Summary
Sempra reported earnings attributable to common shares of $801 million ($1.26 per diluted share) for the first quarter of 2024, a decrease from $969 million ($1.53 per diluted share) in the same period of 2023. This decline was primarily driven by lower earnings from the Sempra Infrastructure segment, which was impacted by unrealized losses on commodity derivatives and lower LNG diversion fees. Sempra California's earnings also saw a slight decrease due to higher net interest expense and lower income tax benefits. Despite the year-over-year earnings decline, the company's operating cash flows remained robust. Sempra California, comprising SDG&E and SoCalGas, demonstrated stability in its regulated utility operations, benefiting from regulatory mechanisms for cost recovery. Sempra Texas Utilities showed significant earnings growth, driven by favorable rate updates and increased invested capital at Oncor Holdings. The company's balance sheet remains strong, with substantial available liquidity through committed credit facilities and ample unused credit capacity, providing flexibility for future capital expenditures and operational needs.
Financial Highlights
44 data points| Revenue | $3.64B |
| Interest Expense | $305.00M |
| Net Income | $812.00M |
| EPS (Basic) | $1.27 |
| EPS (Diluted) | $1.26 |
| Shares Outstanding (Basic) | 632.82M |
| Shares Outstanding (Diluted) | 635.35M |
Key Highlights
- 1Earnings attributable to common shares decreased to $801 million ($1.26/diluted share) in Q1 2024 from $969 million ($1.53/diluted share) in Q1 2023.
- 2Sempra California (SDG&E and SoCalGas) earnings decreased by $36 million, primarily due to higher net interest expense and lower income tax benefits.
- 3Sempra Texas Utilities earnings increased by $100 million, driven by higher equity earnings from Oncor Holdings due to rate updates and new base rates.
- 4Sempra Infrastructure earnings decreased by $184 million, largely due to unfavorable changes in commodity derivative valuations and lower LNG diversion fees.
- 5Operating cash flows remained strong at $1.85 billion for Sempra in Q1 2024.
- 6Sempra issued $600 million in junior subordinated notes, SDG&E issued $600 million in first mortgage bonds, and SoCalGas issued $500 million in first mortgage bonds during the quarter.
- 7The company maintains a strong liquidity position with $606 million in unrestricted cash and cash equivalents and $8.38 billion in available unused credit for Sempra as of March 31, 2024.