Sempra Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Sempra reported strong Q3 2022 financial results and raised full-year adjusted EPS guidance.
  • Management emphasized progress across all three growth platforms: Sempra California, Sempra Texas, and Sempra Infrastructure.
  • Significant strategic focus on LNG expansion, grid modernization, hydrogen, and clean fuels.

Financial Highlights

  • Q3 2022 GAAP earnings: $485M or $1.53/share, compared to a Q3 2021 GAAP loss of $648M or $2.03/share.
  • Q3 2022 adjusted earnings: $622M or $1.97/share, up from $545M or $1.70/share in Q3 2021.
  • Year-to-date 2022 GAAP earnings: $1.656B or $5.23/share, versus $650M or $2.09/share in YTD 2021.
  • Year-to-date 2022 adjusted EPS: $6.87, compared to $6.27 in YTD 2021.
  • Full-year 2022 adjusted EPS guidance raised to $8.70–$9.00 (previously $8.10–$8.70).
  • 2023 EPS guidance reaffirmed at $8.60–$9.20.

Drivers of Year-over-Year Adjusted EPS Growth

  • $79M increase from Sempra California (tax benefits, base operating margin).
  • $50M increase from Sempra Texas (higher consumption, customer growth, increased invested capital).
  • Offset by $74M lower earnings at Sempra Infrastructure due to higher noncontrolling interest.
  • Parent and other showed $22M of reduced losses.

Business Segment Highlights

Sempra California

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Operator: Good day, and welcome to Sempra's Third 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, everyone. Welcome to Sempra's Third Quarter 2022 Earnings Call. A live webcast of this teleconference and slide presentation are available on our website under the Investors section. Here in San Diego, 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 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

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