Sempra Energy Earnings Cheat Sheet: Strong Revenue Helps Net Income

S&P 500 (NYSE:SPY) component Sempra Energy (NYSE:SRE) reported higher profit for the second quarter as revenue showed growth. Sempra Energy is an energy services holding company. With its subsidiaries, the company provides electric, natural gas and other energy-rated products and services worldwide. It also focuses on developing energy infrastructure and operating utilities. .

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Sempra Energy Earnings Cheat Sheet for the Second Quarter

Results: Net income for Sempra Energy rose to $511 million ($2.12 per share) vs. $222 million (89 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 20.6% to $2.42 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SRE reported adjusted net income of 97 cents per share. By that measure, the company fell short of mean estimate of $1 per share. It beat the average revenue estimate of $2.07 billion.

Quoting Management: “Through the first half of the year, we are performing well across the board and are on track to meet our 2011 earnings guidance,” said Debra L. Reed, chief executive officer of Sempra Energy. “Our utility and pipeline acquisitions are providing strong contributions to our earnings. We also are making excellent progress on our major California utility projects and our build-out of contracted renewable energy infrastructure.”

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 5 cents, and in the fourth quarter of the last fiscal year, it was ahead by 24 cents.

A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 3.9% in the first quarter and fell 4.5% in the fourth quarter of the last fiscal year.

The company has now been profitable for the last nine quarters, and for the last five, profit has risen year over year by an average of 43.7%. The quarter with the biggest boost was the first, which saw a more than twofold surge.

Competitors to Watch: MDU Resources Group, Inc. (NYSE:MDU), PG&E Corporation (NYSE:PCG), Northwest Natural Gas (NYSE:NWN), Southwest Gas Corporation (NYSE:SWX), Energy Incorporated (AMEX:EGAS), Dominion Resources, Inc. (NYSE:D), Vectren Corporation (NYSE:VVC), and ACEGAS-APS (NYSE:AEG).

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(Source: Xignite Financials)