Sempra(US:SRE) Prnewswire·2024-08-06 11:55Financial Performance - Sempra reported second-quarter 2024 GAAP earnings of $713 million, or $1.12 per diluted share, an increase from $603 million, or $0.95 per diluted share in the same quarter of 2023 [1][2] - Adjusted earnings for the second quarter of 2024 were $567 million, or $0.89 per diluted share, compared to $594 million, or $0.94 per diluted share in the second quarter of 2023 [1][2] - For the first six months of 2024, GAAP earnings were $1.514 billion, or $2.38 per diluted share, down from $1.572 billion, or $2.49 per diluted share in the first half of 2023 [1][2] Operational Highlights - Sempra's California utilities are focused on expanding and modernizing energy networks to provide safe, reliable, and cleaner energy [3] - The California Public Utilities Commission is reviewing rate requests, with a final decision expected by year-end 2024 [3] - Oncor Electric Delivery Company reached a settlement regarding a $3 billion System Resiliency Plan, expected to begin implementation in Q4 2024 [4] Infrastructure Development - Oncor had 814 active generation and large commercial and industrial transmission point-of-interconnection requests, a 13% increase from the end of Q2 2023, indicating growing demand for new infrastructure [4] - Sempra Infrastructure is advancing its liquefied natural gas (LNG) projects, with Port Arthur LNG Phase 1 under construction and a proposed Phase 2 expansion project progressing [4] - The company signed a non-binding agreement with Aramco for the purchase of 5 million tonnes per annum of LNG, highlighting strong interest in its LNG development projects [4] Earnings Guidance - Sempra updated its full-year 2024 GAAP EPS guidance range to $4.74 to $5.04 and affirmed its adjusted EPS guidance range of $4.60 to $4.90 [5][11] - The company also affirmed its projected long-term EPS growth rate of approximately 6% to 8% [5]