CORRECTED - UPDATE 1-Sempra Energy 1st-qtr profit climbs 6 percent

(Corrects percentage change in first paragraph, and net income to $242 million from $292 million in second paragraph) (Adds details, analysts' forecast, buyback)

NEW YORK, May 2 (Reuters) - Sempra Energy (SRE.N: Quote, Profile, Research) said on Friday first-quarter earnings rose 6 percent, helped by gains in profits at its two Southern California utilities.

Net income rose to $242 million, or 92 cents per share, from $228 million, or 86 cents per share, a year earlier.

Analysts had expected earnings of 89 cents per share, according to Reuters Estimates.

Revenue increased to $3.27 billion from $3.0 billion.

At Sempra's San Diego Gas & Electric utility, quarterly net income rose 19 percent to $74 million; at its Southern California Gas unit, net income rose 4 percent to $57 million.

A reduction in corporate costs, to $10 million from $21 million a year earlier, boosted Sempra's earnings by $11 million.

The company said it had started buying back $1 billion of stock. It said the buybacks would likely be completed in the fourth quarter. The repurchases are part of a buyback program that is expected to total between $1.5 billion and $2 billion.

Shares in Sempra rose 2.2 percent to $58.12 in early trade on the New York Stock Exchange. (Reporting by Matt Daily, editing by Dave Zimmerman and John Wallace)