Sempra Reports Third-Quarter 2024 Earnings Results

Core Insights - 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 the same quarter of 2023 [1][2] - Adjusted earnings for the third quarter of 2024 were $566 million, or $0.89 per diluted share, compared to $685 million, or $1.08 per diluted share in the third quarter of 2023 [1][2] - 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 [1][2] Financial Performance - The company’s 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 [1][2] - Significant items affecting earnings included a $67 million impact from foreign currency and inflation on monetary positions in Mexico for the third quarter of 2024 [2][12] - Sempra's GAAP EPS guidance for full-year 2024 is updated to a range of $4.86 to $5.16, while the adjusted EPS guidance remains at $4.60 to $4.90 [6][16] Operational Highlights - Sempra California's utilities are focused on improving safety and reliability while stabilizing energy bills, with a proposed decision from the CPUC expected by year-end [3] - The San Diego region set a new record for peak electricity demand of over 5 gigawatts in September 2024, surpassing the previous record by nearly 150 megawatts [3] - Oncor Electric Delivery Company in Texas is under review for a $3 billion System Resiliency Plan, aimed at reducing risk and supporting economic expansion [4] Infrastructure Developments - Sempra Infrastructure is advancing projects in the U.S. Gulf and northern Mexico, with LNG exports playing a crucial role in energy security for U.S. allies [5] - Construction at Energía Costa Azul LNG Phase 1 is on track for commercial operation in spring 2026, while the Gasoducto Rosarito Expansion Pipeline is expected to reach commercial operations in Q4 2024 [5] - Oncor anticipates a 40-50% increase in its previously announced five-year capital plan of $24 billion, reflecting a strengthening business outlook [4] Market Position - Sempra is recognized as a leader in sustainable business practices and operational excellence, being included in the Dow Jones Sustainability Index North America [8] - The company serves nearly 40 million consumers across significant economic markets, including California, Texas, and Mexico [8]