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Spire Inc. (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.
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.
ONE Gas Inc. (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 - 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 - 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%.
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Spire's (SR) Q2 Earnings Beat Mark, Fiscal 2021 EPS View Up
Spire Inc. (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.
Spire Inc. Price, Consensus and EPS Surprise
Spire Inc. price-consensus-eps-surprise-chart | Spire Inc. Quote
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 - 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 - 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 - 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
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>