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Sempra Energy (SRE) Q4 Earnings Beat Estimates, Revenues Up Y/Y
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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.
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.
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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Image: Bigstock
Sempra Energy (SRE) Q4 Earnings Beat Estimates, Revenues Up Y/Y
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
Sempra Energy price-consensus-eps-surprise-chart | Sempra Energy Quote
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 >>