Garrett Harris 2 p.m., May 29
Local firms Sempra, Bridgepoint post earnings results
The same woes that troubled Edison International when reporting earnings last week seem to have bypassed Sempra Energy, minority owner in the shuttered San Onofre Nuclear Generating Station through its San Diego Gas & Electric utility.
Reporting its own numbers yesterday (August 6), Sempra appears set to take just a slight hit of 48 cents per share related to a $119 million charge taken in the second quarter as a result of the decision to cease attempts to restart the troubled nuclear reactors at San Onofre. Not counting that, however, the company boosted its earnings outlook from $4.30 to $4.60 per share for 2013 as a whole based on higher adjusted earnings of $258 million as compared to $241 million a year ago.
Sempra has long been recognized as one of the highest-earning utilities in the nation.
Shares in the firm rose 21 cents to $87.66 in trading on the news.
Meanwhile another controversial local company, Bridgepoint Education, also reported earnings yesterday. Results there weren’t as rosy.
Total enrollment was reported at 71,865 as of June 30, down from over 86,000 heading into 2012. Revenue in the second quarter of 2013 fell to $197.6 million, as compared to $256.3 million a year ago. The fall in net income was even more drastic, from $43.3 million in the second quarter of 2012 to $10.4 million this year.
Bridgepoint’s stock dropped 2.45% to $16.41 on the news, though before the news hit Bridgepoint was riding a 52-week high in value.
More like this:
- Edison: San Onofre losses could top $4 billion — Aug. 2, 2013
- San Onofre shutdown costs now over $400 million — Feb. 27, 2013
- Will San Onofre Return to Service This November? — Aug. 1, 2012
- NRC: Edison Did Not Violate Policy On San Onofre Generator Replacement — July 20, 2012
- SDG&E Settles With City, Announces Shareholder Payout — June 14, 2012