Sempra : Reports First Quarter 2025 Results FINAL
SRE
Published on 05/08/2025 at 08:39
Media Contact: Alison Estrada
Sempra
(877) 340-8875
Financial Contact: Jenell McKay
Sempra
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SAN DIEGO, May 8, 2025 - Sempra (NYSE: SRE) today reported first-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $906 million or $1.39 per diluted share, compared to first-quarter 2024 GAAP earnings of $801 million or $1.26 per diluted share. On an adjusted basis, first-quarter 2025 earnings were $942 million or $1.44 per diluted share, compared to $854 million or $1.34 per diluted share in 2024.
"We are pleased to report a solid quarter for Sempra, which is the direct result of continued focus on delivering strong financial performance while making steady progress on our strategic initiatives," said Jeffrey W. Martin, chairman and CEO of Sempra. "We remain committed to our disciplined growth strategy, which centers on
delivering safer and more reliable energy to the nearly 40 million consumers we serve."
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for first-quarter 2025 and 2024.
Oncor Electric Delivery Company LLC (Oncor) is executing on its $36.1 billion five-year capital plan in the country's fastest growing energy market. The state of Texas continues to demonstrate significant growth in electricity demand with the Electric Reliability Council of Texas (ERCOT) setting a new all-time winter peak demand of 80.5 gigawatts (GW) in the month of February.
In response to growing electricity demand, Oncor continues to advance critical transmission and distribution infrastructure projects. These investments also support population growth in Texas and increased reliability for the ERCOT market. At the end of the first quarter of 2025, Oncor had approximately 1,100 active transmission point of interconnection requests in queue, split almost evenly between generation and large commercial and industrial customers. This represents a 35% increase in active requests as compared to the end of first-quarter 2024. Additionally, Oncor increased its premises served by almost 19,000 in the first quarter and built, rebuilt or upgraded nearly 800 miles of transmission and distribution power lines in the first quarter of 2025. Oncor continues to prepare for a comprehensive base rate proceeding utilizing a test year of calendar year 2024, with filing currently targeted for the second quarter of 2025.
In October 2024, the Public Utility Commission of Texas ("PUCT") approved the local projects and import paths of the Permian Basin Reliability Plan ("PBRP"). In April 2025, the PUCT decided that the import paths would be built using 765-kV. ERCOT updated
its estimated cost for the entirety of the PBRP to approximately $15 billion. Also in January 2025, ERCOT filed a regional transmission expansion plan with the PUCT, which included two options to serve the load projection of 150 gigawatts by 2030. ERCOT estimated that the cost of either plan would be approximately $20 billion. Taken together, the PBRP and the remaining portion of the Regional Transmission Plan would cost approximately $35 billion. Oncor expects to build a significant portion.
Serving roughly 25 million consumers, Sempra California is a dual-utility platform focused on connecting people to safe, reliable and cleaner energy. In March 2025, San Diego Gas & Electric Company (SDGE) and Southern California Gas Company (SoCalGas) filed their applications to update their respective costs of capital with the California Public Utilities Commission (CPUC) for the period of 2026 to 2028, subject to the cost of capital adjustment mechanism after 2026. A final decision from the CPUC is expected by the end of the year.
Throughout the quarter, SDGE and SoCalGas advanced strategic programs to modernize their energy networks to meet growing demand, while also advancing community safety and system reliability. In March, the CPUC approved the expansion of SDGE's Westside Canal Battery Energy Storage facility in California's Imperial Valley.
This expansion project will co-locate an additional 100 megawatts (MW) of energy storage capacity at the existing 131 MW facility and is projected to be fully operational this summer. Also in March, the CPUC approved SoCalGas' first renewable natural gas (RNG) procurement contract under Senate Bill 1440, which sets RNG procurement targets for the state's natural gas utilities. The contract represents an important milestone for the RNG industry and for California's methane emissions reduction goals.
Strong global demand for cleaner and more secure energy continues to support Sempra Infrastructure's development activities across its liquefied natural gas (LNG), energy networks and low-carbon solutions business lines.
During the first quarter, Sempra Infrastructure continued to make progress advancing five significant construction projects including infrastructure projects in the U.S. Gulf coast and northern Mexico. Energía Costa Azul LNG Phase 1 continues to target the start-up of commercial operations in spring of 2026, and construction at Port Arthur LNG Phase 1 remains on time and on budget.
Sempra is updating its full-year 2025 GAAP earnings-per-common-share (EPS) guidance range to $4.25 - $4.65, reflecting actual results through the first quarter, affirming its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70, and affirming its full-year 2026 EPS guidance range of $4.80 to $5.30. The company has also guided to the high-end or above its projected long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029.
Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
In addition to today's quarterly results, the company also reiterated its five value creation initiatives in 2025, designed to continue simplifying Sempra's business model, mitigating risk and improving financial performance.
"These value creation initiatives aim to increase long-term value for shareholders, employees, customers and other stakeholders," said Martin. "In the first quarter, we made steady progress against our plan of execution. As we extend this work across 2025, we expect to advance the company's ability to deliver improved earnings growth and drive enhanced benefits for consumers and communities across our service territories."
Consistent with these value creation initiatives, the company announced Sempra Infrastructure is targeting the sales of Ecogas México, S. de R.L. de C.V., the owner of
Disclaimer
Sempra published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 12:38 UTC.