Sempra Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Adjusted EPS was $0.89 for Q2 2024, down from $0.94 in Q2 2023. Year-to-date adjusted EPS is $2.24. Management highlighted that results do not yet reflect the pending California General Rate Case (GRC), which will be retroactively applied to January 1 once finalized.
  • GAAP earnings were $1.12 per share for Q2 2024, up from $0.95 in Q2 2023, driven by higher operating margin in California and strong Texas equity earnings.
  • Full-year 2024 and 2025 EPS guidance ranges were reaffirmed. The long-term EPS growth outlook remains 6% to 8%.

Business Segment Highlights

Sempra California

  • Utilities continue investing in grid modernization, wildfire mitigation, safety, and decarbonization initiatives.
  • California GRC expected to receive a proposed decision this summer and final approval by year-end. Rate changes will be retroactive to January 1, 2024.
  • SDG&E preparing its new transmission owner rate filing (TO6) for submission in Q4 with an effective date in 2025.
  • SoCalGas engaged in statewide decarbonization initiatives, including hydrogen hub participation and the proposed Angeles Link hydrogen pipeline.
  • SDG&E has fully hardened transmission lines in high fire-threat districts and continues expanding wildfire resilience technologies, including AI-enabled detection and improved sensor networks.

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 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 2024 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; 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 financial

Continue Reading

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

Upgrade to Professional