Sempra Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance
  • Reported strong Q1 2020 GAAP earnings of $760 million (or $2.53/share), up from $441 million (or $1.59/share) in Q1 2019.
  • Adjusted earnings were $932 million (or $3.08/share), compared to $534 million (or $1.92/share) in Q1 2019 — a year-over-year increase of roughly 75%.
  • Sempra reaffirmed 2020 EPS guidance and now expects results at the upper end of the range. 2021 guidance also reaffirmed.
Strategic Progress and Portfolio Rotation
  • Completed sale of Peruvian businesses for approximately $3.6 billion; Chilean sale (for roughly $2.2 billion) expected to close later in May.
  • Total announced proceeds from completed/pending asset sales total ~$8.3 billion since strategic portfolio repositioning began in 2018.
  • Capital recycling has strengthened liquidity, reduced business risk, and expanded U.S. utility footprint, particularly through the Oncor and InfraREIT acquisitions.
Liquidity and Credit Position
  • Sempra Parent liquidity now exceeds $6 billion, up from $3.3 billion at Investor Day due mainly to the Peru transaction.
  • Combined liquidity across Sempra, SDG&E, and SoCalGas is $6.7 billion in revolving credit lines; nearly $10 billion available including all cash and facilities.
  • Oncor separately holds $2.5 billion in liquidity.

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Operator: Good day and welcome to the Sempra Energy First Quarter Earnings Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Faisel Khan. Please go ahead. Faisel Khan: Good morning. And welcome to Sempra Energy’s first quarter 2020 earnings call. A live webcast of this teleconference and slide presentation is available on our website under the Investor section. Several members of our management team are on the line with us today, including Jeff Martin, Chairman and Chief Executive Officer; Dennis Arriola, Executive Vice President and Group President; Justin Bird, Chief Executive Officer of Sempra LNG,; Trevor Mihalik, Executive Vice President and Chief Financial Officer; Allen Nye, Chief Executive Officer of Oncor; Kevin Sagara, Chairman and Chief Executive Officer of San Diego Gas & Electric, and Peter Wall, Senior Vice President, Controller and Chief Accounting Officer. Before starting, I would like to remind everyone that we will be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As we continue to monitor the potential impact from the ongoing pandemic is important to keep in mind that actual results may differ materially from those discussed today. The factors that could cause our actual results to differ materially are discussed in the company’s most recent 10-K and 10-Q filed with the SEC. All the earnings per share amounts in our presentation are shown o

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