Sempra Energy reports strong 2017 operating results

On an adjusted basis, Sempra Energy’s 2017 earnings increased to US$1.37 billion, or US$5.42 per diluted share, from US$1.27 billion, or US$5.05 per diluted share, in 2016. Among the items excluded from 2017 adjusted earnings was a Q4 US$870 million income-tax expense related to the impact of the Tax Cuts and Jobs Act of 2017. A portion of this income-tax expense relates to Sempra Energy’s plans to repatriate approximately US$1.6 billion of undistributed foreign earnings over the next five years. Also excluded from Sempra Energy’s 2017 adjusted earnings was the previously disclosed third-quarter US$208 million after-tax write-off related to the California Public Utilities Commission (CPUC) denial of recovery by San Diego Gas & Electric (SDG&E) of costs related to the 2007 San Diego wildfires.

“In 2017, we produced outstanding financial and operating results, while making significant investments to fuel our future growth,” said Debra L. Reed, chairman, president and CEO of Sempra Energy. “Our proposal to acquire a majority stake in Oncor continues to gain positive momentum and we expect state regulators to complete their review within the next month. Our California utilities are executing on their robust capital programs to reinforce their systems and filed their General Rate Case applications for 2019. Additionally, both SDG&E and Sempra LNG & Midstream recently resolved key business issues, resulting in better visibility going forward.”

For the fourth quarter, Sempra Energy recorded a loss of $501 million, or US$1.99 per diluted share, in 2017, compared with earnings of US$379 million, or US$1.51 per diluted share, in 2016. Excluding items in the table below, Sempra Energy’s adjusted earnings in the fourth quarter 2017 increased to US$389 million, or US$1.54 per diluted share, from US$383 million, or US$1.52 per diluted share, in the fourth quarter 2016.

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