Sempra Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • Q3 2024 GAAP earnings were 638 million dollars or 1.00 per share, down from Q3 2023 earnings of 721 million dollars or 1.14 per share.
  • Q3 2024 adjusted earnings were 566 million dollars or 0.89 per share, compared with 685 million dollars or 1.08 per share in Q3 2023. The decline was largely driven by lower equity earnings in Texas, higher interest expense, and lower tax benefits.
  • Year‑to‑date adjusted EPS is 3.12 dollars. These figures do not yet reflect California’s pending GRC decision. Once finalized, earnings will be retroactively adjusted to January 1, 2024.
  • Sempra affirmed its full‑year 2024 and 2025 EPS guidance and long‑term EPS growth target of 6 percent to 8 percent.

Strategic and Market Context

  • Sempra sees the U.S. entering a long‑duration utility “super‑cycle” driven by rising electricity demand, aging infrastructure, AI data center growth, and grid modernization needs.
  • CEO Jeff Martin highlighted high‑voltage transmission as a major low‑risk way to benefit from AI‑related energy demand. Oncor presently has 82 gigawatts of AI‑related interconnection requests.
  • The company believes sector EPS growth could exceed historical averages (3 percent to 4 percent), and Sempra intends to outperform its peer group because of its scale, regulation, and capital pipeline.

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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, and welcome to Sempra's third 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; Justin Bird, Executive Vice President and Chief Executive Officer of Sempra Infrastructure; Allen Nye, Chief Executive Officer of Oncor; Caroline Winn, Chief Executive Officer of SDG&E; 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 common 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 pr

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