Sempra Energy Swings to Fourth-Quarter Loss on Tax Changes

02/27/18 07:44 AM EST

By Ian Walker


Sempra Energy (SRE) swung to fourth-quarter loss, after booking higher charges related to recent changes in U.S. tax law.

The San Diego-based company on Tuesday reported a quarterly loss of $501 million, or $1.99 a share, compared with a profit of $379 million, or $1.51 a share, a year earlier. Excluding items, Sempra posted an adjusted profit of $1.54 a share for the quarter.

The company booked a $898 million expense in the quarter tied to the U.S. tax overhaul.

Sales rose to $2.96 billion, from $2.87 billion a year earlier.

For the full year, Sempra posted a profit of $1.01 a share, below the company's own guidance of $4.95 to $5.25, due to the tax overhaul. However, adjusted profit for the year was $5.42, above its guidance of $5 to $5.30.

Sempra reiterated that it expects a profit for 2018 of $5.30 to $5.80 a share.

The board has declared a quarterly dividend of 82 cents a share, up from 75 cents a share, taking the total payout for the year to $3.29 a share, compared with $3.02 in 2016.


Write to Ian Walker at; @IanWalk40289749


(END) Dow Jones Newswires

February 27, 2018 07:44 ET (12:44 GMT)

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