By Rob Curran
Sempra said first-quarter earnings fell as higher natural-gas costs offset increased revenue from its utilities.
The San Diego utility and energy-infrastructure company said net income fell to $612 million, or $1.93 a share, from $874 million, or $2.87 a share, a year earlier.
Excluding certain items, Sempra posted adjusted earnings of $2.91 a share.
Revenue rose to $3.82 billion from $3.26 billion a year earlier.
Sempra, which operates utilities in California and Texas and is developing liquefied-natural gas businesses, said natural-gas costs more than doubled to $802 million from $349 million in the prior-year period.
Sempra reiterated its projection for 2022 adjusted earnings in a range of $8.10 to $8.70 a share. On a GAAP basis, Sempra now anticipates 2022 earnings of $7.11 to $7.71 a share.
For 2023, Sempra backed its prior projection for earnings in the range of $8.60 to $9.20 a share.
Sempra expects the sale of a 10% minority stake in Sempra Infrastructure Partners to a unit of Abu Dhabi Investment Authority for $1.79 billion to close in the second quarter.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
05-05-22 0740ET