Sempra Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Q3 2023 GAAP earnings were $721 million ($1.14 per share), up from $485 million ($0.77 per share) in Q3 2022.
  • Q3 2023 adjusted earnings were $685 million ($1.08 per share), compared with $622 million ($0.98 per share) last year.
  • Year-to-date 2023 adjusted EPS reached $3.48; management expects to finish the year at or above the high end of the 2023 guidance range.
  • 2024 EPS guidance and long‑term EPS growth target of 6% to 8% were reaffirmed.

Capital Plan and Growth Outlook

  • Sempra expects to increase its current five‑year $40 billion capital plan by 10% to 20% (to be formally updated with Q4 results).
  • Growth will be anchored in regulated utility investments, with Oncor (Texas) as the primary driver.
  • Management emphasized discipline in capital allocation and noted that financing options could include common equity as well as other sources.
  • Long‑term secular trends benefiting Sempra include reshoring of supply chains, North American energy security, and decarbonization.

Oncor (Texas) Highlights

  • Strong operational performance despite record heat; outage duration improved 9% over the last 12 months.
  • Major customer and system growth:
    • 20,000 new premises added in Q3
    • 630 miles of T&D lines built or upgraded
    • 755 active transmission interconnection requests (+34% YoY)

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 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, and welcome to Sempra's third 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 that a

Continue Reading

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

Upgrade to Professional