Sempra (SRE) Reports Strong Q3 2023 Earnings, Updates Full-Year Guidance
Sempra (NYSE:SRE) reports Q3 2023 earnings of $721 million, a significant increase from Q3 2022 earnings of $485 million.
The company updates its full-year 2023 GAAP EPS guidance range to $4.44 to $4.74.
Sempra (NYSE:SRE) expects a 10% to 20% increase above its current five-year $40 billion capital plan.
The company's earnings for the first nine months of 2023 were $2.293 billion, compared to $1.656 billion in the same period of 2022.
On November 3, 2023, Sempra (NYSE:SRE) announced its third-quarter 2023 earnings, reporting a significant increase compared to the same period in the previous year. The company's Q3 2023 earnings were $721 million, or $1.14 per diluted share, compared to Q3 2022 earnings of $485 million, or $0.77 per diluted share. On an adjusted basis, the company's Q3 2023 earnings were $685 million or $1.08 per diluted share, compared to $622 million, or $0.98 per diluted share, in 2022.
Financial Highlights
Sempra (NYSE:SRE) is updating its full-year 2023 GAAP earnings per common share (EPS) guidance range to $4.44 to $4.74. The company expects to be at or above its full-year 2023 adjusted EPS guidance range of $4.30 to $4.60, reflecting strong business performance and financial results in the first nine months of the year.
For the first nine months of 2023, Sempra's earnings were $2.293 billion, or $3.63 per diluted share, compared with earnings of $1.656 billion, or $2.62 per diluted share, in the first nine months of 2022. Adjusted earnings for the first nine months of 2023 were $2.201 billion, or $3.48 per diluted share, compared to $2.172 billion, or $3.43 per diluted share, in the first nine months of 2022.
Company's Performance and Future Plans
Jeffrey W. Martin, chairman and CEO of Sempra, expressed excitement about the company's future growth. He highlighted the benefits of serving growing markets with constructive regulation and the expansion of Sempra Infrastructure business across all its business lines, particularly in the export of U.S. liquefied natural gas.
The company also announced its intention to roll forward its five-year capital plan on its fourth-quarter earnings call, expecting a potential increase above its current five-year $40 billion capital plan. This is driven by a portfolio of investment opportunities at its regulated utilities.
Financial Tables Summary
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of earnings in conformity with generally accepted accounting principles in the United States of America (GAAP), reconciled to adjusted earnings, for the third quarter and first nine months of 2023 and 2022.
For the three months ended September 30, 2023, GAAP earnings were $721 million, compared to $485 million for the same period in 2022. Adjusted earnings for the same period were $685 million in 2023, compared to $622 million in 2022. For the nine months ended September 30, 2023, GAAP earnings were $2,293 million, compared to $1,656 million for the same period in 2022. Adjusted earnings for the same period were $2,201 million in 2023, compared to $2,172 million in 2022.
Explore the complete 8-K earnings release (here) from Sempra for further details.
This article first appeared on GuruFocus.
