Q2 2024 Sempra and Oncor Electric Delivery Company LLC Earnings Call Transcript
Key Points
- Sempra (SRE) reported strong financial performance with adjusted EPS of $0.89 for Q2 2024 and year-to-date adjusted EPS of $2.24.
- The company reaffirmed its full-year 2024 and 2025 EPS guidance ranges, showcasing confidence in its financial outlook.
- Sempra Texas, particularly Oncor, continues to see remarkable growth, with annual premise growth trending around 2%, nearly double the national average.
- Sempra Infrastructure is advancing critical infrastructure investments supporting the energy transition and enhanced energy security.
- The company has a strong track record of delivering a 10% adjusted EPS compound annual growth rate since 2018.
- The ECA LNG Phase 1 project has experienced delays, pushing the commercial operations date to spring 2026, resulting in increased capital expenditures.
- Sempra California's General Rate Case (GRC) decision has been delayed, impacting financial visibility and planning.
- The company faces challenges with labor retention and productivity issues at the ECA LNG project site.
- Higher net interest expenses and lower income tax benefits have negatively impacted financial results in some segments.
- Sempra Infrastructure's ECA LNG project delay will lead to additional carrying costs and lower estimated commissioning revenues.
Good day, and welcome to Sempra's second-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 second-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; Trevor Mihalik, Executive Vice President and Group President, Sempra California; Justin Bird, Executive Vice President and 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'll be discussing forward-looking statements within the
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