Sempra Energy’s (SRE - Free Report) fourth-quarter 2020 earnings per share (EPS) came in at $1.90, which surpassed the Zacks Consensus Estimate of $1.55 by 22.6%. Moreover, the bottom line increased 22.6% from $1.55 registered in the prior-year quarter.
The year-over-year downside can be attributed to the absence of gains from the sale of assets, which the company had witnessed in the year-ago comparable period.
For 2020, the company generated adjusted EPS of $8.03, up from $6.78 at the end of 2019. The full-year bottom line beat the Zacks Consensus Estimate of $7.69 by 4.4%.
Total Revenues
In the quarter under review, total revenues of $3,171 million increased 7.7.% year over year on higher contributions from its Utilities (up 7%) and Energy-related (up 13.9%) businesses. The top line, moreover, exceeded the consensus mark of $2,946 million by 7.6%.
For 2020, Sempra Energy recorded revenues of $11.37 billion, up 5% from the prior year’s figure. The full-year top line also exceeded the consensus mark of $11.05 billion by 2.9%.
Segment Update
San Diego Gas & Electric (SDG&E): Quarterly earnings amounted to $191 million compared with the year-ago quarter’s $185 million.
Southern California Gas Company (SoCalGas): In this segment, earnings totaled $79 million in the fourth quarter of 2020 compared with $204 million registered in the prior-year quarter.
Sempra Texas Utility: Earnings in this segment came in at $121 million in the reported quarter compared with $109 million in the year-ago quarter.
Sempra Mexico: The segment recorded net losses of $43 million against $39 million of earnings in the year-ago quarter.
Sempra LNG: The segment reported earnings of $113 million in the reported quarter against the year-ago quarter’s reported loss of $19 million.
Parent and Other: Quarterly loss in this division narrowed to $47 million from the year-ago quarter’s loss of $132 million.
Sempra Energy Price, Consensus and EPS Surprise
Financial Update
As of Dec 31, 2020, Sempra Energy’s cash and cash equivalents totaled $960 million compared with $108 million as of Dec 31, 2019.
Long-term debt and finance leases amounted to $21,781 million as of Dec 31, 2020, compared with $20,785 million at 2019-end.
Cash flow from operating activities was $2,591 million at the end of 2020, down from $3,088 million at the end of 2019.
The company’s total capital expenditures, investments and acquisitions were $5,328 million in 2020 compared with $5,505 million in 2019.
2021 Guidance
Sempra Energy reiterated its earnings guidance for 2021. The company continues to expect earnings of $7.50-$8.10 per share. The Zacks Consensus Estimate for full-year earnings stands at $8.09, which lies well above the midpoint of the projected view.
Zacks Rank
Sempra Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
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Sempra Energy’s (SRE - Free Report) fourth-quarter 2020 earnings per share (EPS) came in at $1.90, which surpassed the Zacks Consensus Estimate of $1.55 by 22.6%. Moreover, the bottom line increased 22.6% from $1.55 registered in the prior-year quarter.
The year-over-year downside can be attributed to the absence of gains from the sale of assets, which the company had witnessed in the year-ago comparable period.
For 2020, the company generated adjusted EPS of $8.03, up from $6.78 at the end of 2019. The full-year bottom line beat the Zacks Consensus Estimate of $7.69 by 4.4%.
Total Revenues
In the quarter under review, total revenues of $3,171 million increased 7.7.% year over year on higher contributions from its Utilities (up 7%) and Energy-related (up 13.9%) businesses. The top line, moreover, exceeded the consensus mark of $2,946 million by 7.6%.
For 2020, Sempra Energy recorded revenues of $11.37 billion, up 5% from the prior year’s figure. The full-year top line also exceeded the consensus mark of $11.05 billion by 2.9%.
Segment Update
San Diego Gas & Electric (SDG&E): Quarterly earnings amounted to $191 million compared with the year-ago quarter’s $185 million.
Southern California Gas Company (SoCalGas): In this segment, earnings totaled $79 million in the fourth quarter of 2020 compared with $204 million registered in the prior-year quarter.
Sempra Texas Utility: Earnings in this segment came in at $121 million in the reported quarter compared with $109 million in the year-ago quarter.
Sempra Mexico: The segment recorded net losses of $43 million against $39 million of earnings in the year-ago quarter.
Sempra LNG: The segment reported earnings of $113 million in the reported quarter against the year-ago quarter’s reported loss of $19 million.
Parent and Other: Quarterly loss in this division narrowed to $47 million from the year-ago quarter’s loss of $132 million.
Sempra Energy Price, Consensus and EPS Surprise
Financial Update
As of Dec 31, 2020, Sempra Energy’s cash and cash equivalents totaled $960 million compared with $108 million as of Dec 31, 2019.
Long-term debt and finance leases amounted to $21,781 million as of Dec 31, 2020, compared with $20,785 million at 2019-end.
Cash flow from operating activities was $2,591 million at the end of 2020, down from $3,088 million at the end of 2019.
The company’s total capital expenditures, investments and acquisitions were $5,328 million in 2020 compared with $5,505 million in 2019.
2021 Guidance
Sempra Energy reiterated its earnings guidance for 2021. The company continues to expect earnings of $7.50-$8.10 per share. The Zacks Consensus Estimate for full-year earnings stands at $8.09, which lies well above the midpoint of the projected view.
Zacks Rank
Sempra Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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