San Diego-based Sempra Energy reported Tuesday an 11% increase in annual earnings and raised the dividend despite lower results in the fourth quarter of 2022.
The utility holding company that is the parent of San Diego Gas & Electric earned $2.09 billion, or $6.62 per share, on revenue of $14.4 billion in 2022, compared to $1.25 billion, or $4.01 per share, on revenue of $12.9 billion in 2021.
For the fourth quarter, Sempra earned $438 million, or $1.39 per share, on revenue of $3.46 billion, compared to $604 million, or $1.90 per share, on revenue of $3.84 billion in the fourth quarter of 2021.
The board of directors raised the annual dividend to $4.76 per share from $4.58 per share in 2022.
The company also reaffirmed its full-year 2023 expectation of profitability in the range of $8.60 to $9.20 per share and said it expects to grow by 6% to 8% annually over the long term.
“Over the last five years, Sempra has been successful in simplifying its business model and improving its position as a leader in some of North America’s largest economic markets,” the company said in a statement.
“Moreover, the company has increased the scope and scale of its three business platforms — Sempra California, Sempra Texas and Sempra Infrastructure. This has allowed the company to also increase its recurring cash flows and substantially improve its financial performance.”
Sempra stock closed down Tuesday nearly 5 points at 149.96 per share, but rose over a point in after-hours trading.
