Sempra reports third-quarter earnings amid multiple acquisition deals

SAN DIEGO — San Diego-based Sempra Energy Wednesday reported net income of $274 million, or 99 cents per diluted share, in the third quarter compared to $57 million, or 22 cents per diluted share, in the same period last year.

On Oct. 18, the company announced that it had entered into agreements with Oncor under which Oncor would acquire 100 percent of the equity interests of InfraREIT Inc. for $1.275 billion and Sempra would acquire a 50 percent limited-partnership interest in a holding company that will own Sharyland Utilities for approximately $98 million.

Sempra expects to use $1.12 billion from its pending solar asset sales to help fund the transaction, which is expected to be completed in mid- 2019, according to the company.

On Sept. 20, Sempra Renewables entered into an agreement to sell all of its U.S. operating solar assets, one U.S. wind generation facility and its solar and battery storage development projects to a subsidiary of Consolidated Edison for $1.54 billion.

“Our agreement to sell our U.S. solar assets is important,” Sempra CEO Jeffrey W. Martin said. “We expect to utilize our capital from our solar asset sales to significantly expand our regulated Texas utility platform through Oncor’s acquisition of InfraREIT and our acquisition of a 50-percent interest in Sharyland.”

For the first nine months as a whole, Sempra reported net income of $60 million, or 22 cents per diluted share, compared with $757 million, or $2.99 cents per diluted share in the same period last year.

Among its major subsidiaries, San Diego Gas & Electric saw a third quarter net income of $205 million, compared with losses of $28 million in last year’s third quarter. For the first three quarters combined, net income was $521 million, compared with $276 million last year.

Net losses for Southern California Gas Co. was $14 million, compared with $7 million in last year’s third quarter. SoCalGas’ nine-month earnings were $244 million compared with $268 million in 2017.