Sempra reported a “solid” second quarter Thursday, with adjusted earnings rising 3% and beating analysts’ estimates.
The San Diego-based utility company earned $461 million, or 71 cents per share, compared to $713 million, or $1.12 per share, in the same quarter last year. Revenue was steady at $3.0 billion in both quarters.
But on an adjusted basis, which subtracts a large one-time gain from foreign currency transactions in 2024, second-quarter earnings were $583 million, or 89 cents per share, compared to $567 million, or 89 cents per share, a year ago.
Wall Street analysts had expected lower adjusted earnings of 85 cents per share, according to a report by Reuters. Sempra stock was up nearly 2% at midday on Wall Street and near a 52-week high.
“We are pleased to report another solid quarter,” said Jeffrey W. Martin, chairman andCEO of Sempra. “We remain focused on the disciplined execution of our value creation initiatives for 2025, with a view toward continuing to rotate capital into a more utility-centric business model.”
The company also updated its forecast of full-year earnings per share to the range of $4.05 to $4.45 and projected those earnings would grow at a compound rate of 7% to 9% through 2029.
Sempra is the parent company of San Diego Gas & Electric, and serves 40 million customers in California and Texas.
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