Adjusted Earnings and Adjusted EPS Presentation
Sempra Infrastructure
Three months ended
September 30,
Nine months ended
September 30,
(Unaudited, dollars in millions)
Sempra Infrastructure GAAP Earnings
Impact from foreign currency and inflation on our monetary positions in Mexico
Net unrealized losses (gains) on derivatives
2023
2022
2023
2022
223 $ 114
(36)
746 $ 392
(2)
167
87
38
(319)
108
Net unrealized losses on a contingent interest rate swap related to the PA LNG
Phase 1 project
17
Sempra Infrastructure Adjusted Earnings¹
$
187 $
150 $ 611 $
587
Q3-2023 adjusted earnings are higher than Q3-2022 adjusted earnings primarily due to:
$21 million lower net interest expense due to higher capitalization of interest expense on projects under construction,
offset by higher interest rates and borrowings on committed lines of credit,
$16 million net income tax benefit in 2023 compared to $2 million net income tax expense in 2022 primarily from
outside basis differences in JV investments, and
$9 million from the transportation business driven by higher equity earnings from new tariffs going into effect in June
2023 for certain pipelines in Mexico, partially offset by
$106 million earnings attributable to NCI in 2023 compared to $86 million earnings attributable to NCI in 2022
primarily due to an increase in SI Partners' net income.
1.
See Appendix for information regarding Adjusted Earnings, which represents a non-GAAP financial measure.
2.
3.
GAAP Earnings Driver was $15 million net income tax benefit in 2023 compared to $6 million net income tax expense in 2022 primarily from outside basis differences in JV
investments.
GAAP Earnings Driver was $122 million earnings attributable to NCI in 2023 compared to $65 million earnings attributable to NCI in 2022 primarily due to an increase in SI
Partners' net income.
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