Sempra Writes Down Planned Asset Divestitures; Reports Second-Quarter Earnings
We are maintaining our $114 per share fair value estimate and stable, narrow moat ratings for Sempra Energy after the company reported second-quarter 2018 ongoing earnings per share of $1.35 compared with $1.10 in the same year-ago period. Management reaffirmed 2018 ongoing earnings guidance of $5.30 to $5.80, consistent with our expectations. We forecast dividend increases of 9% through 2019, then 13% increases in 2020 and 2021 as Cameron comes online.GAAP earnings reflected a $755 million imp...
Sempra Energy is an energy-services holding company. The company's segments are: San Diego Gas & Electric Company, which provides electric services and natural gas services in Southern California; Southern California Gas Company, which owns and operates a natural gas distribution, transmission and storage system that supplies natural gas in Southern California and portions of central California; Sempra Texas Utilities, which includes Oncor Electric Delivery Company LLC that provides electricity to consumers; Sempra Mexico, which develops, owns and operates, or holds interests in, energy infrastructure in Mexico; and Sempra LNG, which develops projects for the export of liquefied natural gas.
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