San Diego-based Sempra Energy Monday reported net income of $760 million, or $2.53 per diluted share, in the first quarter compared to $441 million, or $1.59 per diluted share, in the same period last year.
Sempra’s adjusted first-quarter earnings were $932 million, or $3.08 per diluted share, compared with $534 million, or $1.92 per diluted share, in the first quarter of 2019.
“We remain focused on advancing our strategic priorities and committed to delivering safe and reliable energy to over 35 million consumers, including the many hospitals and primary care facilities across our communities,” Sempra CEO Jeffrey W. Martin said.
In April, Sempra Energy announced that it completed the sale of its Peruvian businesses, generating about $3.59 billion in total cash proceeds.
The sale to China Yangtze Power International (Hongkong) Co., Ltd. and assigned to Yangtze Andes Holding Co., Ltd. includes Sempra Energy’s 83.6% stake in Luz del Sur S.A.A.
The deal also included Tecsur S.A., which provides electric construction and infrastructure services to Luz del Sur and third parties, plus Inland Energy S.A.C., Luz del Sur’s generation business.
Yangtze Andes Holding Co. is a subsidiary of China Yangtze Power Co., which is China’s largest publicly listed power company.
Among Sempra Energy’s major subsidiaries, San Diego Gas & Electric saw a first quarter net income of $262 million, compared with $176 million in last year’s first quarter.
Southern California Gas Co. had a first quarter net income of $303 million, compared with $264 million in the same period last year.