Sempra Energy (SRE) on Thursday lowered the top end of its fiscal 2013 earnings outlook range and also forecast earnings for fiscal 2014 below analysts' estimates. The utility company's shares are down more than 4 percent in the regular trading session.
Ahead of a financial analyst conference today in New York City, San Diego, California-based Sempra forecast fiscal 2013 earnings in a range of $4.30 to $4.60 per share, compared to the prior range of $4.30 to $4.80 per share.
On average, fifteen analysts polled by Thomson Reuters expect the company to report earnings of $4.49 per share for the year. Analysts' estimates typically exclude special items.
The revised earnings outlook includes $0.30 per share of earnings for the recognition of additional authorized revenues for 2012 operations under the recent General Rate Case decision for San Diego Gas & Electric and Southern California Gas Co.
Looking ahead, Sempra forecasts earnings in a range of $4.25 to $4.55 per share for fiscal 2014 and earnings of $5.10 to $5.60 per share for fiscal 2017. Analysts expect the company to report earnings of $4.68 per share for fiscal 2014.
The company noted that the earnings guidance does not reflect any significant contribution from the Cameron LNG liquefaction-export project, which is not expected to be in full operation until the end of 2018.
Additionally, Sempra reaffirmed its long-term compound annual earnings growth target of 6 percent to 8 percent.
The company said that during a live webcast at 1 p.m. EDT Thursday, its management team will provide an update on its strategic plan. The company's executives will discuss additional growth opportunities that could result in compound annual earnings growth rate of 8 percent to 10 percent through 2017.
At the conference, executives will also detail capital expenditure plans and forecast earnings by business unit. From 2013 through 2017, the company expects capital expenditures and investments to average approximately $2.9 billion annually.
Debra Reed, chairman and CEO of Sempra Energy said, "At today's analyst conference, we will outline a number of exciting growth opportunities that, combined with our existing assets, should enable us to continue to deliver superior returns to our investors."
In early May, Sempra reported a decline in profit for the first quarter to $178 million or $0.72 per share from $236 million or $0.97 per share in the prior-year period. However, total revenues for the quarter rose 11 percent to $2.65 billion from $2.38 billion in the year-ago period, owing mainly to higher revenue from utilities.
At that time, 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 and Southern California Gas Co.
Sempra also said at that time that if, however, the terms of the General Rate Case draft decision were adopted in the final decision, it would expect earnings at the low end of its previous guidance range for 2013.
In Thursday's regular session, SRE is trading at $78.25, down $3.40 or 4.16 percent on a volume of 841,682 shares.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.