million in the prior year's fourth quarter, primarily due to higher revenues for
incremental wildfire insurance premiums in the fourth quarter 2011 and higher
expenses with no authorized revenue increase in 2012.
Southern California Gas Co. SoCalGas earned $289 million in 2012, compared with $287 million in 2011. In the fourth quarter, SoCalGas' earnings were $99 million in 2012, compared with $79 million in 2011, due to lower income taxes, partially offset by higher depreciation and other operating expenses.
SEMPRA INTERNATIONAL Sempra South American Utilities In 2012, earnings for Sempra South American Utilities were $164 million, compared with $425 million in 2011. Earnings in 2011 were higher due to the $277 million second-quarter gain from the write-up in value of the company's South American utility investments. In the fourth quarter 2012, Sempra South American Utilities had earnings of $46 million, up from $39 million in the prior year's fourth quarter.
Sempra Mexico Sempra Mexico's earnings in 2012 were $157 million, compared with $192 million in 2011. Sempra Mexico's fourth-quarter earnings were $35 million in 2012, compared with $80 million in 2011. During the fourth quarter 2012, a change in an intercompany agreement resulted in lower earnings at Sempra Mexico and higher earnings at Sempra Natural Gas.
SEMPRA U.S. GAS & POWER Sempra Renewables In 2012, earnings for Sempra Renewables increased to $61 million from $7 million in 2011. Fourth-quarter earnings for Sempra Renewables were $14 million in 2012, compared with a loss of $2 million in 2011, due primarily to the addition of solar and wind assets in 2012.
Since the beginning of 2012, Sempra U.S. Gas & Power has put into service more than 500 megawatts (MW) of wind and solar power projects stretching from Hawaii to Pennsylvania. The company's portfolio of renewable energy now totals nearly 850 MW.
Sempra Natural Gas Sempra Natural Gas posted a loss of $241 million in 2012, compared with earnings of $115 million in 2011. Sempra Natural Gas' 2012 results included the $239 million of non-cash charges for the write-down of its investment in the Rockies Express Pipeline, offset by the receipt of the $25 million cash payment from Kinder Morgan related to the sale of its ownership in the pipeline. In the fourth quarter 2012, Sempra Natural Gas earned $19 million, compared with a loss of $36 million in the fourth quarter 2011. The higher fourth-quarter earnings were due primarily to the receipt of the cash payment from Kinder Morgan and the change in the intercompany agreement with Sempra Mexico, partially offset by lower earnings from LNG marketing operations.
2013 EARNINGS GUIDANCE Sempra Energy today announced an earnings-per-share guidance range for 2013 of $4.30 to $4.80, which includes recording the anticipated 2012 impact of the final decision in SDG&E's and SoCalGas' General Rate Cases (expected in the first half of 2013) and approximately $0.30 per share in higher tax expense from repatriation of dividends from international operations.
NON-GAAP FINANCIAL MEASURES Adjusted earnings for 2012 and 2011 are non-GAAP financial measures. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the fourth-quarter financial tables.
INTERNET BROADCAST Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EST with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2184727.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2012 revenues of approximately $10 billion. The Sempra Energy companies' nearly 17,000 employees serve more than 31 million consumers worldwide.
On Jan. 1, 2012, Sempra Energy consolidated Sempra Generation, Sempra Pipelines & Storage and Sempra LNG into two new operating units: Sempra International and Sempra U.S. Gas & Power. Sempra International is comprised of two new reporting segments: Sempra South American Utilities and Sempra Mexico. Sempra U.S. Gas & Power also is comprised of two new reporting segments: Sempra Renewables and Sempra Natural Gas. Beginning in the first quarter 2012, in addition to San Diego Gas & Electric and Southern California Gas Co., Sempra Energy began reporting financial results under each of the above segments.
Most Popular Stories
- Twitter Coming to Phones Without Internet
- NASA Fellowships, Scholarships Bring Diversity to Workforce
- Dish Network Leads 2013 Top 50 Advertisers List
- Entravision Initiates Quarterly Cash Dividend
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise
- Shanghai Smog Forces Factory Shutdowns
- How to Arm Yourself Against CryptoLocker Virus
- Amanda Bynes Enrolls in California's FIDM