Sempra (SRE) Q4 Earnings Beat Estimates, Revenues Fall Y/Y
Sempra Energy’s SRE fourth-quarter 2022 adjusted earnings per share (EPS) came in at $2.35, which beat the Zacks Consensus Estimate of $2.06 by 14.1%. The bottom line also increased 8.8% from $2.16 in the prior-year quarter.
Barring one-time items, the company generated GAAP earnings of $1.39 per share compared with $1.90 in the fourth quarter of 2021.
For 2022, the company reported an adjusted EPS of $9.21, which increased 9.3% year over year. Earnings surpassed the Zacks Consensus Estimate of $8.90 per share by 3.5%.
In the quarter under review, Sempra’s total revenues of $3,455 million decreased 10.1% year over year on lower contributions from Energy-related businesses (down 88.7%) and the Electric business (down 0.8%). Moreover, the top line missed the Zacks Consensus Estimate of $3,815 million by 9.4%.
Sempra Energy Price, Consensus and EPS Surprise
Sempra Energy price-consensus-eps-surprise-chart | Sempra Energy Quote
San Diego Gas & Electric (SDG&E): Quarterly earnings amounted to $234 million compared with the year-ago quarter’s $216 million.
Southern California Gas Company (SoCalGas): The segment reported earnings of $260 million in the fourth quarter of 2022 compared with the $198 million reported in the prior-year quarter.
Sempra Texas Utility: Earnings in this segment came in at $132 million in the reported quarter compared with $137 million in the year-ago quarter.
Sempra Infrastructure: The segment recorded a loss of $82 million against earnings of $263 million in the year-ago quarter.
Parent and Other: The quarterly loss in this division decreased to $106 million from the year-ago quarter’s loss of $210 million.
As of Dec 31, 2022, Sempra Energy’s cash and cash equivalents totaled $370 million compared with $559 million as of Dec 31, 2021.
The long-term debt and finance leases amounted to $24,548 million as of Dec 31, 2022 compared with $21,068 million at the 2021-end.
Cash flow from operating activities was $1,142 million during the 12 months ended Dec 31, 2022, down from $3,842 million in the year-ago period.
Sempra Energy reaffirmed its adjusted EPS guidance for 2023. The company expects to generate earnings in the range of $8.60-$9.20 per share. The Zacks Consensus Estimate for full-year earnings stands at $8.96 per share, higher than the company’s new guidance range.
Sempra Energy 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
The AES Corporation’s AES fourth-quarter 2022 adjusted earnings of 49 cents per share beat the Zacks Consensus Estimate of 46 cents by 6.5%. Earnings also improved 8.9% from the 45 cents reported in the year-ago quarter.
Total revenues came in at $3,060 million in the reported quarter, which improved 10.5% year over year due to higher regulated and non-regulated revenues. Revenues also beat the Zacks Consensus Estimate of $2,882.1 million by 6.2%.
DTE Energy Company DTE reported a fourth-quarter 2022 operating EPS of $1.31, which surpassed the Zacks Consensus Estimate of $1.22 by 7.4%. The bottom line also increased 24.8% from the year-ago quarter’s $1.05 per share.
The operating net income in the reported quarter totaled $266 million compared with $265 million in the year-ago quarter.
Hawaiian Electric Industries, Inc. HE reported an EPS of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents per share in the prior-year quarter.
Hawaiian Electric’s total revenues of $1,019.1 million in the fourth quarter improved 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and other segments.
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