Sempra Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Results

  • Q4 2024 GAAP earnings were $665M ($1.04 per share), down from $737M ($1.16 per share) in Q4 2023.
  • Adjusted Q4 2024 earnings were $960M ($1.50 per share), up from $719M ($1.13 per share) in Q4 2023.
  • Full-year 2024 GAAP earnings were $2.817B ($4.42 per share), compared to $3.030B ($4.79 per share) in 2023.
  • Full-year 2024 adjusted earnings were $2.969B ($4.65 per share), slightly above $2.920B ($4.61 per share) in 2023.

2025 and 2026 EPS Guidance

  • 2025 EPS guidance: $4.30 to $4.70 (lowered due to regulatory changes, Oncor rate review timing, interest rates, and delayed LNG COD).
  • 2026 EPS guidance: $4.80 to $5.30 (midpoint implies ~12% growth from 2025 midpoint).
  • Long-term EPS growth rate increased from 6%-8% to 7%-9% due to strengthened outlook, especially in Texas.

Dividend Update

  • Sempra increased its annual dividend for the fifteenth straight year to $2.58 per share.

Capital Plan Highlights

  • New record five-year capital plan: $56B (2025-2029), up 16% from the prior plan.
  • Utility rate base expected to grow from $56B (2024) to over $91B (2029), a 10% CAGR.
  • More than 90% of capex directed toward regulated utilities.
  • Sempra Texas (Oncor) represents over half of the five-year 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 2024 earnings call. A live webcast of this teleconference and slide presentation are available on our website under our events and presentation 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; Don Clevinger, Chief Financial Officer of Oncor; Carolyn 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 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 f

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