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Earnings Roundup

Sempra boosts its '08 fiscal forecast

August 08, 2008|From Times Wire Services

Sempra Energy, owner of the largest U.S. natural gas utility, said second-quarter profit fell 12% after the sale of a majority stake in its commodities-trading business to Royal Bank of Scotland Group.

Net income fell to $244 million, or 98 cents a share, from $277 million, or $1.05, a year earlier, the San Diego-based company said. The results beat by 8 cents the average analyst estimate compiled by Bloomberg. Sales fell 5.9% to $2.5 billion.

Full-year profit will be $3.80 to $4 a share, Sempra said, up from an earlier forecast of $3.65 to $3.85.

Sempra shares dropped 17 cents to $55.81.

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