Spire Inc. (SR - Free Report) reported third-quarter fiscal 2023 loss of 42 cents per share, much wider than the Zacks Consensus Estimate of a loss of 2 cents.
Revenues
Total revenues for the reported quarter were $418.5 million, which missed the Zacks Consensus Estimate of $434 million by 3.7%. The top line decreased 6.6% from $448 million in the year-ago quarter.
Highlights of the Release
Operating expenses totaled $406.5 million, down 0.9% from $410.1 million recorded in the prior-year period.
Operating income came in at $12 million, down 68.3% from $37.9 million in the prior-year quarter.
Net interest expenses increased 59.4% year over year to $46.7 million.
Segmental Performance
Gas Utility: Earnings from this segment were $387.8 million, up 2.8% from the prior-year quarter. The increase primarily resulted from new rates.
Gas Marketing: Earnings from this segment were $23.1 million, down 64% from the prior-year quarter. The lower earnings were because of less favorable conditions and higher demand charges and storage costs.
Midstream: Earnings from this segment were $17.4 million, up 19.2% from the year-ago quarter, based on the optimization of withdrawal commitments at Spire Storage.
Other: Earnings from this segment were $4.3 million, up 4.9% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2023, were $5.3 million compared with $6.5 million as of Sep 30, 2022.
Long-term debt (less current portion) as of Jun 30, 2023, was $3,553.3 million compared with $2,958.5 million as of Sep 30, 2022.
Net cash provided by operating activities in the first nine months ended June 2023 was $404.1 million compared with $204.6 million in the year-ago period.
Guidance
Spire narrowed its fiscal 2023 net economic earnings guided range to $4.15-$4.25 per share from prior guidance of $4.20-$4.30.
The company expects its 10-year capital investment to be $7 billion. This planned investment is expected to drive annual rate-base growth of 7-8%. Capital expenditure for fiscal 2023 is projected at $700 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
Atmos Energy (ATO - Free Report) is slated to report fiscal third-quarter results on Aug 2, after market close. The Zacks Consensus Estimate for earnings is pegged at 97 cents per share, implying an improvement of 5.4% from the year-ago figure.
ATO’s long-term (three to five years) earnings growth rate is currently expected to be 7.5%. The consensus estimate for 2023 EPS stands at $6.06, indicating a year-over-year improvement of 8.2%.
Chesapeake Utilities (CPK - Free Report) is slated to report second-quarter results on Aug 3, after market close. The Zacks Consensus Estimate for earnings is pegged at 98 cents per share, indicating a year-over-year increase of 11.4%.
The consensus estimate for CPK’s 2023 EPS stands at $5.32, indicating a year-over-year improvement of 5.6%.
Northwest Natural (NWN - Free Report) is scheduled to report second-quarter results on Aug 3, before market open. The Zacks Consensus Estimate for sales is pegged at $211.65 million, indicating a year-over-year increase of 8.6%.
NWN's long-term earnings growth is currently projected to be 3.7%. The consensus mark for 2023 EPS stands at $2.70, implying a year-over-year improvement of 6.3%.
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Spire Inc. (SR - Free Report) reported third-quarter fiscal 2023 loss of 42 cents per share, much wider than the Zacks Consensus Estimate of a loss of 2 cents.
Revenues
Total revenues for the reported quarter were $418.5 million, which missed the Zacks Consensus Estimate of $434 million by 3.7%. The top line decreased 6.6% from $448 million in the year-ago quarter.
Highlights of the Release
Operating expenses totaled $406.5 million, down 0.9% from $410.1 million recorded in the prior-year period.
Operating income came in at $12 million, down 68.3% from $37.9 million in the prior-year quarter.
Net interest expenses increased 59.4% year over year to $46.7 million.
Segmental Performance
Gas Utility: Earnings from this segment were $387.8 million, up 2.8% from the prior-year quarter. The increase primarily resulted from new rates.
Gas Marketing: Earnings from this segment were $23.1 million, down 64% from the prior-year quarter. The lower earnings were because of less favorable conditions and higher demand charges and storage costs.
Midstream: Earnings from this segment were $17.4 million, up 19.2% from the year-ago quarter, based on the optimization of withdrawal commitments at Spire Storage.
Other: Earnings from this segment were $4.3 million, up 4.9% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2023, were $5.3 million compared with $6.5 million as of Sep 30, 2022.
Long-term debt (less current portion) as of Jun 30, 2023, was $3,553.3 million compared with $2,958.5 million as of Sep 30, 2022.
Net cash provided by operating activities in the first nine months ended June 2023 was $404.1 million compared with $204.6 million in the year-ago period.
Guidance
Spire narrowed its fiscal 2023 net economic earnings guided range to $4.15-$4.25 per share from prior guidance of $4.20-$4.30.
The company expects its 10-year capital investment to be $7 billion. This planned investment is expected to drive annual rate-base growth of 7-8%. Capital expenditure for fiscal 2023 is projected at $700 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
Atmos Energy (ATO - Free Report) is slated to report fiscal third-quarter results on Aug 2, after market close. The Zacks Consensus Estimate for earnings is pegged at 97 cents per share, implying an improvement of 5.4% from the year-ago figure.
ATO’s long-term (three to five years) earnings growth rate is currently expected to be 7.5%. The consensus estimate for 2023 EPS stands at $6.06, indicating a year-over-year improvement of 8.2%.
Chesapeake Utilities (CPK - Free Report) is slated to report second-quarter results on Aug 3, after market close. The Zacks Consensus Estimate for earnings is pegged at 98 cents per share, indicating a year-over-year increase of 11.4%.
The consensus estimate for CPK’s 2023 EPS stands at $5.32, indicating a year-over-year improvement of 5.6%.
Northwest Natural (NWN - Free Report) is scheduled to report second-quarter results on Aug 3, before market open. The Zacks Consensus Estimate for sales is pegged at $211.65 million, indicating a year-over-year increase of 8.6%.
NWN's long-term earnings growth is currently projected to be 3.7%. The consensus mark for 2023 EPS stands at $2.70, implying a year-over-year improvement of 6.3%.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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