What were the key drivers behind the earnings shortfall—e.g., lower revenue, higher expenses, or non‑recurring items?

Based on the excerpt you provided, the press release only gives the headline earnings figures for the second quarter of 2025 ( $461 million, or $0.71 per diluted share) and compares them to the second‑quarter 2024 GAAP earnings of $713 million. The summary does not include any discussion of the underlying factors that caused the earnings to decline—such as changes in revenue, expense trends, or the impact of non‑recurring items.

Therefore, from the information available in the brief news snippet we cannot identify the specific drivers behind the earnings shortfall. To determine whether the shortfall was primarily due to lower revenue, higher operating or capital expenses, one‑‑off gains/losses, regulatory adjustments, or other items, you would need to consult the full Sempra second‑quarter 2025 earnings release (or the accompanying management discussion and analysis) where the company typically outlines the key performance drivers and any notable non‑recurring events.