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SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWire - Utility Sempra on Thursday topped estimates for quarterly profit on strength in its energy infrastructure business, but sharply lowered its full-year earnings forecast.
Sempra infrastructure, the company's unit into building, operating and investing in the infrastructure critical for the clean energy transition, posted third-quarter earnings of $223 million, almost double of $114 million reported last year. The segment got a boost from increasing global interest in lower emissions fuels, which have received a push under Biden's Inflation Reduction Act that provides incentives and credits for such projects.
However, the San Diego, California-based company cut its annual reported earnings forecast to the range of $4.44 per share to $4.74 per share, compared with its prior outlook of $8.78 to $9.38 per share.Earnings in the Sempra Texas utilities unit rose about 19% to $305 million as the segment benefited from the heatwave that hit parts of the U.S., including its key operating region Texas.
Warmer and colder weather in service areas benefits utility companies as it increases the demand for gas and electricity.On an adjusted basis, U.S. power and gas utility Sempra reported per-share earnings of $1.08, beating analysts' estimates of $1.01 per share, according to LSEG.
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