SAN DIEGO - Sempra (NYSE: SRE), a leading North American energy infrastructure company, reported adjusted first-quarter earnings of $854 million, or $1.34 per diluted share, meeting analyst expectations for the quarter.
However, the company's revenue of $3.64 billion fell short of the consensus estimate of $5.18 billion. In premarket trading Tuesday, shares were up 0.8%.
The first-quarter results were a decrease from the previous year, with GAAP earnings dropping from $969 million, or $1.53 per diluted share, to $801 million, or $1.26 per diluted share. The adjusted earnings also saw a decline from $922 million or $1.46 per diluted share in the first quarter of 2023.
Jeffrey W. Martin, chairman and CEO of Sempra, expressed optimism about the company's start in 2024, highlighting strong economic growth in core markets and increased interest in renewables and the electrification of the economy. "Our infrastructure-centered strategy has us well positioned to continue modernizing and expanding the energy grid to help meet the needs of our customers," Martin said.
Sempra California made strides in innovation and infrastructure, including filing an application for hydrogen blending projects and being recognized by the U.S. Environmental Protection Agency for energy efficiency programs. Sempra Texas outlined a nearly $3 billion system resiliency plan, while Sempra Infrastructure continued to advance key energy projects.
For the second quarter of 2024, Sempra provided earnings guidance ranging from $4.60 to $4.90 per share, with the midpoint of $4.75 falling below the analyst consensus of $4.82. The company also reaffirmed its full-year 2024 adjusted EPS guidance range of $4.60 to $4.90 and its full-year 2025 EPS guidance range of $4.90 to $5.25, maintaining a projected long-term EPS growth rate of 6% to 8%.
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