SAN DIEGO - Sempra Energy (NYSE: NYSE:SRE) reported a modest increase in fourth-quarter earnings, surpassing analyst expectations by $0.02 with an adjusted EPS of $1.13.
The company also reported a slight revenue shortfall, with reported figures at $3.49 billion against the $3.87 billion consensus. The company's stock is trading flat following the announcement.
The energy infrastructure company's earnings for the quarter reflect a year-over-year (YoY) decline from the $1.17 adjusted EPS recorded in the fourth quarter of 2022. However, their full-year adjusted earnings remained steady at $4.61 per diluted share for both 2023 and 2022.
Sempra's chairman and CEO, Jeffrey W. Martin, attributed the strong business performance to ongoing improvements in corporate strategy and consistent execution. He emphasized the company's commitment to providing long-term value for investors through growth in the energy infrastructure sector, supported by a growing dividend.
Looking ahead, Sempra provided guidance for the full year of 2024, projecting an EPS range of $4.60 to $4.90, with the midpoint slightly below the analyst consensus of $4.82. For 2025, the company forecasts an EPS range of $4.90 to $5.25, with the midpoint also below the consensus of $5.15.
The company's announcement included a 20% increase in its capital plan to $48 billion, reflecting confidence in the projected growth of its core markets and the ability to deliver sustainable long-term value. Additionally, Sempra declared a $0.62 per share quarterly dividend on its common stock, marking the 14th consecutive year of dividend growth.
Sempra's full-year 2023 GAAP earnings showed a significant increase to $3.03 billion, or $4.79 per diluted share, compared to the previous year's $2.09 billion, or $3.31 per diluted share. This growth is indicative of the company's continued investment in capital projects and its focus on connecting consumers to safer, more reliable, and cleaner energy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.