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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.
Spire
Spire
Spire Revenue by Segment
Revenue by Segment
Gas Utility Revenue
CapyFin.comGas Marketing Revenue
CapyFin.comMidstream Revenue
CapyFin.comOther Revenue
CapyFin.com 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
- Net loss of $31.1 million, or $0.66 per share
- NEE quarterly loss of $37.6 million ($0.78 per share)
Revenue & Expenses
Visualization of income flow from segment revenue to net income