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Jun 30, 2022
Spire Q3 2022 Earnings Report
Spire's financial performance remained on track with expectations, infrastructure upgrades continued to enhance safety and reliability, and technology was deployed to improve customer experience.
Key Takeaways
Spire reported a net loss of $1.4 million, or $0.10 per diluted share, compared to a net income of $5.3 million, or $0.03 per share, in the prior year. Net economic earnings were $4.1 million, or $0.01 per share, down from $6.9 million, or $0.06 per share a year ago. The company reaffirmed its long-term growth and capital investment targets as well as FY22 earnings guidance.
Net loss of $1.4 million ($0.10 per diluted share) compared to net income of $5.3 million, or $0.03 per share in the prior year
Net economic earnings* of $4.1 million, or $0.01 per share, down from $6.9 million, or $0.06 per share a year ago
Contribution margin increased $5.8 million from the prior year, due to net favorable regulatory adjustments at Spire Alabama and slightly higher margins at Spire Missouri net of the timing shift mentioned above.
We reaffirm our long-term growth and capital investment targets as well as FY22 earnings guidance
Spire
Spire
Forward Guidance
We remain confident in our long-term ability to grow NEE per share 5–7% given our growth strategy, expectations of reasonable regulatory outcomes, and planned capital investment in infrastructure upgrades, innovation and new business. Our targeted capital investment for the 5-year period through fiscal 2026 remains $3.1 billion, and this level of investments is anticipated to drive 7–8% rate base growth for our utilities. Expected capital expenditures for fiscal 2022 remain $540 million. We reaffirm our fiscal 2022 NEE guidance range of $3.75 – $3.95 per share.