Sempra Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Sempra reported strong 2023 operating and financial performance, emphasizing growth in its regulated transmission and distribution (T&D) businesses across California, Texas, and its Sempra Infrastructure platform.
  • The company announced a record $48 billion capital plan for 2024–2028, a 20% increase from the prior plan, with over 90% dedicated to regulated utilities.
  • Adjusted EPS for full-year 2023 was $4.61, matching the 2022 result but exceeding the high end of 2023 guidance. GAAP EPS rose to $4.79 from $3.31 in 2022.
  • The Board approved a dividend increase to $2.48 per share, marking the 14th consecutive year of dividend growth.

Financial Performance

  • Q4 2023 GAAP EPS: $1.16 (vs. $0.69 in Q4 2022), driven by higher earnings across platforms.
  • Q4 2023 adjusted EPS: $1.13 (vs. $1.17 in Q4 2022), slightly lower due to higher interest expense.
  • Full-year 2023 GAAP earnings: $3.03 billion (up from $2.94 billion in 2022).
  • Full-year 2023 adjusted earnings: $2.92 billion (slightly above $2.915 billion in 2022).
  • 2024 EPS guidance narrowed to $4.60–$4.90; 2025 EPS guidance initiated at $4.90–$5.25 (midpoint implies ~7% year-over-year growth).

Capital Plan and Rate Base Growth

  • Total 2024–2028 capital plan: $48 billion (20% increase vs. prior plan).

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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, and welcome to Sempra's fourth quarter 2023 earnings call. The 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; Trevor Mihalik, Executive Vice President and Group President, Sempra California; Allen Nye, Chief Executive Officer of Oncor; Justin Bird, Executive Vice President and Chief Executive Officer of Sempra Infrastructure; 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 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 common share amounts in our presentation are shown on a diluted basis and we'll be discussing certain non-GAAP financial measure

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