Spire Inc

Latest Results (07.08.2024):

Net Loss

For the fiscal 2024 third quarter, Spire Inc. reported a net loss of $12.6 million, or ($0.28) per diluted share. This is an improvement compared to the net loss of $21.6 million, or ($0.48) per share, reported in the same quarter of the previous year.

Net Economic Earnings

Spire Inc. reported a net economic earnings (NEE) loss of $4.3 million, or ($0.14) per share, for the fiscal 2024 third quarter. This is a significant improvement from the NEE loss of $18.6 million, or ($0.42) per share, reported in the same quarter last year.

Segment Performance

The Gas Utility segment reported a net economic loss of $11.0 million for the fiscal 2024 third quarter, an improvement from the NEE loss of $12.3 million in the prior year. The Gas Marketing segment reported NEE of $1.0 million, compared to an NEE loss of $2.5 million in the previous year. The Midstream segment showed a significant improvement with NEE of $13.9 million, up from $3.6 million in the year-ago period.

Customer Affordability Initiative

During the fiscal 2024 third quarter, Spire Inc. launched a customer affordability initiative aimed at lowering overall costs and improving operational efficiency. The initiative included expense reductions across shared services and management organizations, with costs associated with this initiative totaling $4.6 million (or $3.4 million after tax), which are excluded from net economic earnings.

Guidance and Outlook

Spire Inc. has lowered its fiscal 2024 net economic earnings guidance range to $4.15–$4.25 per share from the previous range of $4.25–$4.45 per share. This adjustment reflects the impacts of a warm winter, higher interest expense, and bad debt expense experienced in 2024. The company remains confident in its ability to grow long-term NEE per share by 5–7%, driven by expected 7–8% annual utility rate base growth.