Yahoo Finance Sempra Energy (SRE) Q1 Earnings Top Estimates, Revenues Miss
Sempra Energy’s SRE first-quarter 2020 adjusted earnings per share (EPS) came in at $3.08, surpassing the Zacks Consensus Estimate of $2.32 by 32.8%. The bottom line also surged 60.4% from $1.92 in the prior-year quarter.
Barring one-time items, the company generated GAAP earnings of $2.53 per share compared with $1.59 in first-quarter 2019. This year-over-year upside was driven by a solid top-line performance.
Total Revenues
In the quarter under review, total revenues of $3,029 million increased 4.5% year over year on higher contributions from the Utilities business (up 6%). The top line, however, missed the consensus mark of $3,179 million by 4.7%.
Segment Update
San Diego Gas & Electric (SDG&E): Quarterly earnings amounted to $262 million compared with the year-ago quarter’s $176 million.
Southern California Gas Company (SoCalGas): In this segment, quarterly earnings totaled $303 million in the first quarter of 2020 compared with $264 million reported in the prior-year quarter.
Sempra Texas Utility: Earnings in this segment came in at $105 million in the reported quarter compared with $94 million in the year-ago quarter.
Sempra Mexico: The segment recorded net earnings of $191 million compared with $57 million in the year-ago quarter.
Sempra LNG: The segment reported earnings of $75 million compared with the year-ago quarter’s $5 million.
Parent and Other: Quarterly loss at this division increased to $248 million from the year-ago quarter’s loss of $117 million.
Sempra Energy Price, Consensus and EPS Surprise
Sempra Energy price-consensus-eps-surprise-chart | Sempra Energy Quote
Financial Update
As of Mar 31, 2020, Sempra Energy’s cash and cash equivalents totaled $2,247 million compared with $108 million, as of Dec 31, 2019.
Long-term debt and finance leases amounted to $20,198 million, as of Mar 31, 2020, compared with $20,785 million at 2019-end.
Cash flow from operating activities was $1,318 million at the end of first-quarter 2020, up from $951 million at the end of first-quarter 2019.
In the reported quarter, the company’s capital expenditures, investments and acquisitions summed $1,096 million compared with $877 million in the first quarter of 2019.
2020 Guidance
Sempra Energy reaffirmed its adjusted EPS guidance for 2020. The company expects to generate earnings of $6.70-$7.50 per share. The Zacks Consensus Estimate for full-year earnings stands at $7.17 per share, above the midpoint of the company-projected view.
Zacks Rank
Sempra Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
FirstEnergy Corporation FE delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy NEE reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation CMS reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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