San Diego utility company Sempra, the parent of San Diego Gas & Electric, reported an 8% increase in second quarter earnings and its board declared a two-for-one stock split.
Sempra said Thursday it posted earnings of $603 million, or $1.91 per share, on $3.34 billion in revenue, compared to $559 million, or $1.77 per share, on $3.55 billion in revenue a year ago.
The stock split will be in the form of a 100% stock dividend distributed Aug. 21 to shareholders of record on Aug. 14. The company expects split-adjusted common stock to begin trading on Aug. 22.
“The stock split is intended to make Sempra’s common stock more accessible to a broader base of investors who want to join the company’s mission to be North America’s premier energy infrastructure company,” the company said.
Jeffrey W. Martin, chairman and chief executive officer, said the strong quarter reflects successful efforts to simplify the company’s business model.
“We have been successful in simplifying our business model and rotating capital into our three growth platforms — Sempra California, Sempra Texas and Sempra Infrastructure,” he said. “In combination, these actions have contributed to another strong quarter of financial performance, while also positioning us for continued growth and value creation through the end of the decade.”
Sempra adjusted it’s full-year earnings forecast to the range of $8.78 to $9.38 per share.
The company serves 40 million customers in California, Texas and Mexico, and is a major supplier of liquified natural gas for the international market.
