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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.
Spire
Spire
Spire Revenue by Segment
Revenue by Segment
Gas Utility Revenue
CapyFin.comGas Marketing Revenue
CapyFin.comMidstream Revenue
CapyFin.comOther Revenue
CapyFin.comEliminations Revenue
CapyFin.com 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.
- Higher bad debt expense.
- Warm winter weather impacted results
Revenue & Expenses
Visualization of income flow from segment revenue to net income