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Sempra (SRE) Q1 Earnings Miss Estimates, Revenues Decline Y/Y
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Sempra Energy (SRE - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.34, which missed the Zacks Consensus Estimate of $1.35 by 0.7%. The bottom line also declined 8.2% from $1.46 in the prior-year quarter.
Including one-time items, the company generated GAAP earnings of $1.26 per share compared with $1.46 in the first quarter of 2023.
Total Revenues
Sempra’s total revenues of $3.64 billion declined 44.5% from $6.66 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 $6.17 billion by 41%.
Segmental Update
Sempra California: Quarterly earnings amounted to $582 million compared with the year-ago quarter’s level of $618 million.
Sempra Texas Utility: Earnings in this segment improved from $83 million in the year-ago quarter to $183 million.
Sempra Infrastructure: The segment recorded earnings of $131 million compared with $315 million in the year-ago quarter.
Parent and Other: The segment reported a loss of $95 million, wider than the prior-year period’s reported loss of $47 million.
Financial Update
As of Mar 31, 2024, Sempra’s cash and cash equivalents totaled $606 million compared with $236 million as of Dec 31, 2023.
Long-term debt and finance leases amounted to $29.52 billion as of Mar 31, 2024, compared with $27.76 billion as of Dec 31, 2023.
Cash flow from operating activities decreased from $1.98 billion in the first quarter of 2023 to $1.85 billion in the first quarter of 2024.
Guidance
Sempra reiterated its 2024 earnings projection in the range of $4.60-$4.90 per share. The Zacks Consensus Estimate for the same is pegged at $4.82 per share, higher than the midpoint of the company’s guided range.
SRE also reaffirmed its 2025 earnings guidance of $4.90-$5.25 per share. It still expects long-term EPS growth rate of 6-8%.
DTE Energy Company (DTE - Free Report) reported first-quarter operating EPS of $1.67, which missed the Zacks Consensus Estimate of $1.71 by 2.3%. However, the bottom line improved 25.6% from the year-ago quarter’s reported figure of $1.33.
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS to be in the range of $6.54-$6.83.
Entergy Corporation (ETR - Free Report) reported first-quarter adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line was also down 5.3% from the prior-year quarter’s level of $1.14.
ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.
Public Service Enterprise Group Incorporated (PEG - Free Report) or PSEG reported first-quarter adjusted earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.32 by 0.8%.
Operating revenues totaled $2.76 billion, which beat the Zacks Consensus Estimate of $2.65 billion by 4.1%. The top line, however, declined 26.5% from the year-ago quarter’s figure of $3.76 billion.
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Sempra (SRE) Q1 Earnings Miss Estimates, Revenues Decline Y/Y
Sempra Energy (SRE - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.34, which missed the Zacks Consensus Estimate of $1.35 by 0.7%. The bottom line also declined 8.2% from $1.46 in the prior-year quarter.
Including one-time items, the company generated GAAP earnings of $1.26 per share compared with $1.46 in the first quarter of 2023.
Total Revenues
Sempra’s total revenues of $3.64 billion declined 44.5% from $6.66 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 $6.17 billion by 41%.
Segmental Update
Sempra California: Quarterly earnings amounted to $582 million compared with the year-ago quarter’s level of $618 million.
Sempra Texas Utility: Earnings in this segment improved from $83 million in the year-ago quarter to $183 million.
Sempra Infrastructure: The segment recorded earnings of $131 million compared with $315 million in the year-ago quarter.
Parent and Other: The segment reported a loss of $95 million, wider than the prior-year period’s reported loss of $47 million.
Financial Update
As of Mar 31, 2024, Sempra’s cash and cash equivalents totaled $606 million compared with $236 million as of Dec 31, 2023.
Long-term debt and finance leases amounted to $29.52 billion as of Mar 31, 2024, compared with $27.76 billion as of Dec 31, 2023.
Cash flow from operating activities decreased from $1.98 billion in the first quarter of 2023 to $1.85 billion in the first quarter of 2024.
Guidance
Sempra reiterated its 2024 earnings projection in the range of $4.60-$4.90 per share. The Zacks Consensus Estimate for the same is pegged at $4.82 per share, higher than the midpoint of the company’s guided range.
SRE also reaffirmed its 2025 earnings guidance of $4.90-$5.25 per share. It still expects long-term EPS growth rate of 6-8%.
Zacks Rank
Sempra currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
DTE Energy Company (DTE - Free Report) reported first-quarter operating EPS of $1.67, which missed the Zacks Consensus Estimate of $1.71 by 2.3%. However, the bottom line improved 25.6% from the year-ago quarter’s reported figure of $1.33.
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS to be in the range of $6.54-$6.83.
Entergy Corporation (ETR - Free Report) reported first-quarter adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line was also down 5.3% from the prior-year quarter’s level of $1.14.
ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.
Public Service Enterprise Group Incorporated (PEG - Free Report) or PSEG reported first-quarter adjusted earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.32 by 0.8%.
Operating revenues totaled $2.76 billion, which beat the Zacks Consensus Estimate of $2.65 billion by 4.1%. The top line, however, declined 26.5% from the year-ago quarter’s figure of $3.76 billion.