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Sep 30, 2021
Spire Q4 2021 Earnings Report
Spire's Q4 2021 earnings decreased compared to the previous year, driven by improved results from Gas Marketing, partially offset by a larger seasonal loss in Gas Utility.
Key Takeaways
Spire reported a net loss of $9.9 million, or $0.26 per diluted share, for the fourth quarter of fiscal 2021, compared to a net loss of $19.7 million, or $0.45 per share, in the prior year. On a NEE basis, the quarterly loss was $13.1 million ($0.32 per share) compared to a loss of $15.3 million ($0.37 per share) in the prior-year period.
Spire reported a narrower fourth quarter loss of $10 million ($0.26 per diluted share) compared to a loss of $20 million ($0.45 per share) in fiscal 2020.
Spire STL Pipeline is working to ensure continued operation throughout the upcoming winter.
Spire Missouri is seeking clarification on an unprecedented rate review order.
Spire is launching fiscal 2022 NEE per share guidance of $3.70 - $4.00 and increasing its 5-year capital expenditure target to $3.1 billion.
Revenue by Segment
Forward Guidance
Spire launched fiscal year 2022 NEE per share guidance in the range of $3.70 - $4.00, reflecting the initial assessment of the net outcomes of the recently concluded Missouri rate case. The targeted capital investment was increased to $3.1 billion for the 5-year period through fiscal 2026. Capital expenditures for fiscal 2022 are expected to be approximately $570 million.
Positive Outlook
- Confident in long-term ability to grow NEE per share 5-7%.
- Focus on growing organically.
- Investing in infrastructure.
- Advancing through innovation.
Challenges Ahead
- Uncertainty surrounding the Missouri rate order.
- Fiscal year 2022 will be a reset year.
- The change in overhead capitalization methods ordered will have a material adverse impact on our net income in fiscal year 2022 and future periods until the completion of a future rate case.
- The estimated pre-tax impact is $14-22 million for fiscal 2022, shifting prudently incurred overhead costs from capital to operation and maintenance 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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