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Spire (SR) Q1 Earnings Surpass Estimates, Sales Fall Y/Y
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Spire Inc. (SR - Free Report) reported first-quarter fiscal 2024 earnings of $1.47 per share, which surpassed the Zacks Consensus Estimate of $1.37 by 7.3%. However, the company’s bottom line declined 5.2% from $1.55 reported in the year-ago quarter.
Revenues
Total revenues for the reported quarter were $756.6 million, which surpassed the Zacks Consensus Estimate of $729 million by 3.8%. The top line, however, decreased 7% from $814 million registered in the year-ago quarter.
Total operating expenses were $617.4 million, down 7% from $663.8 million recorded in the prior-year period.
Operating income totaled $139.2 million compared with $150.2 million in the prior-year quarter. Our model predicted an operating income of $139.9 million for the same quarter.
Net interest expenses increased 16% year over year to $50.6 million.
Segmental Performance
Gas Utility: Revenues from this segment totaled $715.2 million, down 2.4% from the prior-year quarter’s figure.
Gas Marketing: Revenues from this segment amounted to $36.3 million, down 51% from the prior-year quarter’s reported actual.
Midstream: Revenues from this segment totaled $14.9 million, down 2% from the year-ago quarter’s reported number.
Other: This segment’s revenues amounted to $4.1 million, up 2.5% year over year.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2023, were $4.8 million compared with $5.6 million as of Sep 30, 2023.
Long-term debt (less current portion) as of Dec 31, 2023, totaled $3,247.8 million compared with $3,554 million as of Sep 30, 2023.
Net cash provided by operating activities in the fiscal first-quarter totaled $70 million against $170.8 million cash used in the year-ago period.
Guidance
Spire continues to expect its fiscal 2024 net economic earnings to be in the range of $4.25-$4.45 per share. The Zacks Consensus Estimate for the same is pegged at $4.38 per share, higher than the company’s guided range.
SR continues to expect its 10-year capital investment to be $7.2 billion. This planned investment is projected to drive an annual rate-base growth of 7-8%. Capital expenditures for fiscal 2024 are expected to be $765 million, including $100 million for the Spire Storage West expansion.
Atmos Energy Corporation (ATO - Free Report) is slated to report first-quarter fiscal 2024 results on Feb 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.09 per share, implying a year-over-year increase of 9.4%.
ATO’s long-term (three to five years) earnings growth rate is 7.26%. It delivered an average earnings surprise of 1.1% in the last four quarters.
National Fuel Gas Company (NFG - Free Report) is slated to report first-quarter fiscal 2024 results on Feb 7, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.32 per share.
NFG’s long-term earnings growth rate is 6.9%. It delivered an average earnings surprise of 4.3% in the last four quarters.
MDU Resources Group (MDU - Free Report) is slated to report first-quarter fiscal 2024 results on Feb 8, before market open. The Zacks Consensus Estimate for full-year 2023 earnings is pegged at $1.35 per share.
MDU’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 19.6% in the last four quarters.
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Spire (SR) Q1 Earnings Surpass Estimates, Sales Fall Y/Y
Spire Inc. (SR - Free Report) reported first-quarter fiscal 2024 earnings of $1.47 per share, which surpassed the Zacks Consensus Estimate of $1.37 by 7.3%. However, the company’s bottom line declined 5.2% from $1.55 reported in the year-ago quarter.
Revenues
Total revenues for the reported quarter were $756.6 million, which surpassed the Zacks Consensus Estimate of $729 million by 3.8%. The top line, however, decreased 7% from $814 million registered 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
Total operating expenses were $617.4 million, down 7% from $663.8 million recorded in the prior-year period.
Operating income totaled $139.2 million compared with $150.2 million in the prior-year quarter. Our model predicted an operating income of $139.9 million for the same quarter.
Net interest expenses increased 16% year over year to $50.6 million.
Segmental Performance
Gas Utility: Revenues from this segment totaled $715.2 million, down 2.4% from the prior-year quarter’s figure.
Gas Marketing: Revenues from this segment amounted to $36.3 million, down 51% from the prior-year quarter’s reported actual.
Midstream: Revenues from this segment totaled $14.9 million, down 2% from the year-ago quarter’s reported number.
Other: This segment’s revenues amounted to $4.1 million, up 2.5% year over year.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2023, were $4.8 million compared with $5.6 million as of Sep 30, 2023.
Long-term debt (less current portion) as of Dec 31, 2023, totaled $3,247.8 million compared with $3,554 million as of Sep 30, 2023.
Net cash provided by operating activities in the fiscal first-quarter totaled $70 million against $170.8 million cash used in the year-ago period.
Guidance
Spire continues to expect its fiscal 2024 net economic earnings to be in the range of $4.25-$4.45 per share. The Zacks Consensus Estimate for the same is pegged at $4.38 per share, higher than the company’s guided range.
SR continues to expect its 10-year capital investment to be $7.2 billion. This planned investment is projected to drive an annual rate-base growth of 7-8%. Capital expenditures for fiscal 2024 are expected to be $765 million, including $100 million for the Spire Storage West expansion.
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
Atmos Energy Corporation (ATO - Free Report) is slated to report first-quarter fiscal 2024 results on Feb 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.09 per share, implying a year-over-year increase of 9.4%.
ATO’s long-term (three to five years) earnings growth rate is 7.26%. It delivered an average earnings surprise of 1.1% in the last four quarters.
National Fuel Gas Company (NFG - Free Report) is slated to report first-quarter fiscal 2024 results on Feb 7, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.32 per share.
NFG’s long-term earnings growth rate is 6.9%. It delivered an average earnings surprise of 4.3% in the last four quarters.
MDU Resources Group (MDU - Free Report) is slated to report first-quarter fiscal 2024 results on Feb 8, before market open. The Zacks Consensus Estimate for full-year 2023 earnings is pegged at $1.35 per share.
MDU’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 19.6% in the last four quarters.