Sempra Energy Swings to Fourth-Quarter Loss on Tax Changes
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 email@example.com; @IanWalk40289749
(END) Dow Jones Newswires
February 27, 2018 07:44 ET (12:44 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.