San Diego-based Sempra reported Thursday it swung from loss to profit in the third quarter and raised its forecast for the full year’s earnings.
The utility holding company earned $485 million, or $1.53 per share, compared to a loss of $648 million, or $2.03 per share, in the third quarter of 2021, when the company booked the cost of its legal settlement following the Aliso Canyon natural gas leak.
Revenue rose to $3.62 billion from $3.01 billion in the previous year’s quarter.
“Disciplined execution across our three growth platforms drove strong third-quarter financial results, while also advancing our mission to be North America’s premier energy infrastructure company,” said Jeffrey W. Martin, chairman and chief executive officer.
The company increased its full-year guidance to the range of $7.07 to $7.37 per share
Sempra’s stock closed up 1.38% at $152.61 per share on Wall Street.
The Sempra family of companies, which include San Diego Gas & Electric and Southern California Gas, have 20,000 employees and deliver energy to nearly 40 million consumers, primarily in California, Texas and Mexico.