Sempra Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • Q1 2024 GAAP earnings were $801 million or $1.26 per share, down from Q1 2023 GAAP earnings of $969 million or $1.53 per share.
  • Q1 2024 adjusted earnings were $854 million or $1.34 per share, compared to $922 million or $1.46 per share in Q1 2023.
  • Sempra reaffirmed full-year 2024 adjusted EPS guidance of $4.60–$4.90 and 2025 guidance of $4.90–$5.25.
  • Management highlighted ~7% EPS growth from 2023–2025, consistent with long-term 6%–8% targets.

Strategic & Operational Highlights

  • Sempra continues to position itself for long-term energy demand growth driven by electrification, reshoring of manufacturing, AI/data center expansion, and LNG demand.
  • Texas remains a major growth engine with ERCOT now forecasting 152 GW peak load by 2030, nearly double the 2023 record of 85 GW.
  • Sempra Infrastructure has ~16 MTPA of LNG export capacity under construction, set to more than double footprint by 2028.
  • Dividend growth remains a priority, with ~7% average annual growth over the last decade.

Business Segment Updates

Sempra California
  • CPUC proposed decision supports cost of capital mechanism (CCM) and maintains ROEs at SDG&E (10.65%) and SoCalGas (10.5%) through 2025 unless triggered by market conditions.

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Operator: Good day, and welcome to Sempra's First Quarter Earnings Call. Today's conference is being recorded. At this time, I'd like to turn it over to Glen Donovan. Please go ahead. Glen Donovan: Good morning, and welcome to Sempra's First Quarter 2024 Earnings Call. The live webcast of this teleconference and slide presentation are available on our website under our Events and Presentations section. We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer; Karen Sedgwick, Executive Vice President and Chief Financial Officer; Trevor Mihalik, Executive Vice President and Group President, Sempra California; Justin Bird, Executive Vice President and Chief Executive Officer of Sempra Infrastructure; Allen Nye, Chief Executive Officer of Oncor; Peter Wall, Senior Vice President, Controller and Chief Accounting Officer; and other members of our senior management team. 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. Earnings per common share amounts in our presentation are shown on a diluted basis, and we'll be discussing certain non-GAAP fin

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