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4 May 20
10 Jul 20
31 Dec 20

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Company financial data Financial data

Quarter (USD) Mar 19 Dec 18 Sep 18 Jun 18
Revenue 2.9B
Net income 441M 864M 274M -561M
Diluted EPS 1.59 3.25 1.21 -1.99
Net profit margin 15.22%
Operating income* 794M
Net change in cash -24M
Cash on hand 78M 102M
Annual (USD) Dec 18 Dec 17 Dec 16 Dec 15
Revenue 11.69B 11.21B 10.18B 10.23B
Net income 924M 256M 1.37B 1.35B
Diluted EPS 3.42 1.01 5.46 5.37
Net profit margin 7.91% 2.28% 13.45% 13.19%
Net change in cash -186M -61M -54M -167M
Cash on hand 102M 288M 349M 403M

Financial data from company earnings reports. *Asterisk values are approximate.

Financial report summary

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Management Discussion
  • In the three months ended March 31, 2020, we reported earnings of $760 million and diluted EPS of $2.53 compared to earnings of $441 million and diluted EPS of $1.59 for the same period in 2019. The change in diluted EPS in the three months ended March 31, 2020 included a decrease of $(0.34) due to an increase in weighted-average common shares outstanding. Our results and diluted EPS were impacted by variances discussed in “Segment Results” below.
  • This section presents earnings (losses) by Sempra Energy segment, as well as Parent and other, in the three months ended March 31, 2020 and 2019, and the related discussion of the changes in segment earnings (losses) between these periods. Throughout the MD&A, our reference to earnings represents earnings attributable to common shares. Variance amounts presented are the after-tax earnings impact (based on applicable statutory tax rates), unless otherwise noted, and before NCI, where applicable.
  • Due to the delay in the issuance of the CPUC’s final decision in the California Utilities’ 2019 GRC, the California Utilities recorded revenues in the first quarter of 2019 based on levels authorized for 2018 under the 2016 GRC. The 2019 GRC FD, which was issued by the CPUC in September 2019, was effective retroactively to January 1, 2019. The California Utilities’ CPUC-authorized base revenues for the first quarter of 2020 are based on the revenues authorized for the 2019 test year plus the amount authorized for attrition for 2020. Had the 2019 GRC FD been in effect in the first quarter of 2019, SDG&E’s and SoCalGas’ earnings for the first quarter of 2019 would have been higher by $36 million and $84 million, respectively. These amounts were recorded in earnings in the third quarter of 2019. We provide additional information on the 2019 GRC FD in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.
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