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Sempra (SRE) Q1 Earnings Beat Estimates, Revenues Rise Y/Y

Sempra Energy’s SRE first-quarter 2023 adjusted earnings per share (EPS) came in at $2.92, which beat the Zacks Consensus Estimate of $2.76 by 5.8%. The bottom line also increased 0.3% from $2.91 in the prior-year quarter.

Considering one-time items, the company generated GAAP earnings of $3.07 per share compared with $1.93 in the first quarter of 2022.

Total Revenues

Sempra’s total revenues of $6,560 million increased 71.8% from $3,820 million in the year-ago quarter. This was due to higher contribution from Natural gas segment. The top line also surpassed the Zacks Consensus Estimate of $4,029 million by 62.8%.

 

Sempra Energy Price, Consensus and EPS Surprise

Sempra Energy price-consensus-eps-surprise-chart | Sempra Energy Quote

Segmental Update

San Diego Gas & Electric: Quarterly earnings amounted to $258 million compared with the year-ago quarter’s $234 million.
Southern California Gas Company: The segment reported earnings of $360 million compared with $334 million in the prior-year period.

Sempra Texas Utility: Earnings in this segment declined from $162 million in the year-ago quarter to $83 million.

Sempra Infrastructure: The segment recorded earnings of $315 million compared with $95 million in the year-ago quarter.

Parent and Other: The first-quarter loss in this division narrowed to $47 million from the prior-year period’s reported loss of $213 million.

Financial Update

As of Mar 31, 2023, Sempra’s cash and cash equivalents totaled $534 million compared with $370 million as of Dec 31, 2022.

Long-term debt and finance leases amounted to $25,206 million as of Mar 31, 2023, compared with $24,548 million as of Dec 31, 2022.

Cash flow from operating activities increased from $1,607 million in the year-ago period to $1,980 million in the first quarter.

Guidance

Sempra reaffirmed its adjusted EPS guidance for 2023. The company expects to generate earnings in the range of $8.60-$9.20 per share. The Zacks Consensus Estimate for full-year earnings stands at $8.96 per share, higher than the midpoint of the company’s guided range.

SRE expects full-year 2024 earnings in the range of $9.10-$9.80 per share. The Zacks Consensus Estimate for the same is pegged at $9.54 per share, higher than the midpoint of the company’s projected range.

Sempra also anticipates a long-term EPS growth rate of 6-8%.

Zacks Rank

Sempra currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Releases

Atmos Energy Corporation ATO reported fiscal second-quarter 2023 earnings of $2.48 per share, which beat the Zacks Consensus Estimate of $2.47 per share by 0.4%.

ATO’s long-term (three to five years) earnings growth rate is currently pinned at 7.48%. The consensus estimate for 2023 EPS stands at $6, indicating a year-over-year improvement of 7.14%.

Spire Inc. SR reported fiscal second-quarter 2023 earnings of $3.70 per share, which beat the Zacks Consensus Estimate of $3.49 by 6%.

SR’s long-term earnings growth rate is currently pinned at 4.22%. The consensus estimate for 2023 EPS stands at $4.22, indicating a year-over-year increase of 9.33%.

ONE Gas, Inc. OGS reported first-quarter 2023 operating EPS of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.

OGS’ long-term earnings growth rate is currently pinned at 5%. The consensus estimate for 2023 EPS stands at $4.14, indicating a year-over-year improvement of 1.47%.

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