Sempra Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong earnings growth, regulatory wins in Texas and California, and progress on LNG and wind projects. Affirmed EPS guidance and capital plan, with Texas as a key growth driver and proactive management of supply chain and legislative risks.
Fiscal Year 2025
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Record adjusted EPS and robust cash flows in 2025 set the stage for a $65B capital plan focused on utility growth, especially in Texas, with strong long-term EPS guidance and no need for new equity issuances. Regulatory certainty and major transactions underpin the outlook.
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Third quarter adjusted EPS rose to $1.11, with strong year-to-date execution and full-year guidance affirmed. Major capital investments and a $10 billion asset sale are strengthening the balance sheet, while Texas and LNG growth drive a robust long-term outlook.
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A 45% stake in Sempra Infrastructure will be sold to KKR for ~$10 billion, enabling capital recycling into utility growth and eliminating the need for new equity issuances. The transaction is EPS and credit accretive, with a strong focus on regulated utility earnings and continued progress on LNG and other value initiatives.
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Q2 2025 adjusted EPS was $0.89, matching last year, with full-year guidance affirmed. Major capital deployment continues, Oncor's Texas growth accelerates, and LNG projects advance. Regulatory and legislative changes in Texas and California support improved returns and risk profile.
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Q1 2025 adjusted EPS rose to $1.44, with strong performance across regulated utilities and infrastructure. Affirmed 2025 EPS guidance and long-term growth targets, while advancing major asset sales and cost initiatives. Regulated earnings mix is expected to exceed 90% by 2029.
Fiscal Year 2024
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2024 adjusted EPS was $4.65, with 2025 guidance lowered to $4.30-$4.70 due to regulatory and cost headwinds, but a record $56B capital plan and strong Texas growth support a raised long-term EPS growth rate of 7%-9%. Dividend was increased for the 15th year.
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Q3 2024 adjusted EPS was $0.89, with full-year guidance reaffirmed and a $3B equity program launched to fund robust capital growth, especially in Texas and LNG infrastructure. Oncor's capital plan is set to increase 40%-50%, and major regulatory decisions in California remain pending.