Sempra Energy Offers Cautious 2013 Earnings View

Date : 03/29/2012 @ 9:59AM
Source : Dow Jones News
Stock : Sempra Energy (SRE)
Quote : 114.48  -0.07 (-0.06%) @ 4:04PM

Sempra Energy Offers Cautious 2013 Earnings View

Sempra (NYSE:SRE)
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Sempra Energy (SRE) forecast a 2013 profit that could fall short of Wall Street estimates ahead of its financial analyst conference in San Diego.

The company estimated 2013 earnings at $4.10 to $4.40, while analysts surveyed by Thomson Reuters expect $4.40 a share.

Sempra, which owns electric and natural-gas utilities in California, as well as gas pipelines and storage facilities and gas export terminals in the U.S. and Mexico, has been expanding into the wholesale solar-power and wind-power markets.

The company set a long-range earnings projection of $5.50 to $6 a share for 2016 and said it expects annual capital expenditures and investments to average about $2.7 billion from 2012 through 2016.

Last month, the energy-services holding company predicted 2012 earnings would be 40 cents less than what they otherwise would be, due to a change in its method of accounting for solar-power projects. Sempra on Thursday backed its 2012 guidance of $4 and $4.30 a share.

Sempra reported in February its fourth-quarter earnings rose 3.9% as strong growth at its San Diego Gas & Electric utility and the pipelines and storage segment contributed to an 11% revenue increase.

Shares closed Wednesday at $58.36 and were inactive premarket. The stock is up 6.1% so far this year.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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