Sempra Reports Third-Quarter 2024 Earnings Results

Rhea-AI Summary

Sempra (NYSE: SRE) reported third-quarter 2024 GAAP earnings of $638 million ($1.00 per diluted share), down from $721 million ($1.14 per share) in Q3 2023. Adjusted earnings were $566 million ($0.89 per share), compared to $685 million ($1.08 per share) last year. For the first nine months of 2024, GAAP earnings were $2.152 billion ($3.38 per share), versus $2.293 billion ($3.63 per share) in 2023. The company updated its full-year 2024 GAAP EPS guidance to $4.86-$5.16 while affirming adjusted EPS guidance of $4.60-$4.90.

Positive

• Oncor expects 40-50% increase to its previous $24 billion five-year capital plan
• Record electricity demand in San Diego region with over 5 gigawatts
• Port Arthur LNG Phase 1 construction remains on time and on budget
• Company affirms projected long-term EPS growth rate of 6-8%

Negative

• Q3 2024 GAAP earnings declined 11.5% to $638M from $721M year-over-year
• Q3 2024 adjusted earnings decreased 17.4% to $566M from $685M year-over-year
• Nine-month GAAP earnings dropped 6.1% to $2.152B from $2.293B

Insights

Financial Analyst

The Q3 2024 results show mixed performance with $638 million GAAP earnings ($1.00/share), down from $721 million in Q3 2023. Key developments warrant attention:

• Oncor's significant capital plan increase of 40-50% above the previous $24 billion five-year plan signals robust growth potential in Texas
• The implementation of a $3 billion ATM equity program suggests potential dilution but provides flexibility for future growth
• The pending California rate case decision could materially impact financials, with retroactive application to January 2024

The maintained 2024 adjusted EPS guidance of $4.60-$4.90 and projected 6-8% long-term EPS growth demonstrate management's confidence despite near-term headwinds. The infrastructure expansion, particularly in LNG projects, positions Sempra well for long-term growth in energy security and decarbonization markets.

Energy Infrastructure Expert

Sempra's strategic positioning in key energy markets shows promising developments. The Port Arthur LNG Phase 1 and ECA LNG projects are progressing as planned, with ECA LNG Phase 1 targeting commercial operations by spring 2026. The Permian Basin Reliability Plan approval and Oncor's System Resiliency Plan ($3 billion capex) demonstrate strong regulatory support for infrastructure expansion.

The record electricity demand in San Diego and 38% year-over-year increase in Oncor's transmission interconnection requests highlight growing market opportunities. The dual-coast LNG strategy and focus on infrastructure modernization position Sempra advantageously in the evolving energy landscape, particularly as global demand for cleaner fuels continues to rise.

SAN DIEGO, Nov. 6, 2024 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today reported third-quarter 2024 earnings, prepared in accordance with generally accepted accounting principles (GAAP), of $638 million, or $1.00 per diluted share, compared to third-quarter 2023 GAAP earnings of $721 million, or $1.14 per diluted share. On an adjusted basis, the company's third-quarter 2024 earnings were $566 million, or $0.89 per diluted share, compared to $685 million, or $1.08 per diluted share in third-quarter 2023.

"We are pleased with our operational and financial results for the third quarter," said Jeffrey W. Martin, chairman and CEO of Sempra. "We remain focused on executing our business plan, improving safety and operations, and delivering more affordable services to our customers."

Sempra's GAAP earnings for the first nine months of 2024 were $2.152 billion, or $3.38 per diluted share, compared with GAAP earnings of $2.293 billion, or $3.63 per diluted share, in the first nine months of 2023. 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. The results for the first nine months of this year do not reflect the impact of the Sempra California general rate case decision that is pending at the California Public Utilities Commission (CPUC).

The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the third quarter and first nine months of 2024 and 2023.

	(Dollars and shares in millions, except EPS)	Three months ended September 30,				Nine months ended September 30,
		2024		2023		2024		2023
	GAAP Earnings	$    638		$    721		$ 2,152		$ 2,293
	Equity losses from write-off of rate base disallowances resulting from Public Utility     Commission of Texas' final order in Oncor Electric Delivery Company LLC's     comprehensive base rate review	—		—		—		44
	Impact from foreign currency and inflation on monetary positions in Mexico	(67)		(36)		(178)		166
	Net unrealized (gains) losses on derivatives	(5)		—		13		(319)
	Net unrealized losses on contingent interest rate swap related to initial phase of the Port Arthur LNG liquefaction project	—		—		—		17
	Adjusted Earnings(1)	$    566		$    685		$ 1,987		$ 2,201
	Diluted Weighted-Average Common Shares Outstanding	638		632		637		632
	GAAP EPS	$   1.00		$   1.14		$   3.38		$   3.63
	Adjusted EPS(1)	$   0.89		$   1.08		$   3.12		$   3.48

1)	See Table A for information regarding non-GAAP financial measures.

Sempra California

Last month, the CPUC issued a proposed decision on the general rate cases for Sempra California's utilities, which center on improving safety and reliability in alignment with California's clean energy goals while stabilizing energy bills. A final decision is expected by the end of the year with revenues retroactively applied to Jan. 1 of this year.

Delivering energy to Sempra California's 25 million consumers safely and reliably while keeping bills as low as possible continued to be the focus in the third quarter. The San Diego region registered a new record in peak electricity demand of over 5 gigawatts in September, surpassing the previous record set in 2014 by nearly 150 megawatts. Investments in energy storage and infrastructure modernization benefited customers this summer with minimal energy interruptions despite high-heat conditions.

Sempra Texas

The State of Texas benefits from relatively low electricity costs and a supportive regulatory environment for investment. In combination, this is fueling economic expansion across the state and significantly higher projections for electric demand growth.

Currently, Oncor Electric Delivery Company LLC's (Oncor) System Resiliency Plan (SRP), which includes nearly $3 billion of capital expenditures designed to reduce risk and over $500 million in incremental operations and maintenance expenses, is under review with the Public Utility Commission of Texas (PUCT) and is expected to be finalized this year. This fall, the PUCT approved the Permian Basin Reliability Plan proposed by the Electric Reliability Council of Texas. This plan identified substantial capital investments in transmission projects required to address electric demand growth forecasted over the next decade in the Permian Basin, much of which falls within or near Oncor's existing transmission footprint. The investment initiatives outlined in Oncor's SRP and any projects assigned to Oncor in the Permian Basin Reliability Plan would be incremental to Oncor's existing capital plan.

Oncor continues to expect 2% long-term premise growth, and the company reported a 38% year-over-year increase in new transmission point of interconnection requests, which are in the queue to support the region's expected economic expansion. In third-quarter 2024, Oncor built, rebuilt or upgraded over 800 miles of transmission and distribution lines and placed eight substations into service.

Against this backdrop, the business outlook for Oncor continues to strengthen, as the company expects significantly higher levels of capital investment in grid expansion, modernization and reliability. Oncor currently anticipates a meaningful 40-50% increase to its previously announced five-year capital plan of $24 billion and will provide an update on the next earnings call in February 2025.

Sempra Infrastructure

Globally, energy security and decarbonization trends continue to support the business outlook for Sempra Infrastructure, which is making progress developing projects in the U.S. Gulf and northern Mexico. Most notably, U.S. liquefied natural gas (LNG) exports remain an important component of the energy security for U.S. allies, as well as an opportunity to diversify their energy mix away from coal for electricity production. Sempra Infrastructure's dual-coast LNG strategy differentiates the company and bolsters its position as an energy infrastructure leader.

Construction at Energía Costa Azul (ECA) LNG Phase 1 has progressed, and commercial operation is expected to commence in spring 2026. Additionally, the Gasoducto Rosarito Expansion Pipeline that will support gas supply to ECA LNG is expected to reach commercial operations in fourth-quarter 2024. Port Arthur LNG Phase 1 construction remains on time and on budget. Additionally, construction has commenced on the 72-mile Port Arthur Pipeline Louisiana Connector to support gas supply to Port Arthur LNG Phase 1.

The company continues to advance development of its expansion projects in response to the ongoing global demand for cleaner fuels to support the decarbonization of the power sector and improved energy security.

Earnings Guidance and Financial Update

Sempra is updating its full-year 2024 GAAP earnings-per-common share (EPS) guidance range to $4.86 to $5.16 reflecting actual results through the third quarter and affirming its full-year 2024 adjusted EPS guidance range of $4.60 to $4.90. The company is also affirming its full-year 2025 EPS guidance range of $4.90 to $5.25.

In addition, the company has put in place a $3 billion at-the-market (ATM) equity offering program to support general corporate purposes including its future financing needs and is also affirming its projected long-term EPS growth rate of approximately 6% to 8%.

Non-GAAP Financial Measures

Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.

Internet Broadcast

Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company's senior management. Access is available by logging onto the Investors section of the company's website, sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.

About Sempra

Sempra (NYSE: SRE) is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America and in The Wall Street Journal's Best Managed Companies. More information about Sempra is available at sempra.com and on social media @Sempra.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, audits, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks related to (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, (iv) obtaining third-party consents and approvals and (v) third parties honoring their contracts and commitments; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitration, property disputes and other proceedings, and changes (i) to laws and regulations, including those related to tax and trade policy and the energy industry in Mexico and (ii) due to the results of elections; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, or (iii) fluctuating interest rates and inflation; the impact on affordability of San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure's business, volatility in foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, pipeline system or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, and Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.

None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.

SEMPRA
Table A
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
	Three months ended September 30,								Nine months ended September 30,
	2024				2023				2024				2023
REVENUES
Utilities:
Natural gas	$	1,195			$	1,488			$	4,798			$	7,560
Electric	1,069				1,250				3,269				3,331
Energy-related businesses	512				596				1,360				2,338
Total revenues	2,776				3,334				9,427				13,229
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(99)				(260)				(790)				(3,254)
Cost of electric fuel and purchased power	18				(183)				(227)				(385)
Energy-related businesses cost of sales	(134)				(163)				(297)				(437)
Operation and maintenance	(1,326)				(1,383)				(3,871)				(3,958)
Depreciation and amortization	(614)				(563)				(1,811)				(1,651)
Franchise fees and other taxes	(175)				(169)				(515)				(509)
Other income, net	65				3				194				75
Interest income	17				19				47				60
Interest expense	(328)				(312)				(944)				(995)
Income before income taxes and equity earnings	200				323				1,213				2,175
Income tax benefit (expense)	105				52				63				(499)
Equity earnings	454				479				1,235				1,086
Net income	759				854				2,511				2,762
Earnings attributable to noncontrolling interests	(110)				(122)				(325)				(435)
Preferred dividends	(11)				(11)				(33)				(33)
Preferred dividends of subsidiary	—				—				(1)				(1)
Earnings attributable to common shares	$	638			$	721			$	2,152			$	2,293
Basic earnings per common share (EPS):
Earnings	$	1.01			$	1.14			$	3.40			$	3.64
Weighted-average common shares outstanding	633,752				630,036				633,342				629,963
Diluted EPS:
Earnings	$	1.00			$	1.14			$	3.38			$	3.63
Weighted-average common shares outstanding	638,061				632,324				636,566				632,231

 

SEMPRA
Table A (Continued)

RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS

Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2024 and 2023 as follows:

Three months ended September 30, 2024:

• $67 million impact from foreign currency and inflation on our monetary positions in Mexico
• $5 million net unrealized gains on commodity derivatives

Three months ended September 30, 2023:

• $36 million impact from foreign currency and inflation on our monetary positions in Mexico

Nine months ended September 30, 2024:

• $178 million impact from foreign currency and inflation on our monetary positions in Mexico
• $(13) million net unrealized losses on commodity derivatives

Nine months ended September 30, 2023:

• $(44) million equity losses from investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings) related to a write-off of rate base disallowances resulting from the Public Utility Commission of Texas' (PUCT) final order in Oncor Electric Delivery Company LLC's (Oncor) comprehensive base rate review
• $(166) million impact from foreign currency and inflation on our monetary positions in Mexico
• $319 million net unrealized gains on commodity derivatives
• $(17) million net unrealized losses on a contingent interest rate swap related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)

Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.

SEMPRA Table A (Continued)
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS
(Dollars in millions, except per share amounts; shares in thousands)
									Pretax amount			Income tax (benefit) expense(1)			Non-controlling interests			Earnings						Diluted EPS						Pretax amount			Income tax (benefit) expense(1)			Non-controlling interests			Earnings						Diluted EPS
									Three months ended September 30, 2024																					Three months ended September 30, 2023
Sempra GAAP Earnings and GAAP EPS																		$	638					$	1.00														$	721					$	1.14
Excluded items:
			Impact from foreign currency and inflation on monetary positions in Mexico						$	(22)		$	(78)		$	33		(67)						(0.10)						$	(3)		$	(49)		$	16		(36)						(0.06)
			Net unrealized gains on commodity derivatives						(11)			2			4			(5)						(0.01)						(2)			2			—			—						—
Sempra Adjusted Earnings and Adjusted EPS																		$	566					$	0.89														$	685					$	1.08
Weighted-average common shares outstanding, diluted																								638,061																					632,324
									Nine months ended September 30, 2024																					Nine months ended September 30, 2023
Sempra GAAP Earnings and GAAP EPS																		$	2,152					$	3.38														$	2,293					$	3.63
Excluded items:
			Equity losses from write-off of rate base disallowances resulting from     PUCT's final order in Oncor's comprehensive base rate review						$	—		$	—		$	—		—						—						$	—		$	—		$	—		44						0.07
			Impact from foreign currency and inflation on monetary positions in Mexico						(52)			(211)			85			(178)						(0.28)						40			203			(77)			166						0.26
			Net unrealized losses (gains) on commodity derivatives						24			(3)			(8)			13						0.02						(630)			128			183			(319)						(0.51)
			Net unrealized losses on contingent interest rate swap related to PA LNG Phase 1 project						—			—			—			—						—						33			(6)			(10)			17						0.03
Sempra Adjusted Earnings and Adjusted EPS																		$	1,987					$	3.12														$	2,201					$	3.48
Weighted-average common shares outstanding, diluted																								636,566																					632,231

(1)	Income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. We record equity losses from our investment in Oncor Holdings net of income tax.

 

SEMPRA
Table A (Continued)

RECONCILIATION OF SEMPRA 2024 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2024 GAAP EPS GUIDANCE RANGE

Sempra 2024 Adjusted EPS Guidance Range of $4.60 to $4.90 excludes items (after the effects of income taxes and, if applicable, NCI) as follows:

• $178 million impact from foreign currency and inflation on our monetary positions in Mexico
• $(13) million net unrealized losses on commodity derivatives

Sempra 2024 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity derivatives for the nine months ended September 30, 2024, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Sempra 2024 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2024 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra 2024 Adjusted EPS Guidance Range to Sempra 2024 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.

RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE
			Full-Year 2024
Sempra GAAP EPS Guidance Range			$	4.86		to			$	5.16
Excluded items:
Impact from foreign currency and inflation on monetary positions in Mexico			(0.28)						(0.28)
Net unrealized losses on commodity derivatives			0.02						0.02
Sempra Adjusted EPS Guidance Range			$	4.60		to			$	4.90
Weighted-average common shares outstanding, diluted (millions)									637

 

SEMPRA
Table B
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
			September 30, 2024						December 31, 2023(1)
ASSETS
Current assets:
Cash and cash equivalents			$	560					$	236
Restricted cash			22						49
Accounts receivable – trade, net			1,716						2,151
Accounts receivable – other, net			422						561
Due from unconsolidated affiliates			14						31
Income taxes receivable			152						94
Inventories			519						482
Prepaid expenses			314						273
Regulatory assets			59						226
Fixed-price contracts and other derivatives			111						122
Greenhouse gas allowances			1,169						1,189
Other current assets			41						56
Total current assets			5,099						5,470
Other assets:
Restricted cash			108						104
Regulatory assets			4,325						3,771
Greenhouse gas allowances			971						301
Nuclear decommissioning trusts			906						872
Dedicated assets in support of certain benefit plans			585						549
Deferred income taxes			144						129
Right-of-use assets – operating leases			888						723
Investment in Oncor Holdings			15,160						14,266
Other investments			2,412						2,244
Goodwill			1,602						1,602
Other intangible assets			299						318
Wildfire fund			268						269
Other long-term assets			1,706						1,603
Total other assets			29,374						26,751
Property, plant and equipment, net			59,275						54,960
Total assets			$	93,748					$	87,181

(1)	Derived from audited financial statements.

 

SEMPRA
Table B (Continued)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
			September 30, 2024						December 31, 2023(1)
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt			$	2,187					$	2,342
Accounts payable – trade			1,966						2,211
Accounts payable – other			227						224
Due to unconsolidated affiliates			—						5
Dividends and interest payable			816						691
Accrued compensation and benefits			541						526
Regulatory liabilities			523						553
Current portion of long-term debt and finance leases			1,212						975
Greenhouse gas obligations			1,169						1,189
Other current liabilities			1,202						1,374
Total current liabilities			9,843						10,090
Long-term debt and finance leases			30,964						27,759
Deferred credits and other liabilities:
Due to unconsolidated affiliates			347						307
Regulatory liabilities			4,118						3,739
Greenhouse gas obligations			495						—
Pension and other postretirement benefit plan obligations, net of plan assets			377						407
Deferred income taxes			5,404						5,254
Asset retirement obligations			3,710						3,642
Deferred credits and other			2,610						2,329
Total deferred credits and other liabilities			17,061						15,678
Equity:
Sempra shareholders' equity			29,703						28,675
Preferred stock of subsidiary			20						20
Other noncontrolling interests			6,157						4,959
Total equity			35,880						33,654
Total liabilities and equity			$	93,748					$	87,181

(1)	Derived from audited financial statements.

 

SEMPRA
Table C
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
			Nine months ended September 30,
			2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	2,511					$	2,762
Adjustments to reconcile net income to net cash provided by operating activities			583						646
Net change in working capital components			55						1,610
Distributions from investments			654						668
Changes in other noncurrent assets and liabilities, net			(261)						(557)
Net cash provided by operating activities			3,542						5,129
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment			(5,765)						(6,074)
Expenditures for investments			(588)						(281)
Purchases of nuclear decommissioning and other trust assets			(658)						(462)
Proceeds from sales of nuclear decommissioning and other trust assets			704						503
Other			11						10
Net cash used in investing activities			(6,296)						(6,304)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid			(1,121)						(1,109)
Preferred dividends paid			(22)						(22)
Issuances of common stock			26						—
Repurchases of common stock			(41)						(32)
Issuances of debt (maturities greater than 90 days)			6,437						6,911
Payments on debt (maturities greater than 90 days) and finance leases			(2,216)						(6,018)
(Decrease) increase in short-term debt, net			(929)						629
Advances from unconsolidated affiliates			85						31
Proceeds from sales of noncontrolling interests, net			—						1,238
Distributions to noncontrolling interests			(235)						(289)
Contributions from noncontrolling interests			1,121						1,036
Settlement of cross-currency swaps			—						(99)
Other			(39)						(78)
Net cash provided by financing activities			3,066						2,198
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(11)						6
Increase in cash, cash equivalents and restricted cash			301						1,029
Cash, cash equivalents and restricted cash, January 1			389						462
Cash, cash equivalents and restricted cash, September 30			$	690					$	1,491

 

SEMPRA
Table D
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS
(Dollars in millions)
			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Earnings (Losses) Attributable to Common Shares
Sempra California			$	247					$	290					$	1,145					$	1,247
Sempra Texas Utilities			261						305						646						548
Sempra Infrastructure			230						223						652						746
Parent and other			(100)						(97)						(291)						(248)
Total			$	638					$	721					$	2,152					$	2,293
			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Capital Expenditures and Investments
Sempra California			$	1,117					$	1,144					$	3,329					$	3,344
Sempra Texas Utilities			193						92						578						270
Sempra Infrastructure			824						652						2,443						2,736
Parent and other			2						1						3						5
Total			$	2,136					$	1,889					$	6,353					$	6,355

 

SEMPRA
Table E
OTHER OPERATING STATISTICS
						Three months ended September 30,												Nine months ended September 30,
						2024						2023						2024						2023
UTILITIES
Sempra California
Gas sales (Bcf)(1)						54						55						254						280
Transportation (Bcf)(1)						157						165						419						438
Total deliveries (Bcf)(1)						211						220						673						718
Total gas customer meters (thousands)																		7,107						7,047
Electric sales (millions of kWhs)(1)						857						1,075						2,453						3,645
Community Choice Aggregation and Direct Access (millions of kWhs)						3,962						3,472						10,023						9,001
Total deliveries (millions of kWhs)(1)						4,819						4,547						12,476						12,646
Total electric customer meters (thousands)																		1,529						1,515
Oncor(2)
Total deliveries (millions of kWhs)						46,208						47,736						123,864						120,571
Total electric customer meters (thousands)																		4,027						3,953
Ecogas México, S. de R.L. de C.V.
Natural gas sales (Bcf)						1						1						3						3
Natural gas customer meters (thousands)																		162						155
ENERGY-RELATED BUSINESSES
Sempra Infrastructure
Termoeléctrica de Mexicali (millions of kWhs)						1,081						1,105						2,711						2,022
Wind and solar (millions of kWhs)(1)						687						827						2,294						2,525

(1)	Includes intercompany sales.
(2)	Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an indirect 80.25% interest through our investment in Oncor Holdings.

 

SEMPRA
Table F
STATEMENTS OF OPERATIONS DATA BY SEGMENT
(Dollars in millions)
Three months ended September 30, 2024			Sempra California						Sempra Texas Utilities						Sempra Infrastructure						Consolidating Adjustments, Parent & Other									Total
Revenues			$	2,256					$	—					$	538					$	(18)								$	2,776
Cost of sales and other expenses			(1,344)						—						(359)						(13)									(1,716)
Depreciation and amortization			(536)						—						(76)						(2)									(614)
Other income (expense), net			43						—						(4)						26									65
Net interest (expense) income			(209)						(1)						7						(108)									(311)
Income tax benefit (expense)			37						(1)						43						26									105
Equity earnings			—						263						191						—									454
Earnings attributable to noncontrolling interests			—						—						(110)						—									(110)
Preferred dividends			—						—						—						(11)									(11)
Earnings (losses) attributable to common shares			$	247					$	261					$	230					$	(100)								$	638
Three months ended September 30, 2023			Sempra California						Sempra Texas Utilities						Sempra Infrastructure						Consolidating Adjustments, Parent & Other									Total
Revenues			$	2,725					$	—					$	629					$	(20)								$	3,334
Cost of sales and other expenses			(1,800)						(2)						(356)						—									(2,158)
Depreciation and amortization			(491)						—						(71)						(1)									(563)
Other income (expense), net			23						—						(2)						(18)									3
Net interest expense			(187)						—						(3)						(103)									(293)
Income tax benefit (expense)			20						—						(24)						56									52
Equity earnings			—						307						172						—									479
Earnings attributable to noncontrolling interests			—						—						(122)						—									(122)
Preferred dividends			—						—						—						(11)									(11)
Earnings (losses) attributable to common shares			$	290					$	305					$	223					$	(97)								$	721

   

SEMPRA
Table F (Continued)
STATEMENTS OF OPERATIONS DATA BY SEGMENT
(Dollars in millions)
Nine months ended September 30, 2024			Sempra California						Sempra Texas Utilities						Sempra Infrastructure						Consolidating Adjustments, Parent & Other									Total
Revenues			$	8,022					$	—					$	1,466					$	(61)								$	9,427
Cost of sales and other expenses			(4,745)						(4)						(939)						(12)									(5,700)
Depreciation and amortization			(1,585)						—						(221)						(5)									(1,811)
Other income, net			159						—						2						33									194
Net interest (expense) income			(615)						(1)						19						(300)									(897)
Income tax (expense) benefit			(90)						(1)						67						87									63
Equity earnings			—						652						583						—									1,235
Earnings attributable to noncontrolling interests			—						—						(325)						—									(325)
Preferred dividends			(1)						—						—						(33)									(34)
Earnings (losses) attributable to common shares			$	1,145					$	646					$	652					$	(291)								$	2,152
Nine months ended September 30, 2023			Sempra California						Sempra Texas Utilities						Sempra Infrastructure						Consolidating Adjustments, Parent & Other									Total
Revenues			$	10,840					$	—					$	2,485					$	(96)								$	13,229
Cost of sales and other expenses			(7,601)						(5)						(981)						44									(8,543)
Depreciation and amortization			(1,435)						—						(210)						(6)									(1,651)
Other income (expense), net			66						—						11						(2)									75
Net interest expense			(558)						—						(102)						(275)									(935)
Income tax (expense) benefit			(64)						—						(555)						120									(499)
Equity earnings			—						553						533						—									1,086
Earnings attributable to noncontrolling interests			—						—						(435)						—									(435)
Preferred dividends			(1)						—						—						(33)									(34)
Earnings (losses) attributable to common shares			$	1,247					$	548					$	746					$	(248)								$	2,293

 

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FAQ

What were Sempra's (SRE) Q3 2024 earnings per share?

Sempra reported Q3 2024 GAAP earnings of $1.00 per diluted share and adjusted earnings of $0.89 per diluted share.

What is Sempra's (SRE) updated 2024 earnings guidance?

Sempra updated its full-year 2024 GAAP EPS guidance to $4.86-$5.16 and affirmed adjusted EPS guidance of $4.60-$4.90.

How much did Sempra's (SRE) Q3 2024 earnings decline compared to Q3 2023?

Sempra's Q3 2024 GAAP earnings declined 11.5% to $638 million from $721 million in Q3 2023.

What is Oncor's expected capital plan increase announced in Q3 2024?

Oncor anticipates a 40-50% increase to its previously announced five-year capital plan of $24 billion.