Sempra Energy Inc.'s stock took a slight dip early on Friday, declining 3%, following the release of its third-quarter financial results. Although the energy infrastructure company exceeded expectations with its profit, revenues fell short of estimates.
Third Quarter Earnings
For the third quarter, San Diego-based Sempra reported a net income of $721 million, or $1.14 per share. This represents a significant increase from the previous year, when net income was $485 million, or 77 cents per share. Adjusted per-share earnings stood at $1.08, surpassing the FactSet consensus of $1.01.
Revenue Performance
Despite the strong earnings, Sempra experienced a decline in revenue. The company reported revenue of $3.334 billion, compared to $3.617 billion in the previous year. This figure fell below the FactSet consensus of $3.680 billion.
Full-Year Outlook
Sempra remains optimistic about its future performance and raised its full-year EPS guidance. The company now expects to achieve an EPS range of $4.44 to $4.74, with adjusted EPS projected to be at the high end of its $4.30 to $4.60 range.
Long-Term Growth
Additionally, Sempra reaffirmed its full-year 2024 guidance of $4.55 to $4.90 and emphasized its commitment to achieving a steady long-term EPS growth rate of 6% to 8%.
Stock Performance
Year-to-date, Sempra's stock has experienced a 7% decline, while the S&P 500 has seen a notable 12% gain.
Sempra Energy Inc.'s strong third-quarter results reveal solid financial performance despite falling short in revenue. The company remains focused on delivering value to its shareholders and remains optimistic about its future growth prospects as it continues to execute its strategic plans.
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