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Spire (SR) Q3 Earnings Match Estimates, Revenues Rise Y/Y

Zacks Equity Research
·3-min read

Spire Inc. SR reported third-quarter fiscal 2022 net economic earnings of 1 cent per share, on par with the Zacks Consensus Estimate. Earnings per share (EPS) were 83.3% lower than the year-ago figure of 6 cents.

Revenues

Total revenues came in at $448 million, which surpassed the Zacks Consensus Estimate of $325 million by 37.8%. The top line also improved by 36.7% from $327.8 million in the year-ago quarter.

Spire Inc. Price, Consensus and EPS Surprise

Spire Inc. Price, Consensus and EPS Surprise
Spire Inc. Price, Consensus and EPS Surprise

Spire Inc. price-consensus-eps-surprise-chart | Spire Inc. Quote

Highlights of the Release

In the third quarter of fiscal 2022, operating expenses of $410.1 million increased by 39.2% from the prior-year period’s $294.6 million due to an increase in natural gas purchased expenses.

The operating income was $37.9 million, up 14.2% from $33.2 million in the prior-year quarter.

Net interest expenses increased 8.9% year over year to $29.3 million for the reported quarter.

Financial Highlights

Cash and cash equivalents as of Jun 30, 2022 were $16 million compared with $8.1 million on Dec 31, 2021.

The long-term debt (less current portion) as of Jun 30, 2022 was $3,207.9 million compared with $3,206.8 million on Dec 31, 2021.

Spire’s net cash provided by operating activities for the first nine months of 2022 was $204.6 million compared with the $220.7 million recorded in the year-ago period.

Guidance

Spire reaffirmed its guidance for fiscal 2022 to the $3.75-$3.95 per share range. In the long term, SR expects the net economic EPS to grow 5-7%.

Spire reiterated its expectation of the five-year investment plan through fiscal 2026 to be $3.1 billion, and the planned investment is expected to drive the annual rate base growth of 7-8%. The capital expenditure for fiscal 2022 is now expected at $540 million.

Zacks Rank

Spire currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Dominion Energy D is scheduled to announce second-quarter 2022 results on Aug 8 before market open. The Zacks Consensus Estimate for earnings is pegged at 77 cents per share. Dominion Energy’s long-term earnings growth is projected at 6.4%.

Hawaiian Electric Industries HE is scheduled to announce second-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.

Southwest Gas Holdings SWX is set to release second-quarter 2022 results on Aug 9 after market close. The Zacks Consensus Estimate for earnings per share is pegged at 53 cents. Southwest Gas’ long-term earnings growth is projected at 5%.


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