August 2, 2012 / 1:35 PM / 8 years ago

Sempra's profit beats on higher California utility earnings

Aug 2 (Reuters) - Sempra Energy reported a better-than-expected quarterly profit, as it earned more from its San Diego Gas & Electric utility.

Second-quarter earnings for the San Diego Gas & Electric utility, which caters to about 3.4 million people in California, rose by a third to $95 million.

The company’s overall second-quarter earnings fell to $62 million, or 25 cents per share, from $503 million, or $2.09 per share, a year earlier.

Excluding items, profit was 98 cents per share.

Analysts on average had expected a profit of 81 cents per share, according to Thomson Reuters I/B/E/S.

Revenue fell 14 percent to $2.08 billion.

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