Sempra Energy (SRE) Thursday said first-quarter earnings declined to $178 million or $0.72 per share from $236 million or $0.97 per share in the prior year.
The latest results included a one-time charge for income tax expense of $63 million related to a reorganization in connection with the initial public offering of Sempra Energy's Mexican subsidiary.
On average, 8 analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues increased to $2.65 billion from $2.38 billion, owing mainly to higher revenue from utilities. Sempra said it does not plan to update its previous 2013 earnings guidance until after the California Public Utilities Commission issues a final decision in the General Rate Case for San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas).
If, however, the terms of the General Rate Case draft decision are adopted in the final decision, the company would expect earnings to be at the low end of the current per-share guidance range for 2013 of $4.30 to $4.80. Analysts expect earnings of $4.52 per share for the year.
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