Sempra Energy (NYSE: SRE) today reported first-quarter 2015 earnings of $437 million, or $1.74 per diluted share, up from $247 million, or $0.99 per diluted share, in the first quarter 2014.
Beginning in the first quarter 2015, Southern California Gas Co. (SoCalGas) adopted an order by the California Public Utilities Commission (CPUC) to recognize revenues from the utility’s core activities on a seasonally adjusted basis. The application of seasonality in revenues for SoCalGas will result in substantially all of SoCalGas’ annual earnings being reported in the first and fourth quarters of the year, but will not affect full-year operating earnings.
The $190 million increase in Sempra Energy’s first-quarter 2015 earnings included $113 million incremental earnings due to the seasonal adjustment at SoCalGas.
Sempra Energy’s first-quarter adjusted earnings were $428 million, or $1.71 per diluted share, in 2015, compared with $256 million, or $1.03 per diluted share, in 2014. First-quarter 2015 GAAP results included a benefit of $13 million after-tax, due to the reduction in the loss related to the San Onofre Nuclear Generating Station (SONGS) closure, offset by a $4 million after-tax liquefied natural gas (LNG) development expense. Last year’s first-quarter GAAP results included a $9 million after-tax charge related to the closure of SONGS.
“Our strong first-quarter operating results keep us on track to meet both our growth expectations and our 2015 adjusted earnings guidance,” said Debra L. Reed, chairman and CEO of Sempra Energy.