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Mar 31, 2023
Sempra Q1 2023 Earnings Report
Sempra announced first-quarter earnings, finalized base rate review at Oncor, increased Oncor's five-year capital plan by $4 billion, updated Sempra’s five-year capital plan to $40 billion, and issued full-year 2024 EPS guidance range.
Key Takeaways
Sempra reported first-quarter 2023 earnings of $969 million, or $3.07 per diluted share, compared to first-quarter 2022 earnings of $612 million, or $1.93 per diluted share. On an adjusted basis, the company’s first-quarter 2023 earnings were $922 million, or $2.92 per diluted share, compared to $924 million, or $2.91 per diluted share, in 2022.
Sempra's strategy focuses on building new energy networks in North America to improve energy security and support decarbonization.
The company announced a new five-year capital plan of $40 billion for 2023-2027 to improve safety, bolster reliability, and support cleaner energy delivery.
Oncor received a final order from the Public Utility Commission of Texas (PUCT) in its base rate review proceeding.
Sempra Infrastructure Partners reached a positive final investment decision for the development, construction and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas.
Forward Guidance
Sempra is updating its full-year 2023 GAAP earnings per common share (EPS) guidance range of $8.76 to $9.36, affirming its full-year 2023 adjusted EPS guidance range of $8.60 to $9.20 and announcing its full-year 2024 EPS guidance range of $9.10 to $9.80. The company is also affirming its projected long-term EPS growth rate of 6% to 8%.
Positive Outlook
- Sempra is updating its full-year 2023 GAAP earnings per common share (EPS) guidance range of $8.76 to $9.36
- Sempra is affirming its full-year 2023 adjusted EPS guidance range of $8.60 to $9.20
- Sempra is announcing its full-year 2024 EPS guidance range of $9.10 to $9.80.
- Sempra is affirming its projected long-term EPS growth rate of 6% to 8%.
- Continued strong execution across our three growth platforms, together with significant projected rate base growth, support our positive view of the earnings power of our business going forward
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