to deliver for our stakeholders amid the pandemic and a challenging economic backdrop,” Sempra CEO Jeffrey W. Martin said.

The company’s Cameron Liquefied Natural Gas project in Louisiana is expected to reach full commercial operation this month. The facility is forecast to generate nearly $12 billion of after-debt-service cash flow for Sempra during a 20-year contract period.

Among its major subsidiaries, San Diego Gas & Electric saw a second-quarter net income of $193 million, compared with earnings of $143 million in last year’s second quarter.

Net income for Southern California Gas Co. was $146 million in the second quarter, compared with $30 million in earnings in last year’s second quarter.

Sempra said it expects full-year earnings to be in the range of $12.59 to $13.19 per share.

With more than $60 billion in total assets and 18,000 employees, Sempra has the largest U.S. customer base of any utility holding company.

Chris Jennewein

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