Q3 2024 Sempra Earnings Call Transcript
Key Points
- Sempra (SRE) reported adjusted EPS of $0.89 for the third quarter and year-to-date adjusted EPS of $3.12, affirming their full-year 2024 adjusted EPS guidance range.
- Oncor, a subsidiary of Sempra, is experiencing robust growth with a 40% to 50% increase in its five-year capital plan, driven by strong demand in Texas, particularly from AI and data centers.
- Sempra Infrastructure is well-positioned to capitalize on global LNG demand, with ongoing projects like Port Arthur Phase 1 and ECA LNG Phase 1 progressing as planned.
- Sempra (SRE) is strategically positioned in the two largest U.S. economies, Texas and California, providing a strong platform for future growth.
- The company is implementing a $3 billion at-the-market equity program to efficiently fund its growing capital expenditures and maintain a strong balance sheet.
- Sempra (SRE) is awaiting a final decision on the California General Rate Case (GRC), which could impact earnings retroactively to the beginning of 2024.
- The proposed decision in California's GRC includes lower attrition year revenue increases, potentially affecting capital expenditure plans for SoCalGas and SDG&E.
- Sempra (SRE) reported a decrease in third-quarter 2024 GAAP earnings compared to the same period last year, with earnings of $638 million or $1 per share.
- The company faces challenges in managing system safety and reliability, particularly in areas requiring additional investments for integrity management and wildfire mitigation.
- Sempra (SRE) is navigating regulatory processes and awaiting permits for key projects, such as the DOE non-FTA export permit for Port Arthur Phase 2, which could delay project timelines.
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.
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
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