Sempra Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Reported Q2 2021 GAAP earnings of $424 million (or $1.37/share), significantly lower than Q2 2020 GAAP earnings of $2.239 billion (or $7.61/share), primarily due to prior-year asset sales and one-time items.
  • Adjusted Q2 2021 earnings were $504 million (or $1.63/share), nearly flat compared to Q2 2020 adjusted earnings of $501 million (or $1.71/share).
  • Year-to-date 2021 GAAP earnings: $1.298 billion (vs. $2.999 billion YTD 2020). Adjusted YTD earnings: $1.404 billion (vs. $1.242 billion YTD 2020), showing improved core performance.
  • Management reaffirmed increased 2021 adjusted EPS guidance and 2022 EPS guidance.

Business Updates

  • SDG&E received CPUC approval for its 2021 Wildfire Mitigation Plan Update.
  • SoCalGas added two new renewable natural gas (RNG) biomethane projects, progressing toward the target of 20% RNG for core customers by 2030. Company remains on track to reach 5% RNG in 2022.
  • Oncor increased its 2022–2026 capital plan to $14 billion, up nearly $2 billion from its previous 2021–2025 plan.
  • Oncor’s near-term capex (2021–2022) increased by $425 million, driven by strong growth across Texas, including heightened premise growth and record transmission demand.

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Operator: Good day and welcome to the Sempra Second Quarter Earnings Call. Today's conference is being recorded. And at this time, I'd like to turn the conference over to Nelly Molina. Please go ahead. Nelly Molina: Good morning, everyone. And welcome to our Second Quarter 2021 Earnings call for Sempra. A live webcast of this teleconference and this live presentation is available on our website under the Investors section. On the line with us today, we have several members of our management team, including Jeff Martin, Chairman, and Chief Executive Officer; Trevor Mihalik, Executive Vice President, and Chief Financial Officer; Justin Bird, Chief Executive Officer of Sempra LNG; Allen Nye, Chief Executive Officer of Oncor; Kevin Sagara, 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 per share amounts in our presentation are shown on a diluted basis, and we'll be discussing certain non-GAAP financial measures. Please refer to the presentation of slides that accompany this call for a recom

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