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Sempra (SRE) Q2 Earnings Miss Estimates, Revenues Decline Y/Y
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Sempra Energy (SRE - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 89 cents, which missed the Zacks Consensus Estimate of 92 cents by 3.3%. The figure also declined 5.3% from earnings of 94 cents per share in the prior-year quarter.
Including one-time items, the company generated GAAP earnings of $1.12 per share compared with 95 cents in the second quarter of 2023.
Total Revenues
Sempra’s total revenues of $3.01 billion declined 9.79% from $3.34 billion in the year-ago quarter. This was due to lower revenue contributions from the Natural gas and Energy-related business units. The top line also missed the Zacks Consensus Estimate of $3.52 billion by 14.5%.
Sempra California: Quarterly earnings amounted to $316 million compared with the year-ago quarter’s level of $339 million.
Sempra Texas Utility: Earnings in this segment improved from $160 million in the year-ago quarter to $202 million.
Sempra Infrastructure: The segment recorded earnings of $291 million compared with $208 million in the year-ago quarter.
Parent and Other: The segment reported a loss of $96 million, narrower than the prior-year period’s loss of $104 million.
Financial Update
As of Jun 30, 2024, Sempra’s cash and cash equivalents totaled $228 million compared with $236 million as of Dec 31, 2023.
Long-term debt and finance leases amounted to $28.97 billion as of Jun 30, compared with $27.76 billion as of Dec 31, 2023.
Cash flow from operating activities decreased from $3.74 billion in the first six months of 2023 to $2.52 billion in the first six months of 2024.
Guidance
Sempra anticipates its 2024 earnings to be in the range of $4.60-$4.90 per share. The Zacks Consensus Estimate is pegged at $4.79 per share, higher than the midpoint of the company’s guided range.
SRE expects its 2025 earnings to be in range of $4.90-$5.25 per share. The consensus estimate is pegged at $5.13 per share, higher than the midpoint of the company’s guided range.
It still expects a long-term EPS growth rate of 6-8%.
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, narrrower than the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%. The company’s bottom line improved 66.7% from a loss of 42 cents per share reported in the prior-year quarter.
The Zacks Consensus Estimate for SR’s fiscal 2024 EPS is pegged at $4.28, implying an improvement of 5.7% from the year-earlier level.
Dominion Energy, Inc. (D - Free Report) reported second-quarter EPS of 55 cents, which lagged the Zacks Consensus Estimate of 58 cents by 5.2%. The figure increased 3.8% from earnings of 53 cents per share reported in the prior-year quarter.
The Zacks Consensus Estimate for Dominion’s 2024 EPS is pegged at $2.75, implying an improvement of 38.2% from the year-earlier levels.
IDACORP, Inc. (IDA - Free Report) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The figure increased 26.7% from earnings of $1.35 per share reported in the prior-year quarter.
The Zacks Consensus Estimate for IDA’s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.
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Sempra (SRE) Q2 Earnings Miss Estimates, Revenues Decline Y/Y
Sempra Energy (SRE - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 89 cents, which missed the Zacks Consensus Estimate of 92 cents by 3.3%. The figure also declined 5.3% from earnings of 94 cents per share in the prior-year quarter.
Including one-time items, the company generated GAAP earnings of $1.12 per share compared with 95 cents in the second quarter of 2023.
Total Revenues
Sempra’s total revenues of $3.01 billion declined 9.79% from $3.34 billion in the year-ago quarter. This was due to lower revenue contributions from the Natural gas and Energy-related business units. The top line also missed the Zacks Consensus Estimate of $3.52 billion by 14.5%.
Sempra Energy Price, Consensus and EPS Surprise
Sempra Energy price-consensus-eps-surprise-chart | Sempra Energy Quote
Segmental Update
Sempra California: Quarterly earnings amounted to $316 million compared with the year-ago quarter’s level of $339 million.
Sempra Texas Utility: Earnings in this segment improved from $160 million in the year-ago quarter to $202 million.
Sempra Infrastructure: The segment recorded earnings of $291 million compared with $208 million in the year-ago quarter.
Parent and Other: The segment reported a loss of $96 million, narrower than the prior-year period’s loss of $104 million.
Financial Update
As of Jun 30, 2024, Sempra’s cash and cash equivalents totaled $228 million compared with $236 million as of Dec 31, 2023.
Long-term debt and finance leases amounted to $28.97 billion as of Jun 30, compared with $27.76 billion as of Dec 31, 2023.
Cash flow from operating activities decreased from $3.74 billion in the first six months of 2023 to $2.52 billion in the first six months of 2024.
Guidance
Sempra anticipates its 2024 earnings to be in the range of $4.60-$4.90 per share. The Zacks Consensus Estimate is pegged at $4.79 per share, higher than the midpoint of the company’s guided range.
SRE expects its 2025 earnings to be in range of $4.90-$5.25 per share. The consensus estimate is pegged at $5.13 per share, higher than the midpoint of the company’s guided range.
It still expects a long-term EPS growth rate of 6-8%.
Zacks Rank
Sempra currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, narrrower than the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%. The company’s bottom line improved 66.7% from a loss of 42 cents per share reported in the prior-year quarter.
The Zacks Consensus Estimate for SR’s fiscal 2024 EPS is pegged at $4.28, implying an improvement of 5.7% from the year-earlier level.
Dominion Energy, Inc. (D - Free Report) reported second-quarter EPS of 55 cents, which lagged the Zacks Consensus Estimate of 58 cents by 5.2%. The figure increased 3.8% from earnings of 53 cents per share reported in the prior-year quarter.
The Zacks Consensus Estimate for Dominion’s 2024 EPS is pegged at $2.75, implying an improvement of 38.2% from the year-earlier levels.
IDACORP, Inc. (IDA - Free Report) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The figure increased 26.7% from earnings of $1.35 per share reported in the prior-year quarter.
The Zacks Consensus Estimate for IDA’s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.