Sempra Energy Inc.’s stock
SRE,
fell 3% early Friday, after the energy infrastructure company posted better-than-expected third-quarter profit but revenue that fell short of estimates. San Diego-based Sempra said it had net income of $721 million, or $1.14 share, for the third quarter, up from $485 million, or 77 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.08 a share, above the $1.01 FactSet consensus. But revenue fell to $3.334 billion from $3.617 billion, below the $3.680 billion FactSet consensus. The company raised its full-year EPS guidance to range of $4.44 to$4.74 and said expects adjusted EPS to come in at the high end of its $4.30 to $4.60 range. The company also backed its full-year 2024 guidance of $4.55 to $4.90 and its long-term EPS growth rate of 6% to 8%. The stock has fallen 7% in the year to date, while the S&P 500
SPX,
has gained 12%.
