Sempra (SRE) Q4 2024 earnings summary

Executive summary

• Adjusted EPS for 2024 was $4.65, with 2025 guidance revised to $4.30-$4.70 and 2026 guidance at $4.80-$5.30, reflecting a 12% growth from the 2025 midpoint.

• Announced a record $56 billion five-year capital plan (2025-2029), up 16% year-over-year, with over half allocated to Texas and over 90% to regulated utilities.

• Board approved a 15th consecutive annual dividend increase to $2.58 per share.

• Long-term EPS growth rate raised to 7%-9%, with management expecting to exceed 9% CAGR from 2025-2029.

• Growth strategy centers on expanding and modernizing energy networks, focusing on safety, reliability, and affordability.

Financial highlights

• 2024 GAAP earnings: $2.82 billion ($4.42/share) vs. $3.03 billion ($4.79/share) in 2023; adjusted earnings: $2.97 billion ($4.65/share) vs. $2.92 billion ($4.61/share) in 2023.

• Q4 2024 GAAP earnings: $665 million ($1.04/share); adjusted: $960 million ($1.50/share).

• 2024 revenues totaled $13.19B, down from $16.72B in 2023.

• 2024 rate base ended at $56 billion; projected to grow to $91 billion by 2029 (10% CAGR).

• 15 consecutive years of dividend increases, with annualized dividend raised from $2.48 to $2.58 per share.

Outlook and guidance

• 2025 EPS guidance set at $4.30-$4.70, reflecting regulatory headwinds and Oncor's early base rate review.

• 2026 EPS guidance: $4.80-$5.30, driven by new LNG projects and increased Oncor investments.

• Long-term EPS growth forecast raised to 7%-9%, with management expecting to exceed 9% CAGR through 2029.

• Five-year capital plan (2025–2029) raised to $56B, with a projected ~10% rate base CAGR.

• Targeting competitive total shareholder return and maintaining investment-grade credit ratings.