Sempra’s Got EFH, Oncor and a Lowered Earnings Report

May 10, 2018

 

Sempra Energy of San Diego, California, has completed its $9.4 billion acquisition of Dallas-based Energy Future Holdings and its regulated utility subsidiary, Oncor Electric Delivery Company LLC, but the purchase came at a cost to Sempra’s bottom line.

Sempra’s earnings, reported Wednesday, were down by $94 million when compared to the same period of 2017.

Reported net income was $347 million ($1.33 per share), compared with $441 million ($1.75 per share) for the first quarter of last year.

The parent company of Southern California Gas, Sempra earned $2.96 billion in revenues for the quarter, compared with $3.03 billion a year earlier.

Sempra took over Energy Future, gaining its 80% sharehold of Oncor, on March 9th, the day after it received the blessing of the Public Utility Commission of Texas for the all-cash deal.