Sempra Beats Profit Estimates on Higher Earnings from California Units

(Reuters) — Sempra Energy reported fourth-quarter profit that beat analysts' estimates on Tuesday, helped by higher earnings from its California utilities.

The company also reiterated that it is targeting a final investment decision for its LNG export facility in Texas before the end of the first quarter of 2023.

U.S. LNG exporters have witnessed higher demand after Western sanctions on major producer Russia squeezed an already-tight global supply.

On an adjusted basis, California-based Sempra earned $2.35 cents per share, topping the average analysts' estimate of $2.04, according to Refinitiv data.

The company's earnings from its San Diego gas and electric unit rose to $234 million from $216 million a year earlier. Its gas utility earned $260 million compared with $198 million a year earlier.

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