Sempra, the parent company of San Diego Gas & Electric as well as Texas’ largest utility, reported strong second-quarter earnings growth on Thursday.
The San Diego-based utility-holding company earned $796 million, or $1.21 per share, compared to $461 million, or $0.71 per share, in the same quarter last year. Revenue was essentially unchanged at $3.00 billion in both quarters.
“Across our management team, there is a consistent emphasis on execution, and our progress through the first half of the year is reflected in strong financial performance,” said Jeffrey W. Martin, chairman and CEO. “I could not be more proud of our employees and their commitment to innovation and continuous improvement, as we look to find new and better ways to serve customers.”
The company said “Texas continues to experience unprecedented growth in electric demand,” where its Oncor utility is planning major new transmission lines to serve data centers.
In California, however, the focus is on “advancing safety, reliability and affordability for customers.” Sempra noted that energy efficiency programs helped its customers save more than $100 million on their utility bills last year.
The Texas utility business contributed $346 million to the quarter’s earnings, compared to a combined $297 million from SDG&E and Southern California Gas.
Sempra said it expects to earn between $5.02 and $5.55 per share in 2026, and forecast long-term earnings growth of 7% to 9% annually.
The company’s shares closed down 31 cents to $84.35 per share on the New York Stock Exchange.
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