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Dec 31, 2022
Spire Q1 2023 Earnings Report
Spire reported strong first quarter earnings, driven by Gas Marketing's favorable market conditions, which were partially offset by lower earnings from Gas Utility operations.
Key Takeaways
Spire Inc. reported consolidated net income of $91.0 million ($1.66 per diluted share) for the quarter ended December 31, 2022, compared to $55.7 million ($1.01 per share) in the prior year. Net economic earnings (NEE) were $85.1 million ($1.55 per share), up from $62.6 million ($1.14 per share) last year.
Gas Marketing delivered strong results due to market conditions that created opportunities to optimize storage and transportation positions.
Gas Utility reported NEE of $62.9 million, a decrease of $4.3 million from the previous year.
New rates in Spire Missouri and Spire Alabama contributed $18.4 million and $1.4 million, respectively, to contribution margin.
Spire STL Pipeline was issued a new permanent operating certificate in December 2022 by the Federal Energy Regulatory Commission (FERC).
Forward Guidance
Spire is raising its fiscal 2023 NEE per share guidance by $0.10 to $4.15–$4.35, reflecting the outperformance of Spire Marketing in the first quarter. Targeted capital investment for the 10-year period through fiscal 2032 remains $7 billion. Expected capital expenditures for fiscal 2023 remain $700 million.
Positive Outlook
- Confident in long-term ability to grow NEE per share 5–7%.
- Planned capital investment in infrastructure upgrades.
- Investment in innovation.
- Investment in new business.
- Targeted capital investment for the 10-year period through fiscal 2032 remains $7 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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