Sempra(US:SRE)2025-05-08 14:53Financial Performance - Sempra reported Q1 2025 GAAP earnings of $906 million or $1.39 per diluted share, up from $801 million or $1.26 per diluted share in Q1 2024, representing a 13.1% increase in earnings [3]. - Adjusted earnings for Q1 2025 were $942 million or $1.44 per diluted share, compared to $854 million or $1.34 per diluted share in Q1 2024, reflecting a 10.3% increase [3]. - Total revenues for Q1 2025 increased to $3,802 million, up 4.4% from $3,640 million in Q1 2024 [32]. - Net income for Q1 2025 was $919 million, compared to $881 million in Q1 2024, reflecting a growth of 4.3% [32]. - Basic earnings per common share (EPS) rose to $1.39 in Q1 2025, up from $1.27 in Q1 2024, representing a 9.4% increase [32]. - Segment earnings attributable to common shares increased to $906 million in Q1 2025, up from $801 million in Q1 2024, reflecting a growth of 13.1% [47]. - Adjusted EPS guidance for 2025 is projected to be between $4.30 and $4.70, excluding significant items [38]. - Sempra updated its full-year 2025 GAAP EPS guidance to a range of $4.25 – $4.65, and affirmed its adjusted EPS guidance range of $4.30 to $4.70 [15]. Capital Expenditures and Investments - Oncor Electric Delivery Company is executing a $36.1 billion five-year capital plan to meet growing electricity demand in Texas, which reached a winter peak demand of 80.5 GW in February 2025 [7]. - Capital expenditures for property, plant, and equipment rose to $2,336 million in Q1 2025, compared to $1,933 million in Q1 2024, an increase of 20.9% [47]. - Expenditures for investments in Sempra Texas Utilities increased significantly to $486 million in Q1 2025 from $193 million in Q1 2024, a rise of 151.8% [47]. Assets and Liabilities - Total current assets increased to $5,665 million as of March 31, 2025, compared to $5,285 million at the end of 2024, marking a 7.2% increase [42]. - Total assets reached $99,010 million as of March 31, 2025, up from $96,155 million at the end of 2024, indicating a growth of 3.9% [42]. - Long-term debt and finance leases increased to $33,286 million as of March 31, 2025, compared to $31,558 million at the end of 2024 [44]. - Cash and cash equivalents rose to $1,739 million as of March 31, 2025, compared to $1,565 million at the end of 2024, an increase of 11.1% [42]. - Cash, cash equivalents, and restricted cash increased to $1,762 million as of March 31, 2025, compared to $834 million as of March 31, 2024, a growth of 111.5% [46]. Operational Metrics - Oncor had approximately 1,100 active transmission point of interconnection requests, a 35% increase compared to Q1 2024, and served nearly 19,000 additional premises in the first quarter [8]. - Total gas customer meters for Sempra California increased to 7,122 thousand in Q1 2025 from 7,089 thousand in Q1 2024, a growth of 0.5% [49]. - Total electric customer meters for Sempra California rose to 1,535 thousand in Q1 2025, up from 1,522 thousand in Q1 2024, an increase of 0.9% [49]. - Total deliveries of electric sales (millions of kWhs) decreased to 4,147 million in Q1 2025 from 4,104 million in Q1 2024, a slight decline of 1.0% [49]. Future Plans and Guidance - Sempra announced plans to sell Ecogas México and a minority stake in Sempra Infrastructure Partners, expected to be accretive to earnings per share over the next 12-18 months [20][21]. - The company is committed to a long-term EPS compound annual growth rate of 7% to 9% for the period from 2025 to 2029 [15]. Cash Flow and Financial Activities - Total cash provided by operating activities decreased to $1,482 million in Q1 2025 from $1,851 million in Q1 2024, a decline of 19.9% [46]. - Net cash used in investing activities increased to $2,785 million in Q1 2025 from $2,107 million in Q1 2024, reflecting a rise of 32.1% [46]. - The company reported a $35 million net unrealized loss on commodity derivatives for Q1 2025 [40]. - The company experienced a $8 million impact from foreign currency and inflation on its monetary positions in Mexico [40].