Local firms Sempra, Bridgepoint post earnings results

The same woes that http://www.sandiegoreader.com/weblogs/news-ticker/2013/aug/02/edison-san-onofre-losses-could-top-4-billion/">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 http://www.sandiegoreader.com/news/2012/apr/04/citylights1-san-diego-gas-electric-profits/">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 http://www.sandiegoreader.com/news/2013/may/08/citylights1-profit-college-recruit-homeless/">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, http://www.sandiegoreader.com/weblogs/news-ticker/2012/mar/09/profits-student-enrollments-rise-at-bridgepoint-ed/">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.


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