San Diego's Sempra Energy (NYSE: SRE) reported its fourth-quarter earnings were $282 million, or $1.13 per diluted share, in 2013, compared with $293 million, or $1.18 per diluted share, in 2012.
The company also reported 2013 earnings of $1 billion, or $4.01 per diluted share, compared with 2012 earnings of $859 million, or $3.48 per diluted share.
Full-year 2013 results included $77 million for the 2012 retroactive benefit from the California Public Utilities Commission (CPUC) General Rate Case decision for San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), offset by a $119 million charge related to the closure of the San Onofre Nuclear Generating Station (SONGS). Sempra Energy's 2012 results included $239 million of non-cash charges for the write-down of its investment in the Rockies Express Pipeline, offset by the receipt of a $25 million after-tax cash payment from Kinder Morgan related to the sale of its ownership in the pipeline.
For comparison with 2013 earnings-per-share guidance of $4.30 to $4.60, Sempra Energy's full-year diluted earnings per share in 2013 were $4.49, which excluded the $119 million charge related to SONGS, but included the $77 million retroactive benefit for 2012 from the CPUC General Rate Case.