San Diego-based Sempra reported a 15% increase in first quarter earnings on Thursday and raised earnings guidance for the full year.
The utility company that is the parent of San Diego Gas & Electric earned $1.04 billion, or $1.58 per share, compared to $906 million, or $1.39 per share, in the same quarter last year. Revenue declined slightly to $3.655 billion from $3.802 billion.
Sempra’s California utility businesses, which include SDG&E and Southern California Gas, earned $720 million in the quarter, down from $ 724 million a year ago. Profits from Sempra’s Texas utility Oncor jumped to $171 million from $146 million.
“At Sempra, our first quarter results represent a great start to the year,” said Jeffrey W. Martin, chairman and CEO. “We remain focused on executing our strategy to modernize and extend the reach of our utilities and complete our capital recycling initiatives as we continue to the grow the business.”
Sempra raised its full-year earnings guidance to a range from $4.87 to $5.37 per share, compared to historical earnings of $2.75 per share in 2025 and $4.42 per share in 2024. The company said it expects to achieve long-term growth in earnings per share of 7% to 9% annually.
Capital expenditures in the first quarter were approximately $3 billion, with 95% allocated to the California and Texas utilities.
The earnings were in line with Wall Street estimates, and Sempra stock closed at $91.57, down 2% as the Dow Jones Industrial Average fell nearly 1%.
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