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Monday, November 09, 2009

Sempra Shares Rise on EPS Beat

By Kathryn Glass

FOXBusiness

Sempra Energy (SRE) shares rose in Monday’s session after the company reported third-quarter earnings per share that beat expectations.

The energy services holding company saw profit of $317 million, or $1.27 per share, which compares to net income of $308 million or $1.24 per share reported during the year-ago period.

Revenue fell to $1.85 billion, compared to revenue of $2.69 billion a year ago.

Analysts polled by Thomson Reuters were expecting earnings of $1.19 per share on revenue of $2.16 billion.
The company said it is “on track” to meet 2009 targets.

"Our results through the first nine months of the year benefited from the solid performance of our California utilities and our commodities business, as well as continued progress in the build-out of our natural gas infrastructure projects," said Donald E. Felsinger, chairman and chief executive officer, in a statement.

Shares of Sempra rose $1.19 or 2.34% in Monday’s session to close at $51.94 per share.

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