Utility firm Sempra narrowly beats Q4 profit estimates, increases capex
Feb 27 (Reuters) - U.S. utility firm Sempra narrowly beat fourth-quarter profit estimates on Tuesday, helped by higher earnings from its clean energy technology segment.
The company also increased its five-year capital expenditure plan by 20% to $48 billion, over 90% of which is focused on Sempra California and Sempra Texas segments.
Sempra Infrastructure, the company's unit that develops, invests and operates clean energy infrastructure, reported quarterly earnings of $131 million, compared to a loss of $82 million from the previous year.
The segment is expected to benefit from President Biden's climate strategy, which has pledged to halve greenhouse gas emissions by 2030.
The company reported an adjusted profit of $1.13 per share for the quarter ended Dec. 31, compared with analysts' average estimates of $1.12 per share, according to LSEG data.
The San Diego-based Sempra forecast its 2024 earnings to between $4.60 and $4.90 per share from its previous forecast of between $4.55 and $4.90 per share.
The company reported a revenue of $3.49 billion for the quarter ended Dec. 31, a 1% rise from the previous year, missing analysts' average estimate of $3.87 billion, according to LSEG data.
Earnings were slightly pressured by higher operation and maintenance expenses in the quarter, which was up 16% to $1.50 billion, compared with the previous year.
Sempra provides gas, electricity and energy to nearly 40 million customers in areas including California, Texas, Mexico and global energy markets. (Reporting by Tanay Dhumal in Bengaluru; Editing by Vijay Kishore)
