Sempra Energy (SRE:US), a San Diego-based power producer, fell the most in 20 months after forecasting 2014 earnings that were lower than expectations.
Sempra declined 3.7 percent to $78.66 at 10:38 a.m. in New York, the most intraday since September 2011. The forecast was released before its analyst conference today in New York.
Sempra expects earnings of $4.25 to $4.55 a share next year, according to a statement today, compared with the $4.65-a-share average of 13 analysts’ estimates compiled by Bloomberg.
“We believe many analysts will be disappointed” with the outlook, Michael Worms, a New York-based analyst with BMO Capital Markets, said in a research note today. He rates the shares the equivalent of hold.
The company also narrowed its 2013 forecast to $4.30 to $4.60 a share. Sempra said in February it expected earnings this year of $4.30 to $4.80 a share.
The company’s earnings guidance through 2017 doesn’t include “any significant contribution” from its Cameron liquefied natural gas export project in Louisiana, which isn’t expected to reach full production until late 2018, Sempra said in the statement today.
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