Spire Inc. ( SR Quick Quote SR - Free Report) reported second-quarter fiscal 2021 net economic earnings (NEE) of $3.71 per share, which beat the Zacks Consensus Estimate of $3.05 by 21.6%. The same increased 34.9% from the year-ago level. This upside was led by a strong performance of Gas Marketing segment. Total Revenues
Total revenues came in at $1,104.9 million, which beat the Zacks Consensus Estimate of $728 million by 51.8%. The top line also improved 54.4% from $715.5 million in the year-ago quarter.
Highlights of the Release
For the quarter under review, operating expenses of $847.5 million increased 67.8% from the prior-year period’s $505 million.
Operating income was $257.4 million, up 22.3% year over year. Net interest expenses went down 5.2% year over year to $25.8 million in the reported quarter. Financial Highlights
Cash and cash equivalents as of Mar 31, 2021 were $104 million compared with $108.4 million at the end of the comparable period last year.
Long-term debt (less current portion) amounted to $2,692.5 million as of Mar 31, 2021 compared with $2,484.8 million on Mar 31, 2020. The company’s net cash provided by operating activities in the first two quarters of fiscal 2021 was $159.2 million compared with $321.7 million in the comparable period of fiscal 2020. Owing to strong performances in the first two quarters, the utility’s need for equity through 2023 declined. In February, Spire completed an offering of its units for worth $175 million. Net proceeds were partly utilized to repay short-term debt. Guidance
The company raised its NEE per share guidance forfiscal 2021 to $4.30-$4.50 from the prior expectation of $4-$4.2. In the long term, the utility expects NEE per share to grow 5-7%. This estimation is based on expected annual rate base growth of 7-8%.
Moreover, it reaffirmed its $3-billion worth five-year investment plans through fiscal 2025 and $590 million for fiscal 2021. Zacks Rank
The utility carries a Zacks Rank #3 (Hold), currently. You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Other Releases ONE Gas Inc. ( OGS Quick Quote OGS - Free Report) reported first-quarter 2021 earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.78 by 0.6%. Sempra Energy’s ( SRE Quick Quote SRE - Free Report) first-quarter 2021 adjusted earnings per share came in at $2.95, surpassing the Zacks Consensus Estimate of $2.77 by 6.5%. Atmos Energy Corporation ( ATO Quick Quote ATO - Free Report) posted second-quarter fiscal 2021 earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate of $2.05 by 12.2%. +1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
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