Spire Inc. ( SR Quick Quote SR - Free Report) reported second-quarter fiscal 2022 net economic earnings of $3.42 per share, which surpassed the Zacks Consensus Estimate of $3.08 by 11%. Earnings per share (EPS) were 7.8% lower than the year-ago figure of $3.71. Revenues
Total revenues came in at $881 million, which lagged the Zacks Consensus Estimate of $895 million by 1.6%. The top line also decreased by 20.3% from $1,105 million in the year-ago quarter.
Highlights of the Release
In the second quarter of fiscal 2022, operating expenses of $635.7 million decreased by 25% from the prior-year period’s $847.5 million due to a decrease in natural gas purchased and lower operating expenses.
The operating income was $245.2 million, down 4.7% from $257.4 million in the prior-year quarter. Net interest expenses increased 6.6% year over year to $27.5 million for the reported quarter. Financial Highlights
Cash and cash equivalents as of Mar 31, 2022 were $8.3 million compared with $8.1 million on Dec 31, 2021.
The long-term debt (less current portion) as of Mar 31, 2022 was $3,207.3 million compared with $3,206.8 million on Dec 30, 2021. Spire’s net cash provided by operating activities for the first six months of 2022 was $155.1 million compared with the $159.2 million recorded in the year-ago period. Guidance
Spire narrowed its EPS guidance for fiscal 2022 to the $3.75-$3.95 per share range compared with the previous guidance of the $3.70-$4.00 band. For the long term, SR expects 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%. Capital expenditure for fiscal 2022 is now expected at $540 million, reflecting the deferral of non-operational overhead costs for Spire Missouri into a regulatory asset. Zacks Rank
Spire currently has a Zacks Rank #3 (Hold). You can see
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