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Sep 30, 2023
Spire Q4 2023 Earnings Report
Spire's Q4 2023 earnings resulted in a net loss, with mixed performance across its segments. The gas utility segment experienced a loss, while gas marketing and midstream segments showed profits. The company issued fiscal year 2024 earnings guidance and reaffirmed its long-term growth target.
Key Takeaways
Spire Inc. reported a net loss of $31.1 million, or $0.66 per share, for the fourth quarter of fiscal year 2023, compared to a net loss of $7.1 million, or $0.20 per share, in the same period last year. On a net economic earnings (NEE) basis, the quarterly loss was $37.6 million, or $0.78 per share, compared to a loss of $31.4 million, or $0.66 per share, in the year-ago period. The gas utility segment reported a loss, while gas marketing and midstream segments reported profits.
Spire reported a net loss of $31.1 million, or $0.66 per share, for Q4 2023.
On a NEE basis, the quarterly loss was $37.6 million, or $0.78 per share.
Gas Utility segment reported a loss on an NEE basis of $34.0 million.
Midstream segment NEE increased to $2.5 million, reflecting optimization of withdrawal commitments at Spire Storage West.
Revenue by Segment
Forward Guidance
Spire expects fiscal 2024 NEE per share to be in a range of $4.25 to $4.45 and the long-term NEE per share growth target remains 5–7% using the fiscal 2024 guidance midpoint of $4.35 per share as a base. Earnings per share growth is driven by an expected 7–8% annual rate base growth at the utilities, reflecting our robust capital investment plan.
Positive Outlook
- Fiscal 2024 NEE per share to be in a range of $4.25 to $4.45
- Long-term NEE per share growth target remains 5–7%
- Earnings per share growth is driven by an expected 7–8% annual rate base growth at the utilities
- 10-year capital investment target of $7.2 billion extends through fiscal 2033
- Capital expenditures for fiscal 2024 are expected to be $765 million, which includes $100 million for the Spire Storage West expansion.
Challenges Ahead
- Higher interest expense
- Higher borrowings and interest rates
- Higher corporate costs
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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