2023-05-04 11:25:17 ET
Sempra Energy ( NYSE: SRE ) +1.1% in Thursday's trading after beating expectations for Q1 adjusted earnings and revenues , helped by higher customer rates at its California utilities, and raising its full-year earnings guidance.
Q1 net income rose 58% Y/Y to $969M, or $3.07/share, from $612M, or $1.93/share, in the year-ago quarter, and revenues surged 72% Y/Y to $6.56B, including nearly doubling natural gas utility revenues to $4.41B from $2.32B a year earlier.
Sempra's ( SRE ) earnings from its San Diego Gas & Electric unit rose to $258M from $234M, and its SoCalGas utility earned $360M compared its $334M a year earlier.
The San Diego unit provided electric services to 3.6M customers and gas services to 3.3M users, and SoCalGas delivered natural gas to 2.1M customers, as of year-end 2022.
Sempra ( SRE ) raised its full-year GAAP earnings guidance to $8.76-$9.36/share from a previous projection of $8.60-$9.20, affirmed its FY 2023 adjusted EPS guidance range of $8.60-$9.20, and announced FY 2024 EPS guidance of $9.10-$9.80, while also affirming its projected long-term EPS growth rate of 6%-8%.
The company also updated its capital spending plan, unveiling a new $40B five-year plan to ensure reliable operations and support growing demand.
More on Sempra:
- See financial and valuation comparisons to sector peers
- SA analysis: Dividend Growth Investors Should Have Sempra Energy On Their Watchlist
- Stock price return: Less than 1% gain YTD, 6% loss in the past 12 months
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Sempra rises after Q1 earnings surge, full-year guidance raised