Sempra Energy shares tumble on huge 2Q miss
Sempra Energy‘s (NYSE:SRE) shares tumbled Monday after it reported a large miss in secon- quarter revenue and earnings swung to a loss from a profit.
The company reported a loss of US$561mln in the second quarter, from a profit of US$259mln in the same period a year ago.
This translated into a loss of US$2.11 per share, against a consensus estimate of a US$1.19 per share gain. Sempra Energy‘s losses for the first six months of 2018 were US$214 million, or US$0.82 per diluted share, compared with earnings of US$700 million, or US$2.77 per diluted share, in the first six months of 2017.
Shares of Sempra fell 3.26% to US$112.98 in premarket action after the results were announced.
READ: Sempra Energy boasts of “outstanding” performance but Trump tax changes dent earnings
The company’s strategic review was completed on June 28. Sempra Energy intends to sell several energy infrastructure assets, including its entire portfolio of US wind and US solar assets and investments, as well as certain US midstream storage assets. Proceeds from the sales will be used to support growth opportunities in the company’s other businesses and bolster Sempra Energy’s balance sheet, a company statement said.
Last month, Sempra Energy successfully completed equity offerings that are expected to raise US$1.82 billion, assuming settlement of all forward sale agreements by issuance of common stock. The funds will be used to complete the financing for the acquisition earlier this year of an 80.25% stake in Oncor Electric Delivery Co with approximately 65% in equity.
Sempra Energy is based in San Diego, California. The company posted 2017 revenues of more than US$11 billion. The utility holding firm has the largest US customer base.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202297/sempra-energy-shares-tumble-on-huge-2q-miss-202297.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).