Sempra Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 2023 Adjusted EPS: $1.88, down from $1.98 in Q2 2022.
  • Year-to-date Adjusted EPS: $4.80, strong performance supporting reaffirmed 2023–2024 EPS guidance and long-term 6–8% EPS CAGR target.
  • GAAP EPS: $1.91 vs. $1.77 in Q2 2022, reflecting operating strength.
  • Announced a 2-for-1 stock split effective August 21, intended to increase liquidity and accessibility.

Strategic and Operational Highlights

Company Positioning

  • Sempra marks its 25th anniversary with a record $40 billion 5-year capital plan.
  • Current rate base: $45 billion, up from $5 billion in 1998; total assets exceed $80 billion.
  • Strategy remains centered on regulated utilities and long-term contracted infrastructure.

California Operations

  • Sempra California rate base: $24 billion, serving ~26 million customers.
  • Load growth at SDG&E: approx. 3% since 2022, driven by:
    • Electrification trends.
    • Port of San Diego electric equipment deployments and cruise ship shore power.
    • EV adoption: 110,000 EVs in service territory, +35% YoY.
  • Energy storage: 171 MW commissioned.
  • CAISO transmission opportunities:
    • $500 million awarded to SDG&E in May.
    • $2+ billion in upcoming competitive bidding; awards expected early 2024.

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Operator: Good day, and welcome to Sempra's Second 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 Second Quarter 2023 Earnings Call. A 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; 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 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 statements 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 t

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