Sempra Lifts FY24 Earnings View, Backs Adj. Earnings Forecast - Update

(RTTNews) - Sempra (SRE), while reporting second-quarter adjusted earnings and revenues below market estimates, on Tuesday updated its fiscal 2024 earnings view on a reported basis, while confirming adjusted earnings outlook. The company also backed its earnings forecast for fiscal 2025 as well as long term.

In pre-market activity on the NYSE, Sempra shares were losing around 1.6 percent to trade at $77.47.

For fiscal 2024, the company now expects earnings per share on a reported basis of $4.74 to $5.04 reflecting actual results through the second quarter, higher than previous guidance range of $4.52 to $4.82.

The company continues to expect adjusted earnings per share in a range of $4.60 to $4.90. Analysts polled by Thomson Reuters expect the company to report profit of $4.79 per share. Analysts' estimates typically exclude special items.

Further, the company continues to expect fiscal 2025 earnings per share in a range of $4.90 to $5.25. The Street estimates earnings of $5.16 per share for the next year.

The company is also affirming its projected long-term earnings per share growth rate of approximately 6 percent to 8 percent.

In its second quarter, Sempra reported earnings of $713 million or $1.12 per share, higher than last year's $603 million or $0.95 per share.

On an adjusted basis, the company's second-quarter 2024 earnings were $567 million or $0.89 per share, compared to $594 million or $0.94 per share last year. Analysts had expected the company to earn $0.94 per share.

The company's revenue for the quarter fell 9.7 percent to $3.011 billion from $3.335 billion last year, while the Street estimated revenues of $3.4 billion.

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