(Reuters) – U.S. power and gas utility Sempra beat first-quarter profit expectations on Thursday, helped by higher earnings at its California units.
While rising output and mostly mild weather so far this winter have weighed on U.S. gas futures, Sempra defied the pressure through customer additions.
The company’s earnings from its San Diego gas and electric unit rose to $258 million from $234 million a year earlier. Its gas utility earned $360 million compared with $334 million a year earlier.
The San Diego unit provided electric services to about 3.6 million customers and gas services to around 3.3 million users, as of Dec. 31, 2022.
SoCalGas, a unit of Sempra, delivered natural gas to about 2.1 million customers, as of Dec. 31, 2022.
Sempra also updated its capital expenditure plan and expects to deploy about $40 billion for the 2023-2027 period to ensure reliable operations and support growing demand.
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On an adjusted basis, the company earned $2.92 per share, topping analysts’ average estimate of $2.77, according to Refinitiv data.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Shilpi Majumdar)