Earnings were $1.34 a share, up from 12 cents a share in the year-earlier quarter, which included hefty income-tax expenses. Adjusted earnings, excluding certain one-off items, were $1.40 a share, above the FactSet analyst average of $1.22. Revenue rose 1.3% to $3.19 billion, below the $3.31 billion analyst target.

Sempra raised its 2026 earnings projection to $7.41 to $8.41 a share, from the $5.02-to-$5.55 range it gave in August, citing its third-quarter performance. The company said it expects adjusted earnings to reach the high end of its $4.80-to-$5.30-a-share projection for 2026. It reiterated its 2027 earnings forecast of $5.10 to $5.70 a share.

Sempra owns a majority stake in Texas utility Oncor as well as electricity and natural-gas utilities in California. It expects Oncor’s 2027-2031 base capital plan to be about 20% larger than its 2026-2030 plan. The additional investment will be needed to maintain reliability on the Electric Reliability Council of Texas grid as large-load demand grows rapidly, the company said.