Sempra(SRE) ZACKS·2024-11-06 19:45Core Insights - Sempra Energy reported third-quarter 2024 adjusted earnings per share (EPS) of 89 cents, missing the Zacks Consensus Estimate of $1.06 by 16% and declining 17.6% from $1.08 in the prior-year quarter [1] - Total revenues for Sempra were $2.78 billion, a decline of 16.7% from $3.33 billion in the year-ago quarter, and missed the Zacks Consensus Estimate of $3.83 billion by 27.5% [2] Financial Performance - Sempra's GAAP earnings were $1.00 per share compared to $1.14 in the third quarter of 2023 [1] - Cash and cash equivalents as of September 30, 2024, totaled $560 million, up from $236 million as of December 31, 2023 [4] - Long-term debt and finance leases increased to $30.96 billion as of September 30, 2024, from $27.76 billion as of December 31, 2023 [4] - Cash flow from operating activities decreased from $5.13 billion in the first nine months of 2023 to $3.54 billion in the first nine months of 2024 [4] Segment Performance - Sempra California reported quarterly earnings of $247 million, down from $290 million in the year-ago quarter [3] - Sempra Texas Utility earnings declined from $305 million in the prior-year quarter to $261 million [3] - Sempra Infrastructure recorded earnings of $230 million, slightly up from $223 million in the year-ago quarter [3] - The Parent and Other segment reported a loss of $100 million, wider than the prior-year loss of $97 million [3] Guidance - Sempra reiterated its 2024 earnings projection in the range of $4.60-$4.90 per share, with the Zacks Consensus Estimate at $4.77 per share [5] - The company expects 2025 earnings to be in the range of $4.90-$5.25 per share, with the consensus estimate at $5.13 per share [5] - Sempra continues to anticipate a long-term EPS growth rate of 6-8% [5]