Spire Q2 Results Top Estimates; Affirms FY24 Outlook
(RTTNews) - Gas utility Spire Inc. (SR) reported Thursday that net loss available to common shareholders for the first quarter decreased to $81.3 million or $1.52 per share from $87.2 million or $1.66 per share in the prior-year quarter.
Excluding items, net economic earnings for the quarter was $1.47 per share, compared to $1.55 per share in the year-ago quarter.
Total operating revenues for the quarter decreased to $756.6 million from $814.0 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share on revenues of $705.28 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company continues to projects net economic earnings in the range of $4.25 to $4.45 per share. The Street is looking for earnings of $4.34 per share for the year.
The company also said it remains confident in its long-term ability to grow NEE per share by 5 to 7 percent, driven by expected 7 to 8 percent annual utility rate base growth, reflecting its robust capital investment plan.
Further, the company said its 10-year $7.2 billion capital investment target through fiscal 2033 is driven by increasing investment in infrastructure upgrades and new business in the Gas Utility segment.
Capital expenditures for fiscal 2024 are expected to remain $765 million, which includes $100 million for the Spire Storage West expansion.
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