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Sempra Q3 Earnings Miss Estimates, Revenues Decline Y/Y
SRESempra(SRE) ZACKS·2024-11-06 19:45

Core Insights - Sempra Energy reported third-quarter 2024 adjusted earnings per share (EPS) of 89 cents, missing the Zacks Consensus Estimate of 1.06by161.06 by 16% and declining 17.6% from 1.08 in the prior-year quarter [1] - Total revenues for Sempra were 2.78billion,adeclineof16.72.78 billion, a decline of 16.7% from 3.33 billion in the year-ago quarter, and missed the Zacks Consensus Estimate of 3.83billionby27.53.83 billion by 27.5% [2] Financial Performance - Sempra's GAAP earnings were 1.00 per share compared to 1.14inthethirdquarterof2023[1]−CashandcashequivalentsasofSeptember30,2024,totaled1.14 in the third quarter of 2023 [1] - Cash and cash equivalents as of September 30, 2024, totaled 560 million, up from 236millionasofDecember31,2023[4]−Long−termdebtandfinanceleasesincreasedto236 million as of December 31, 2023 [4] - Long-term debt and finance leases increased to 30.96 billion as of September 30, 2024, from 27.76billionasofDecember31,2023[4]−Cashflowfromoperatingactivitiesdecreasedfrom27.76 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 3.54billioninthefirstninemonthsof2024[4]SegmentPerformance−SempraCaliforniareportedquarterlyearningsof3.54 billion in the first nine months of 2024 [4] Segment Performance - Sempra California reported quarterly earnings of 247 million, down from 290millionintheyear−agoquarter[3]−SempraTexasUtilityearningsdeclinedfrom290 million in the year-ago quarter [3] - Sempra Texas Utility earnings declined from 305 million in the prior-year quarter to 261million[3]−SempraInfrastructurerecordedearningsof261 million [3] - Sempra Infrastructure recorded earnings of 230 million, slightly up from 223millionintheyear−agoquarter[3]−TheParentandOthersegmentreportedalossof223 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 97million[3]Guidance−Semprareiteratedits2024earningsprojectionintherangeof97 million [3] Guidance - Sempra reiterated its 2024 earnings projection in the range of 4.60-4.90pershare,withtheZacksConsensusEstimateat4.90 per share, with the Zacks Consensus Estimate at 4.77 per share [5] - The company expects 2025 earnings to be in the range of 4.90−4.90-5.25 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]