Sempra Earnings Call Transcripts
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 growth in regulated utilities and robust infrastructure investment. Asset sales and cost initiatives are set to boost earnings mix, with 2025 and 2026 EPS guidance affirmed and a long-term EPS CAGR target of 7%-9%.
Fiscal Year 2024
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2024 adjusted EPS was $4.65, with 2025 guidance reset to $4.30-$4.70 and a record $56B five-year capital plan focused on Texas and regulated utilities. Long-term EPS growth is now projected at 7%-9%, with Texas expected to drive outsized gains.
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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.
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Q2 2024 saw strong financial results, with GAAP earnings up year-over-year and adjusted EPS guidance reaffirmed for 2024 and 2025. Texas and California segments are driving growth through major capital investments, while project delays at ECA LNG are being managed without impacting long-term targets.