Sempra Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q3 2020 GAAP earnings were 351 million USD (1.21 USD/share), down from 813 million USD (2.84 USD/share) in Q3 2019 due largely to divestitures and one‑time items.
  • Adjusted earnings were 380 million USD (1.31 USD/share), compared to 425 million USD (1.50 USD/share) the prior year.
  • Management reaffirmed full‑year 2020 adjusted EPS guidance at the high end of the 7.20–7.80 USD range and reaffirmed the 2021 guidance range.
  • Full‑year earnings growth continues to benefit from stronger utility results and the ramp‑up of Cameron LNG.

Key Drivers Versus Prior Period

  • Lower earnings of 56 million USD due to the sale of Peruvian and Chilean assets earlier in 2020.
  • 32 million USD lower tax benefits compared with 2019 following timing differences from the SoCalGas GRC decision.
  • 32 million USD of unfavorable foreign currency and inflation effects at Sempra Mexico, versus a 10 million USD gain in Q3 2019.
  • 29 million USD charge linked to SDG&E energy efficiency inquiry.
  • Texas utilities experienced 3 million USD lower earnings, including a 21 million USD negative weather impact.
  • Offset by 79 million USD increased equity earnings from Cameron LNG as all three trains reached full commercial operations.

Strategic and Operational Highlights

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Operator: Good day and welcome to the Sempra Energy Third Quarter Earnings Conference Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Ms. Nelly Molina. Please go ahead, ma’am. Nelly Molina: Good morning. And welcome to Sempra Energy’s third quarter 2020 earnings call. A live webcast of this teleconference and slide presentation is available on our website under the Investor section. Several members of our management team are on the line with us today, 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 will 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. All the earnings per share amounts in our presentation are shown on a diluted basis and we will be discussing certain non-GAAP financial measures. Please refer to the presentation slides that accompany this call for reconciliat

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