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Sempra Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

After adjusting for the REX impairment, our businesses are performing well and consistent with the plans we shared with you at our Analyst Conference. Given our performance through the first 6 months of the year, we continue to expect to meet our earnings guidance for 2012, which is $4 to $4.30 per share. The full-year guidance excludes both the charge related to the REX and a tax benefit related to a change we've made in the holding period for the life insurance contracts we own. Joe will also discuss this change in more detail and in fact, let me just hand things over to him now to take you through details of the financial results, beginning with Slide 4.

Joseph A. Householder

Thanks, Debbie, and thank you, all, for joining us again. At San Diego Gas & Electric, earnings for the second quarter were $95 million, up from $71 million in the year-ago quarter. This increase was primarily due to higher earnings from Sunrise Powerlink, which was put into service in June of this year. In addition, the earnings comparison was impacted by the timing of wildfire insurance premium recovery. During 2011, insurance premiums expensed in the second quarter were not recovered in revenues until the fourth quarter when the CPUC issued a decision approving the recovery.

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