Sempra Energy (SRE) updated its financial outlook in advance of its financial analyst conference today in New York City. The company narrowed its earnings-per-share guidance for 2013 to $4.30 to $4.60 from prior per-share guidance of $4.30 to $4.80. Analysts polled by Thomson Reuters expect the company to report earnings of $4.49 per share for fiscal 2013. Analysts' estimates typically exclude special items.
The 2013 earnings guidance 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.
The company set earnings-per-share guidance at $4.25 to $4.55 for 2014 and $5.10 to $5.60 for 2017. This 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. Analysts expect the company to report earnings of $4.68 per share for fiscal 2014.
Additionally, the company reaffirmed its long-term compound annual earnings growth target of 6 percent to 8 percent.
The company said during a live webcast at 1 p.m. EDT today, its management team will provide an update on the company's strategic plan. It said its executives will discuss additional growth opportunities that could result in a compound annual earnings growth rate of 8 percent to 10 percent through 2017.
Executives also will detail at the conference capital-expenditure plans and forecasted earnings by business unit. From 2013 through 2017, the company expects capital expenditures and investments to average approximately $2.9 billion annually.
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