Summary
Sempra reported a decrease in revenues and net income for the nine months ended September 30, 2024, compared to the same period in the prior year. Total revenues decreased by 28.7% to $9.43 billion, and net income attributable to common shares fell by 8.2% to $2.15 billion. This decline was primarily driven by lower energy-related business revenues, impacted by softer commodity prices and reduced trading gains, as well as lower natural gas and electric revenues in Sempra California due to lower natural gas prices and volumes. The company also noted an increase in interest expense and lower income tax benefits. Despite these headwinds, Sempra California's earnings remained substantial, supported by regulatory rate base growth and higher authorized cost of capital. Sempra Texas Utilities saw an increase in earnings, driven by rate updates and customer growth at Oncor. Sempra Infrastructure's earnings were impacted by lower commodity derivative gains and reduced volumes in its renewables business, although positive foreign currency and inflation impacts provided some offset. The company ended the period with a solid liquidity position and available unused credit, while also actively managing its capital structure through debt issuances and common stock offerings.
Financial Highlights
43 data points| Revenue | $2.78B |
| Net Income | $649.00M |
| EPS (Basic) | $1.01 |
| EPS (Diluted) | $1.00 |
| Shares Outstanding (Basic) | 633.75M |
| Shares Outstanding (Diluted) | 638.06M |
Key Highlights
- 1Total revenues for the nine months ended September 30, 2024, decreased by 28.7% to $9.43 billion compared to $13.23 billion in the prior year.
- 2Net income attributable to common shares for the nine months ended September 30, 2024, decreased by 8.2% to $2.15 billion compared to $2.29 billion in the prior year.
- 3Sempra California experienced a decline in earnings due to lower natural gas and electric revenues, primarily driven by lower commodity prices and volumes, as well as reduced income tax benefits.
- 4Sempra Texas Utilities (Oncor) reported higher earnings driven by rate updates reflecting increased invested capital, customer growth, and new base rates.
- 5Sempra Infrastructure's earnings were impacted by lower commodity derivative gains, reduced renewable volumes, and lower natural gas prices, though foreign currency impacts provided some positive offset.
- 6The company has an "at-the-market" (ATM) equity offering program with an aggregate gross sales price of up to $3.0 billion, initiated on November 6, 2024.
- 7Sempra's credit ratings remained at investment grade levels, with Moody's, S&P, and Fitch maintaining stable outlooks for Sempra and SDG&E, while S&P assigned a negative outlook to SoCalGas' credit rating.