Sempra Energy (SRE) reported a decline in its first-quarter 2012 earnings to $236 million, or $0.97 per share, from $254 million, or $1.05 per share in the first quarter 2011. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.98 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the latest quarter were $2.38 billion, versus $2.43 billion in the comparable period last year. With effect from January 1, the company changed its accounting treatment for investment tax credits related to solar-power projects from the flow-through method to the deferral method. Sempra Energy's 2011 results have been restated to reflect this change in accounting method.
Sempra Energy's chief executive stated, "Our solid first-quarter results put us on track to meet our 2012 earnings-per-share guidance range of $4 to $4.30." Eleven analysts project earnings per share of $4.17 for the full year.
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