Sempra Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance Highlights

  • Full-year 2022 adjusted earnings were $2.915 billion (or $9.21 per share), up from 2021 adjusted earnings of $2.637 billion ($8.43 per share). This represents year-over-year adjusted EPS growth of about 9%.
  • Q4 2022 adjusted EPS was $2.35, up from $2.16 in Q4 2021, demonstrating continued operational momentum.
  • 2022 GAAP earnings rose significantly to $2.94 billion ($6.62 per share), compared to $1.254 billion ($4.01 per share) in 2021, driven partly by the minority sale of Sempra Infrastructure to ADIA.
  • Sempra reaffirmed its 2023 EPS guidance of $8.60–$9.20 and reiterated its long-term EPS CAGR target of 6%–8% from the 2023 guidance midpoint.
  • The Board approved a quarterly dividend of $1.19 per share (annualized $4.76), implying a payout ratio around 53%.

Strategic and Operational Updates

Sempra California
  • SDG&E completed hardening of 100% of Tier 3 high-fire threat transmission assets in 2022, a major milestone improving long-term safety and reliability.
  • ROEs for SDG&E and SoCalGas updated to 9.95% and 9.8% through 2025 under CPUC’s 2023 cost of capital ruling, preserving both utilities’ 52% equity layers.
  • SoCalGas received CPUC approval allowing Phase 1 feasibility studies for the Angeles Link hydrogen hub. This supports DOE Hydrogen Hub funding efforts.

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Operator: Good day and welcome to Sempra’s Fourth 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 fourth 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 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 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 statement 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. 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 th

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