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Spire (SR) Q2 Earnings and Revenues Surpass Estimates
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Spire Inc. (SR - Free Report) reported second-quarter fiscal 2023 earnings of $3.70 per share, which beat the Zacks Consensus Estimate of $3.49 by 6%. The bottom line also improved 8.2% from the year-ago quarter’s figure of $3.42 per share.
Revenues
Total revenues for the reported quarter were $1,123.4 million, which outpaced the Zacks Consensus Estimate of $901 million by 24.7%. The top line also improved 27.5% from $880.9 million in the year-ago quarter.
Operating expenses totaled $863.1 million, up 35.8% from $635.7 million recorded in the prior-year period. This was due to an increase in natural gas purchased expenses, and higher operation and maintenance expenses.
Operating income came in at $260.3 million, up 6.1% from $245.2 million in the prior-year quarter.
Net interest expenses increased 71.6% year over year to $47.2 million.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2023 were $6.9 million compared with $6.5 million as of Sep 30, 2022.
Long-term debt (less current portion) as of Mar 31, 2023 was $3,702.5 million compared with $2,958.5 million as of Sep 30, 2022.
Net cash provided by operating activities in the first six months of fiscal 2023 was $179.9 million compared with $155.1 million in the year-ago period.
Guidance
Spire narrowed its fiscal 2023 net economic earnings guided range to $4.20-$4.30 per share from $4.15-$4.35 per share (prior guidance).
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, including Midstream expansion for Spire Storage.
Sempra Energy (SRE - Free Report) is slated to report first-quarter results on May 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $2.76 per share.
SRE’s long-term (three to five years) earnings growth rate is currently expected to be 4.55%. The consensus estimate for 2023 EPS stands at $8.96.
NewJersey Resources (NJR - Free Report) is slated to report fiscal second-quarter results on May 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.2 per share.
NJR’s long-term earnings growth is currently expected to be 6%. The consensus estimate for 2023 EPS stands at $2.63, indicating a year-over-year improvement of 5.2%.
Northwest Natural (NWN - Free Report) is scheduled to report first-quarter results on May 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.93 per share, indicating a year-over-year increase of 7.22%.
NWN's long-term earnings growth is currently projected to be 3.7%. The consensus mark for 2023 EPS stands at $2.68, implying a year-over-year improvement of 5.51%.
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Spire (SR) Q2 Earnings and Revenues Surpass Estimates
Spire Inc. (SR - Free Report) reported second-quarter fiscal 2023 earnings of $3.70 per share, which beat the Zacks Consensus Estimate of $3.49 by 6%. The bottom line also improved 8.2% from the year-ago quarter’s figure of $3.42 per share.
Revenues
Total revenues for the reported quarter were $1,123.4 million, which outpaced the Zacks Consensus Estimate of $901 million by 24.7%. The top line also improved 27.5% from $880.9 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
Operating expenses totaled $863.1 million, up 35.8% from $635.7 million recorded in the prior-year period. This was due to an increase in natural gas purchased expenses, and higher operation and maintenance expenses.
Operating income came in at $260.3 million, up 6.1% from $245.2 million in the prior-year quarter.
Net interest expenses increased 71.6% year over year to $47.2 million.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2023 were $6.9 million compared with $6.5 million as of Sep 30, 2022.
Long-term debt (less current portion) as of Mar 31, 2023 was $3,702.5 million compared with $2,958.5 million as of Sep 30, 2022.
Net cash provided by operating activities in the first six months of fiscal 2023 was $179.9 million compared with $155.1 million in the year-ago period.
Guidance
Spire narrowed its fiscal 2023 net economic earnings guided range to $4.20-$4.30 per share from $4.15-$4.35 per share (prior guidance).
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, including Midstream expansion for Spire Storage.
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
Sempra Energy (SRE - Free Report) is slated to report first-quarter results on May 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $2.76 per share.
SRE’s long-term (three to five years) earnings growth rate is currently expected to be 4.55%. The consensus estimate for 2023 EPS stands at $8.96.
NewJersey Resources (NJR - Free Report) is slated to report fiscal second-quarter results on May 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.2 per share.
NJR’s long-term earnings growth is currently expected to be 6%. The consensus estimate for 2023 EPS stands at $2.63, indicating a year-over-year improvement of 5.2%.
Northwest Natural (NWN - Free Report) is scheduled to report first-quarter results on May 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.93 per share, indicating a year-over-year increase of 7.22%.
NWN's long-term earnings growth is currently projected to be 3.7%. The consensus mark for 2023 EPS stands at $2.68, implying a year-over-year improvement of 5.51%.