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Jun 30, 2024
Spire Q3 2024 Earnings Report
Spire reported mixed results for Q3 2024, with improved segment performance offset by lowered full-year guidance.
Key Takeaways
Spire Inc. reported a net loss of $12.6 million for the third quarter of fiscal year 2024, an improvement compared to the previous year's net loss of $21.6 million. The company's net economic loss was $4.3 million, also an improvement from the prior year. However, Spire lowered its fiscal 2024 net economic earnings guidance range to $4.15–$4.25 per share.
Net loss improved to $12.6 million from $21.6 million year-over-year.
Net economic loss improved to $4.3 million from $18.6 million year-over-year.
Gas Utility earnings benefitted from new rates, offsetting higher expenses.
Fiscal year 2024 net economic earnings guidance lowered to $4.15–$4.25 per share.
Revenue by Segment
Forward Guidance
Spire lowered its fiscal 2024 NEE guidance range to $4.15–$4.25 per share. The company anticipates benefits from a customer affordability initiative to be realized in 2025 and 2026. Expected capital expenditures for fiscal 2024 has increased from $800 million to $830 million driven by increased deployment of advanced meters.
Positive Outlook
- Long-term NEE per share growth of 5–7% driven by expected 7–8% annual utility rate base growth.
- Robust capital investment plan.
- Customer affordability initiative expected to lower overall costs and improve operational efficiency.
- Increased deployment of advanced meters.
- 10-year $7.3 billion capital investment target through fiscal 2033 due to increasing investment in infrastructure upgrades and new business in the Gas Utility segment.
Challenges Ahead
- Lowered fiscal 2024 NEE guidance range to $4.15–$4.25 per share from $4.25–$4.45 per share.
- Impacts of lower than expected Spire Missouri margin.
- Higher interest expense.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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