Sempra (SRE) Q4 2024 earnings summary

Executive summary

• Adjusted EPS for 2024 was $4.65, with 2025 guidance at $4.30–$4.70 and 2026 at $4.80–$5.30; long-term EPS growth target raised to 7–9% and a record $56B five-year capital plan announced, up 16% over the prior plan, with over half allocated to Texas and 90% to regulated utilities.

• Growth strategy centers on expanding and modernizing energy networks, emphasizing safety, reliability, and affordability, with strong segment performance across Texas, California, and Infrastructure.

• Sempra California received favorable 2024 General Rate Case decisions, enhancing investment visibility through 2027; Oncor’s System Resiliency Plan approved by PUCT.

• Board approved a 15th consecutive annual dividend increase to $2.58 per share.

• Sempra’s three growth platforms—California, Texas, and Infrastructure—serve nearly 40 million consumers and focus on grid modernization, safety, and clean energy.

Financial highlights

• FY-2024 adjusted EPS was $4.65 (up from $4.61 in 2023); GAAP EPS was $4.42 (down from $4.79 in 2023); adjusted earnings reached $2.97B, GAAP earnings were $2.82B.

• Q4 2024 adjusted earnings were $960M ($1.50/share), up from $719M ($1.13/share) in Q4 2023; Q4 2024 GAAP earnings were $665M ($1.04/share), down from $737M ($1.16/share) in Q4 2023.

• 2024 revenues totaled $13.19B, down from $16.72B in 2023; net cash from operating activities was $4.91B, down from $6.22B in 2023.

• Capital expenditures for property, plant, and equipment were $8.22B in 2024, slightly down from $8.40B in 2023.

• 46% total shareholder return over the last three years.

Outlook and guidance

• 2025 EPS guidance revised to $4.30–$4.70 due to regulatory decisions and higher costs; 2026 guidance set at $4.80–$5.30, with long-term EPS growth rate raised to 7–9%.

• Five-year capital plan (2025–2029) increased to $56B, with over 90% focused on regulated utility investments in Texas and California and a projected ~10% rate base CAGR.

• Expect to exceed 9% EPS CAGR from 2025–2029, with Texas as a disproportionate contributor.

• Targeting competitive total shareholder return and maintaining investment-grade credit ratings.

• Targeting 2025 final investment decision for Port Arthur LNG Phase 2.