Sempra Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Results

  • Q1 2022 GAAP earnings: $612M or $1.93 per share, down from $874M or $2.87 in Q1 2021.
  • Q1 2022 adjusted earnings: $924M or $2.91 per share, compared to $900M or $2.95 in Q1 2021 (slight YoY decline of $0.04/share).
  • Management reaffirmed full-year 2022 and 2023 adjusted EPS guidance.
  • $250M of share buybacks completed in April; $750M bought back over last six months. Total target of $1B by end of 2023 unchanged.

Strategic & Operational Highlights

California Utilities (SDG&E and SoCalGas)
  • Both utilities preparing general rate case filings covering 2024–2027 with focus on safety, reliability, and clean energy.
  • Both filed updated cost of capital applications for 2023–2025; decisions expected later in 2022.
  • SDG&E completed the Cleveland National Forest Fire Hardening Project.
  • CPUC established renewable natural gas procurement standards; SoCalGas continues progress toward its 2030 goal (20% RNG for core customers). RNG penetration reached ~4% at end of 2021.
Texas (Oncor)
  • Record economic growth continues across service territory.
  • 78% YoY increase in new transmission interconnection requests in Q1; ~16,000 new premises connected.
  • 2022 capital plan increased from $2.8B to $3.0B due to rapid growth.

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Operator: Good day, ladies and gentlemen. Welcome to the Sempra first quarter earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Donovan. Please go ahead. Glen Donovan: Good morning, everyone, and welcome to Sempra's First Quarter 2022 Earnings Call. A live webcast of this teleconference and slide presentation is available on our website under the Investors section. We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer; Trevor Mihalik, Executive Vice President and Chief Financial Officer; Lisa Alexander, Senior Vice President, Corporate Affairs and Chief Sustainability Officer; Justin Bird, Chief Executive Officer of Sempra Infrastructure; Faisel Khan, Senior Vice President and Chief Financial Officer of Sempra Infrastructure; Allen Nye, Chief Executive Officer of Oncor; Kevin Sagara, Executive Vice President and Group President; and Peter Wall, Senior Vice President, Controller and Chief Accounting Officer. Before starting, I'd like to remind everyone that we'll be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in any forward-looking statement we make 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 of the earnings pe

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