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Spire Inc. (SR - Free Report) reported first-quarter fiscal 2022 net economic earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.31 by 13%. Earnings per share were 19.7% lower than the year-ago figure of $1.42.
Revenues
Total revenues came in at $555.4 million, which beat the Zacks Consensus Estimate of $509 million by 9.2%. The top line also improved 8.3% from $512.6 million in the year-ago quarter.
For the quarter under review, operating expenses of $460.1 million increased 21.2% from the prior-year period’s $379.7 million.
Operating income was $95.3 million, down 28.3% from $132.9 million in the prior-year quarter.
Net interest expenses increased 11.3% year over year to $28.6 million for the reported quarter.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2021 were $8.1 million compared with $4.3 million on Sep 30, 2021.
Long-term debt (less current portion) as of Dec 31, 2021 was $3,206.8 million compared with $2,939.1 million on Sep 30, 2021.
Spire’s net cash (used)/provided by operating activities in first-quarter fiscal 2022 was ($229.9 million) compared with $7.6 million in fiscal first-quarter 2021.
Guidance
Spire reiterated its earnings per share guidance for fiscal 2022 within $3.70-$4. For the long term, SR expects net economic earnings per share to grow 5-7%.
SR also expects its five-year investment plan through fiscal 2026 to be $3.1 billion and aims to invest $570 million in fiscal 2022. This planned investment is expected to drive annual rate base growth of 7-8%.
National Fuel Gas Company (NFG - Free Report) is set to report first-quarter fiscal 2022 earnings on Feb 4. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.42 per share.
National Fuel Gas’ long-term (three to five years) earnings growth is currently pegged at 5.4%. The Zacks Consensus Estimate for NFG’s fiscal 2022 earnings indicates year-over-year growth of 19.8%.
Atmos Energy Corporation (ATO - Free Report) is scheduled to report first-quarter fiscal 2022 earnings on Feb 9. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.86 per share.
Atmos Energy’s long-term earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings suggests year-over-year growth of 7.8%.
ONE Gas Inc. (OGS - Free Report) is slated to report fourth-quarter 2021 earnings on Feb 23, after market close. The Zacks Consensus Estimate for the quarter’s earnings is pegged at $1.12 per share.
ONE Gas’ long-term earnings growth is currently pegged at 5%. The Zacks Consensus Estimate for OGS’ 2022 earnings implies year-over-year growth of 5.9%.
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Spire's (SR) Q1 Earnings Miss, Revenues Surpass Estimates
Spire Inc. (SR - Free Report) reported first-quarter fiscal 2022 net economic earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.31 by 13%. Earnings per share were 19.7% lower than the year-ago figure of $1.42.
Revenues
Total revenues came in at $555.4 million, which beat the Zacks Consensus Estimate of $509 million by 9.2%. The top line also improved 8.3% from $512.6 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 $460.1 million increased 21.2% from the prior-year period’s $379.7 million.
Operating income was $95.3 million, down 28.3% from $132.9 million in the prior-year quarter.
Net interest expenses increased 11.3% year over year to $28.6 million for the reported quarter.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2021 were $8.1 million compared with $4.3 million on Sep 30, 2021.
Long-term debt (less current portion) as of Dec 31, 2021 was $3,206.8 million compared with $2,939.1 million on Sep 30, 2021.
Spire’s net cash (used)/provided by operating activities in first-quarter fiscal 2022 was ($229.9 million) compared with $7.6 million in fiscal first-quarter 2021.
Guidance
Spire reiterated its earnings per share guidance for fiscal 2022 within $3.70-$4. For the long term, SR expects net economic earnings per share to grow 5-7%.
SR also expects its five-year investment plan through fiscal 2026 to be $3.1 billion and aims to invest $570 million in fiscal 2022. This planned investment is expected to drive annual rate base growth of 7-8%.
Zacks Rank
Spire currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
National Fuel Gas Company (NFG - Free Report) is set to report first-quarter fiscal 2022 earnings on Feb 4. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.42 per share.
National Fuel Gas’ long-term (three to five years) earnings growth is currently pegged at 5.4%. The Zacks Consensus Estimate for NFG’s fiscal 2022 earnings indicates year-over-year growth of 19.8%.
Atmos Energy Corporation (ATO - Free Report) is scheduled to report first-quarter fiscal 2022 earnings on Feb 9. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.86 per share.
Atmos Energy’s long-term earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings suggests year-over-year growth of 7.8%.
ONE Gas Inc. (OGS - Free Report) is slated to report fourth-quarter 2021 earnings on Feb 23, after market close. The Zacks Consensus Estimate for the quarter’s earnings is pegged at $1.12 per share.
ONE Gas’ long-term earnings growth is currently pegged at 5%. The Zacks Consensus Estimate for OGS’ 2022 earnings implies year-over-year growth of 5.9%.