Sempra Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • Reported Q2 2022 GAAP earnings of $559M ($1.77/share), up from $424M ($1.37/share) in Q2 2021.
  • Adjusted Q2 2022 earnings were $626M ($1.98/share), up from $504M ($1.63/share) in Q2 2021.
  • Year-to-date 2022 GAAP earnings: $1.171B ($3.70/share) vs. $1.298B ($4.24/share) in 2021.
  • Adjusted year-to-date 2022 earnings: $1.55B ($4.90/share), up from $1.404B ($4.58/share) in 2021.
  • Q2 adjusted EPS growth was driven by:
    • $48M higher equity earnings from Sempra Texas Utilities.
    • $41M higher CPUC base margin and FERC margin at SDG&E and SoCalGas.
    • $33M higher earnings at Sempra Infrastructure.
  • Sempra now expects to finish 2022 at the high end of prior adjusted EPS guidance.
  • 2023 EPS guidance range reaffirmed.

Key Business Updates

Sempra California

  • SDG&E and SoCalGas filed 2024–2027 General Rate Cases (GRC) focused on grid reliability, wildfire mitigation, pipeline integrity, EV infrastructure, and emissions reduction.
  • Cost of capital applications filed; CPUC decision expected by year-end.
  • CPUC approved four new SDG&E microgrid energy storage projects.
  • SoCalGas achieved a 37% reduction in fugitive methane emissions since 2015 (ahead of state targets).

Sempra Texas (Oncor)

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, and welcome to the Sempra Second Quarter Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Glen Donovan. Please go ahead. Glen Donovan: Good morning, everyone. Welcome to Sempra's second 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; Kevin Sagara, Executive Vice President and Group President; Justin Bird, Chief Executive Officer of Sempra Infrastructure; Allen Nye, Chief Executive 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 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 slides that a

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional