Sempra(US:SRE)2024-11-06 15:50Financial Performance - Sempra reported third-quarter 2024 GAAP earnings of $638 million, or $1.00 per diluted share, a decrease from $721 million, or $1.14 per diluted share in Q3 2023[2] - Adjusted earnings for Q3 2024 were $566 million, or $0.89 per diluted share, compared to $685 million, or $1.08 per diluted share in Q3 2023[5] - For the first nine months of 2024, GAAP earnings were $2.152 billion, or $3.38 per diluted share, down from $2.293 billion, or $3.63 per diluted share in the same period of 2023[3] - Adjusted earnings for the first nine months of 2024 were $1.987 billion, or $3.12 per diluted share, compared to $2.201 billion, or $3.48 per diluted share in the first nine months of 2023[5] - Total revenues for Q3 2024 were $2,776 million, a decrease of 16.7% compared to $3,334 million in Q3 2023[28] - Net income for Q3 2024 was $759 million, down from $854 million in Q3 2023, representing a decline of 11.1%[28] - Adjusted EPS for Q3 2024 was $1.00, compared to $1.14 in Q3 2023, reflecting a decrease of 12.3%[31] - For the nine months ended September 30, 2024, total revenues were $9,427 million, down 28.5% from $13,229 million in the same period of 2023[28] Guidance and Future Outlook - Sempra updated its full-year 2024 GAAP EPS guidance range to $4.86 to $5.16 and affirmed its adjusted EPS guidance range of $4.60 to $4.90[16] - Sempra's 2024 Adjusted EPS Guidance Range is projected to be between $4.60 and $4.90, excluding significant items related to foreign currency and commodity derivatives[33] - Sempra has initiated a $3 billion at-the-market equity offering program to support general corporate purposes and future financing needs[17] Operational Highlights - Oncor Electric Delivery Company LLC expects a 2% long-term premise growth and reported a 38% year-over-year increase in new transmission point of interconnection requests[11] - Oncor anticipates a meaningful 40-50% increase to its previously announced five-year capital plan of $24 billion[12] - Construction at Energía Costa Azul LNG Phase 1 is expected to commence commercial operation in spring 2026, with the Gasoducto Rosarito Expansion Pipeline expected to reach commercial operations in Q4 2024[14] Asset and Liability Management - Total current assets decreased from $5,470 million as of December 31, 2023, to $5,099 million as of September 30, 2024[35] - Total assets increased from $87,181 million as of December 31, 2023, to $93,748 million as of September 30, 2024[37] - Total liabilities increased from $53,527 million as of December 31, 2023, to $57,868 million as of September 30, 2024[37] - Total equity increased from $33,654 million as of December 31, 2023, to $35,880 million as of September 30, 2024[37] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2024, was $3,542 million, down from $5,129 million for the same period in 2023[38] - Net cash used in investing activities was $6,296 million for the nine months ended September 30, 2024, compared to $6,304 million for the same period in 2023[38] - Common dividends paid were $1,121 million for the nine months ended September 30, 2024, compared to $1,109 million for the same period in 2023[38] Sales and Customer Metrics - Sempra California reported earnings of $247 million for the three months ended September 30, 2024, compared to $290 million for the same period in 2023[39] - Capital expenditures for Sempra California were $1,117 million for the three months ended September 30, 2024, compared to $1,144 million for the same period in 2023[40] - Sempra California gas sales decreased to 54 Bcf in Q3 2024 from 55 Bcf in Q3 2023, a decline of approximately 1.8%[41] - Total electric sales in Sempra California dropped to 857 million kWh in Q3 2024, down 20.3% from 1,075 million kWh in Q3 2023[41] - Community Choice Aggregation and Direct Access electric sales increased to 3,962 million kWh in Q3 2024, up 14.1% from 3,472 million kWh in Q3 2023[41] - Total deliveries of electric power from Oncor decreased to 46,208 million kWh in Q3 2024, a decline of 3.2% from 47,736 million kWh in Q3 2023[41] - Total electric customer meters for Sempra California increased to 1,529 thousand in Q3 2024, up from 1,515 thousand in Q3 2023, representing a growth of 0.9%[41] - Total gas customer meters for Sempra California increased to 7,107 thousand in Q3 2024, compared to 7,047 thousand in Q3 2023, reflecting a growth of 0.9%[41] - Total electric customer meters for Oncor increased to 4,027 thousand in Q3 2024, up from 3,953 thousand in Q3 2023, indicating a growth of 1.9%[41] Commodity and Currency Impact - The company reported a $178 million impact from foreign currency and inflation on monetary positions in Mexico for the nine months ended September 30, 2024[33] - The company experienced a net unrealized loss of $(13) million on commodity derivatives for the nine months ended September 30, 2024[33] - The cost of natural gas for Q3 2024 was $(99) million, a significant decrease from $(260) million in Q3 2023[28] - Wind and solar energy production decreased to 687 million kWh in Q3 2024, down 17% from 827 million kWh in Q3 2023[41] - Natural gas sales for Ecogas México remained stable at 1 Bcf in both Q3 2024 and Q3 2023[41]