Sempra exceeded Wall Street’s second-quarter profit projections because its U.S. utility operations performed well and the company maintained tight cost control. The San Diego-based energy infrastructure firm generated adjusted earnings of 89 cents per share which exceeded the 85-cent consensus predicted by LSEG data.
The Texas-based Oncor unit of Sempra received a 40% increase in interconnection requests while adding 20,000 new premises to its network and submitted a rate case application to recover storm-related expenses and fund upcoming capital expenditures. The company achieved a 7% decrease in operating and maintenance costs during the year which reached $1.24 billion.
Sempra received $600 million in new transmission grid project awards from California regulators while spending more than $1.2 billion on infrastructure upgrades during the quarter.
Sempra Infrastructure and Ecogas Mexican gas distribution arm received confirmation about their ongoing asset sale process from the company. The expected mid-2026 completion of these deals will generate funds that will support Sempra’s utility-focused business strategy.
Sempra continues to expand its core utility assets because electricity demand grows rapidly due to data center operations and electrification trends. The company maintained its dedication to long-term capital discipline and grid reliability which has found favor with investors.
The company’s stock price increased by 1.5% during the first part of Thursday’s trading session after the results were announced.
