Sempra(US:SRE)2025-11-05 15:51Financial Performance - Sempra reported third-quarter 2025 GAAP earnings of $77 million or $0.12 per diluted share, a significant decrease from $638 million or $1.00 per diluted share in the same quarter of 2024[3]. - Adjusted earnings for the first nine months of 2025 were $2.253 billion or $3.45 per diluted share, compared to $1.987 billion or $3.12 per diluted share in the first nine months of 2024, reflecting a 13.5% increase[4]. - Sempra's GAAP earnings for the first nine months of 2025 were $1.444 billion or $2.21 per diluted share, down from $2.152 billion or $3.38 per diluted share in the same period of 2024[4]. - Total revenues for Q3 2025 reached $3,151 million, a 13.5% increase from $2,776 million in Q3 2024[26]. - Net income for Q3 2025 was $150 million, a significant decrease of 80.2% compared to $759 million in Q3 2024[26]. - Adjusted EPS for Q3 2025 was $0.12, down from $1.00 in Q3 2024, reflecting a decline of 88%[30]. - The company reported a net income of $1,588 million for the nine months ended September 30, 2025, compared to $2,511 million for the same period in 2024[41]. - Sempra's GAAP EPS guidance range for full-year 2025 is projected to be between $3.05 and $3.45, while the adjusted EPS guidance range is between $4.30 and $4.70[34]. Capital Expenditures and Investments - Oncor Electric Delivery Company expects a more than 30% increase in its 2026-2030 base capital plan, building on a $36 billion 2025-2029 base capital plan[9]. - The company is advancing six major projects, including the development of Port Arthur LNG Phase 2, which is subscribed with long-term offtake agreements[14]. - Capital expenditures for property, plant, and equipment totaled $7,201 million for the nine months ended September 30, 2025, compared to $5,765 million for the same period in 2024[42]. - Sempra announced a strategic transaction to sell a 45% equity interest in Sempra Infrastructure Partners, expected to close in Q2-Q3 2026, to support its value creation initiatives[8]. Revenue and Sales Performance - The company reported a total of $1,363 million in natural gas revenues for Q3 2025, up 14.1% from $1,195 million in Q3 2024[26]. - Gas sales for Sempra California decreased to 56 Bcf in Q3 2025 from 54 Bcf in Q3 2024, while total deliveries fell to 197 Bcf from 211 Bcf[44]. - Electric sales in Sempra California dropped to 820 million kWh in Q3 2025 compared to 857 million kWh in Q3 2024, with total electric deliveries decreasing to 4,571 million kWh from 4,819 million kWh[44]. - Oncor Electric Delivery Company LLC reported total electric deliveries of 50,761 million kWh in Q3 2025, up from 46,208 million kWh in Q3 2024, indicating a growth of approximately 11%[44]. Operating Expenses and Financial Health - Operating expenses increased to $1,349 million in Q3 2025, compared to $1,326 million in Q3 2024, marking a rise of 1.7%[26]. - Interest expense increased to $403 million in Q3 2025, compared to $328 million in Q3 2024, reflecting a rise of 22.9%[26]. - Total current assets increased significantly to $31,726 million as of September 30, 2025, compared to $5,285 million as of December 31, 2024[37]. - Total liabilities increased to $68,633 million as of September 30, 2025, from $58,367 million as of December 31, 2024[39]. - Cash, cash equivalents, and restricted cash increased to $3,025 million as of September 30, 2025, from $690 million in the same period of 2024[41]. - Sempra's total assets reached $106,919 million as of September 30, 2025, compared to $96,155 million as of December 31, 2024[39]. Tax and Regulatory Matters - The company reported a $514 million net income tax expense due to the classification of Sempra Infrastructure Partners as held for sale[29]. - The company experienced a $(540) million net income tax expense due to the classification of SI Partners and Ecogas as held for sale[35]. - California's Senate Bill 254 established an up to $18 billion continuation account to enhance the wildfire fund's stability, benefiting San Diego Gas & Electric Company[12]. Customer Metrics and Energy Production - Total electric customer meters for Oncor increased to 4,100 thousand in Q3 2025 from 4,027 thousand in Q3 2024[44]. - Total electric customer meters for Sempra California rose to 1,545 thousand in Q3 2025 from 1,529 thousand in Q3 2024[44]. - Total gas customer meters for Sempra California increased to 7,126 thousand in Q3 2025 from 7,107 thousand in Q3 2024[44]. - Sempra Infrastructure's Termoeléctrica de Mexicali generated 1,001 million kWh in Q3 2025, a decrease from 1,081 million kWh in Q3 2024[44]. - Wind and solar energy production in Sempra Infrastructure was 643 million kWh in Q3 2025, down from 687 million kWh in Q3 2024[44].