Sempra reported third‑quarter 2025 earnings with adjusted earnings per share of $1.11, a $0.18 (19%) beat over the consensus estimate of $0.93. GAAP earnings were $0.12 per share, down from $1.00 in the same quarter a year earlier, reflecting a shift toward adjusted metrics that better capture core utility performance.
Revenue for the quarter was $3.151 billion, falling 2.2% below the $3.22 billion consensus estimate. The decline was driven by a modest drop in Sempra California sales and a loss in the Sempra Infrastructure segment, which posted a $580 million loss versus a $230 million profit in Q3 2024. Oncor’s capital spending and data‑center interconnection activity helped offset these headwinds.
Segment results highlighted a 50% increase in Sempra California earnings to $370 million from $247 million in Q3 2024, driven by higher regulated utility revenues. Oncor’s expansion plans, supported by 210 GW of data‑center interconnection requests, underpinned the adjusted earnings beat. In contrast, the Sempra Infrastructure segment’s loss reflected ongoing investment in LNG and other legacy assets.
CEO Jeffrey W. Martin said, "We are pleased with another solid quarter of financial performance. We continue to make significant progress on our near‑term value creation initiatives and are pleased with our year‑to‑date results." The comment underscores management’s focus on disciplined execution and strategic investment.
Sempra reaffirmed its full‑year 2025 GAAP EPS guidance at $3.05 to $3.45 and its adjusted EPS guidance at $4.30 to $4.70, while maintaining a 2026 adjusted EPS outlook of $4.80 to $5.30. The guidance reflects confidence in continued growth in regulated utilities and the benefits of capital recycling, including the planned sale of a stake in Sempra Infrastructure Partners to KKR.
Investors reacted positively to the results, citing the adjusted EPS beat, the reaffirmed guidance, and Oncor’s data‑center expansion as key drivers. The sale of a stake in Sempra Infrastructure Partners to KKR further signals a strategic shift toward a more focused utility portfolio.
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