Sempra

SRE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$51.00	Cyccst	Dmhscjzl

Sempra Energy Earnings: Texas Continues to Drive Incremental Growth Opportunities

Andrew Bischof

May 7, 2024

We are maintaining our $79 per share fair value estimate after Sempra Energy announced first quarter operating earnings of $1.34 per share, down from $1.46 in the same year ago period. Management reaffirmed 2024 earnings per share guidance of $4.60 to $4.90 and 2025 earnings guidance of $4.90 to $5.25 per share. Both are in line with our estimate. The company's 6%-8% long-term annual earnings growth guidance range is in line with our 7.5% estimate.

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