Sempra Energy on Feb. 27 affirmed its 2018 EPS guidance to a range of $5.30 to $5.80, after posting estimate-beating earnings for the fourth quarter and full year 2017.
For the fourth quarter, the company booked adjusted earnings of $389.0 million, or $1.54 per share, topping the S&P Capital IQ normalized estimate for the quarter of $1.42 per share. Sempra reported adjusted earnings of $383.0 million, or $1.52 per share, in the fourth quarter of 2016.
The company generated fourth-quarter 2017 revenues of $2.96 billion, up from $2.87 billion in 2016, but reported a net loss of $451.0 million compared to net income of $409.0 million in the fourth quarter of 2016. Sempra's fourth-quarter 2017 results included an $870 million charge associated with tax expense from the impact of the Tax Cuts and Jobs Act of 2017.
On a GAAP basis, Sempra reported a fourth-quarter loss of $501.0 million, or $1.99 per share, compared to $379.0 million, or $1.51 per share, in the fourth quarter of 2016.
For the full year 2017, the company's adjusted earnings were $1.37 billion, or $5.42 per share, compared to $1.27 billion, or $5.05 per share, in 2016. The S&P Capital normalized EPS estimate for 2017 was $5.29.
Full-year 2017 revenues were $11.21 billion, compared to $10.18 billion in 2016. Sempra's net income fell to $351 million from $1.52 billion in 2016, due in part to the tax expenses in the fourth quarter and a $208 million write off associated with wildfires impacting its San Diego Gas & Electric Co. unit.
On a GAAP basis, the company's full-year 2017 earnings fell to $256 million, or $1.01 per share, from $1.37 billion, or $5.46 per share, in 2016.