Sempra, PG&E; post lower profit
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Utility owners Sempra Energy and PG&E; Corp. posted lower third-quarter earnings Thursday on the absence of gains that had boosted year-earlier results.
San Diego-based Sempra also was hampered by its commodities business, and San Francisco-based PG&E; by higher costs to buy electricity.
Sempra Energy, parent of San Diego Gas & Electric, said net income was $305 million, or $1.15 a share, compared with $653 million, or $2.49, a year earlier. Sales fell 1% to $2.66 billion. Sempra shares dropped $1.31 to $60.20.
PG&E;, parent of Pacific Gas & Electric Co., said third-quarter net income was $278 million, or 77 cents a share, compared with $393 million, or $1.09, the year before. Its shares declined $2.68 to $46.25.
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