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Sep 30, 2022
Spire Q4 2022 Earnings Report
Spire reported a net loss for Q4 2022, but highlighted progress in regulatory matters and infrastructure investments.
Key Takeaways
Spire Inc. reported a net loss of $7.1 million for the fourth quarter of fiscal year 2022, compared to a net loss of $9.9 million in the same period last year. On a non-GAAP basis (NEE), the quarterly loss was $31.4 million, compared to a loss of $13.1 million last year. The company is launching a 10-year capital expenditure target of $7.0 billion. The Board of Directors raised the quarterly common stock dividend by 5.1% to $0.72 per share.
Spire reported a consolidated net loss of $7.1 million, or $0.20 per diluted share, for Q4 2022.
On a non-GAAP basis (NEE), the quarterly loss was $31.4 million, or $0.66 per share.
Gas Utility reported a loss on an NEE basis of $37.9 million for the fourth quarter.
Gas Marketing segment NEE was $11.7 million, up from $9.1 million in the prior year.
Spire
Spire
Spire Revenue by Segment
Revenue by Segment
Gas Utility Revenue
CapyFin.comGas Marketing Revenue
CapyFin.com Forward Guidance
Spire is updating and expanding its targeted capital investment to include a 10-year period through fiscal 2032, with total expenditures expected to be $7.0 billion. Capital expenditures for fiscal 2023 are expected to be approximately $700 million, including $150 million for midstream businesses, primarily for the Spire Storage expansion.
Positive Outlook
- Commitment to invest in upgrades to gas utility pipelines and infrastructure.
- Capital plan to drive 7-8% annual rate base growth for utilities.
- Investment over the next two fiscal years to expand Spire Storage.
- Confidence in long-term ability to grow NEE per share 5-7%.
- Solid performance and expectations for growth.
Challenges Ahead
- Weather conditions
- Economic factors
- Competitive environment
- Governmental and regulatory policy and action
- Risks associated with acquisitions
Revenue & Expenses
Visualization of income flow from segment revenue to net income