Sempra Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Full-Year Financial Performance

  • Q4 2021 GAAP EPS was $1.90, up from $1.43 in Q4 2020.
  • Q4 2021 adjusted EPS was $2.16, down slightly from $2.28 in Q4 2020.
  • Full-year 2021 GAAP EPS was $4.01, significantly lower than $12.88 in 2020 due to asset sales and one‑time items.
  • Full-year 2021 adjusted EPS was $8.43, up from $8.00 in 2020, exceeding guidance of $7.75–$8.35.
  • Record $7 billion invested in energy infrastructure during 2021.

Dividend, Guidance & Long-Term Outlook

  • Annual dividend raised to $4.58 per share, marking the 12th consecutive annual increase.
  • 2022 EPS guidance reaffirmed at $8.10–$8.70.
  • 2023 EPS guidance introduced at $8.60–$9.20.
  • Long-term EPS growth expected at 6%–8% annually through 2026.
  • Company plans an additional $1 billion in share repurchases through 2023, on top of $500 million completed recently.

Capital Investment & Rate Base Growth

  • New record five-year capital plan totals $36 billion, with 94% dedicated to regulated utilities.
  • Rate base expected to grow from $41 billion (2021) to $62 billion (2026), a 51% increase.
  • California utilities expected to grow rate base at ~9% CAGR; Oncor (Texas) at ~8% CAGR.
  • No issuances of common equity anticipated to fund the plan.

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Operator: Good day and Welcome to the Sempra’s Fourth Quarter 2021 Earnings Call. Today's conference is being recorded. At this time. I would like to turn the conference over to Ms. Nelly Molina. Please go ahead. Nelly Molina: Good morning everyone and welcome to Sempra's fourth quarter 2021 Earnings call. In live webcast of this teleconference and a slide presentation is available on our website under the Investors 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. Lisa Lorac Alexander, Senior Vice President Corporate Affairs and Chief Sustainability Officer. Justin Bird, Chief Executive Officer of Sempra Infrastructure. Faisel Khan, Chief Financial Officer of Sempra Infrastructure, Allen Nye, Chief Executive Officer of Oncor, Kevin Sagara, Executive Vice President and Group President, and Peter Wall, Senior Vice President, Controller and Chief Accounting Officer. 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 filed with the SEC. All of the earnings-per-share amounts in our presentat

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