Sempra Energy (NYSE:SRE) reported Q1 2014 earnings today, missing on the top line but beating on the bottom.

Sempra Energy's Q1 2014 sales came in $2.495 billion, $151 million above 2013's first quarter but $255 million below analyst expectations of $2.750 billion.

On the bottom line, however, Sempra Energy made the most out of its sales. The utility's adjusted earnings per share clocked in at $1.03, well above Q1 2013's $0.72 per share and a solid $0.08 above analyst estimates.

"We are seeing year-over-year earnings growth consistent with our expectations," said Debra Reed, chairman and CEO of Sempra Energy. "We are on track to meet our 2014 earnings guidance. Our Cameron LNG liquefaction-export project continues to make strong progress toward the start of construction later this year and we have several large projects in Mexico and Peru coming online in the second half of 2014."

For Sempra Energy's two regulated California utilities, Southern California Gas Co. and San Diego Gas & Electric, higher base operating margins helped boost earnings above year-ago levels. SoCal registered $35 million in earnings, while San Diego's clocked in at $99 million.

The company's renewables division pulled in $28 million, while its natural gas business earned $9 million for Q1.

Internationally, its South American utilities collectively enjoyed $35 million in earnings, while pipeline projects in Mexico helped boost Sempra Mexico earnings $11 million to $42 million.

Looking ahead, Sempra Energy expects its 2014 earnings per share to come in between $4.25 and $4.55.

Justin Loiseau has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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