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Spire Q4 Loss Wider Than Expected, Revenues Decline Y/Y
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Spire Inc. (SR - Free Report) reported a fourth-quarter fiscal 2024 loss of 54 cents per share, wider than the Zacks Consensus Estimate of a loss of 52 cents. The company reported a loss of 78 cents per share in the year-ago quarter.
SR reported fiscal 2024 adjusted earnings of $4.13 per share compared with $4.05 in fiscal 2023, reflecting a year-over-year increase of 2%.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
SR’s Revenues
Total revenues for the reported quarter were $293.8 million, which missed the Zacks Consensus Estimate of $317 million by 7.4%. The top line decreased 5.3% from $310.4 million in the year-ago quarter.
SR reported total revenues of $2.59 billion in fiscal 2024 compared with $2.67 billion in fiscal 2023, highlighting a year-over-year decrease of 2.7%.
Operating expenses totaled $274 million, down 12.8% from $314.3 million recorded in the prior-year period.
Operating income came in at $19.8 million against an operating loss of $3.9 million in the prior-year quarter.
Net interest expenses increased 2.7% year over year to $49.5 million.
SR’s Segmental Revenues
Gas Utility: The segment reported an adjusted loss of $32 million, indicating an improvement from a loss of $34 million in the prior-year quarter. The improvement reflected an increase in contribution margin primarily due to higher Spire Missouri ISRS revenues and usage net of weather mitigation at Spire Missouri and Spire Alabama.
Gas Marketing: The segment reported an adjusted loss of $0.3 million, against an adjusted earnings of $2.6 million in the prior-year quarter.
Midstream: Adjusted earnings from this segment totaled $13.4 million, up a massive 436% from the year-ago quarter’s reported number. This increase was driven by higher storage earnings, reflecting additional capacity and new contracts at higher rates effective for Spire Storage West.
Other: This segment reported an adjusted loss of $8.7 million, which came in line with the year-ago quarter’s level.
SR’s Financial Highlights
Cash and cash equivalents as of Sept. 30, 2024, were $4.5 million compared with $5.6 million as of Sept. 30, 2023.
Long-term debt (less current portion) as of Sept. 30, 2024, totaled $3.70 billion compared with $3.55 billion as of Sept. 30, 2023.
Net cash provided by operating activities in fiscal 2024 totaled $912.4 million compared with $440.2 million in the year-ago period.
SR’s 2025 Guidance
Spire expects its fiscal 2025 net economic earnings to be in the range of $4.40-$4.60 per share. The Zacks Consensus Estimate for the same is pegged at $4.52 per share, which is higher than the midpoint of the company’s guided range.
SR expects its 10-year capital investment to be $7.4 billion. This planned investment is expected to drive an annual rate-base growth of 7-8%. Capital expenditures for fiscal 2025 are expected to be $790 million.
National Fuel Gas Company (NFG - Free Report) reported fourth-quarter fiscal 2024 adjusted operating earnings of 77 cents per share, which missed the Zacks Consensus Estimate of 83 cents by 7.2%. The bottom line also decreased by 1.3% from the year-ago quarter’s reported figure of 78 cents.
NFG reported sales of $372.1 million, which missed the Zacks Consensus Estimate of $482 million by 22.9%. However, the top line rose 0.8% from the prior-year recorded figure of $368.9 million.
ONE Gas, Inc. (OGS - Free Report) reported third-quarter 2024 operating earnings per share (EPS) of 34 cents, which lagged the Zacks Consensus Estimate of 41 cents by 17.1%. The figure also came in 24.4% lower than the year-ago quarter’s earnings of 45 cents per share.
ONE Gas recorded revenues of $340.4 million, which missed the Zacks Consensus Estimate of $363 million by 6.3%. However, the top line increased 1.4% from $335.8 million in the prior-year quarter.
Southwest Gas Holdings Inc. (SWX - Free Report) recorded third-quarter 2024 operating earnings of 9 cents per share, which beat the Zacks Consensus Estimate of 7 cents by 28.6%. However, the bottom line decreased 47.1% from the year-ago quarter’s 17 cents.
Operating revenues totaled $1.08 billion, which missed the Zacks Consensus Estimate of $1.13 billion by 4.8%. The top line also decreased 7.7% from $1.17 billion reported in the prior-year quarter.
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Spire Q4 Loss Wider Than Expected, Revenues Decline Y/Y
Spire Inc. (SR - Free Report) reported a fourth-quarter fiscal 2024 loss of 54 cents per share, wider than the Zacks Consensus Estimate of a loss of 52 cents. The company reported a loss of 78 cents per share in the year-ago quarter.
SR reported fiscal 2024 adjusted earnings of $4.13 per share compared with $4.05 in fiscal 2023, reflecting a year-over-year increase of 2%.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
SR’s Revenues
Total revenues for the reported quarter were $293.8 million, which missed the Zacks Consensus Estimate of $317 million by 7.4%. The top line decreased 5.3% from $310.4 million in the year-ago quarter.
SR reported total revenues of $2.59 billion in fiscal 2024 compared with $2.67 billion in fiscal 2023, highlighting a year-over-year decrease of 2.7%.
Spire Inc. Price, Consensus and EPS Surprise
Spire Inc. price-consensus-eps-surprise-chart | Spire Inc. Quote
Highlights of SR’s Q4 Release
Operating expenses totaled $274 million, down 12.8% from $314.3 million recorded in the prior-year period.
Operating income came in at $19.8 million against an operating loss of $3.9 million in the prior-year quarter.
Net interest expenses increased 2.7% year over year to $49.5 million.
SR’s Segmental Revenues
Gas Utility: The segment reported an adjusted loss of $32 million, indicating an improvement from a loss of $34 million in the prior-year quarter. The improvement reflected an increase in contribution margin primarily due to higher Spire Missouri ISRS revenues and usage net of weather mitigation at Spire Missouri and Spire Alabama.
Gas Marketing: The segment reported an adjusted loss of $0.3 million, against an adjusted earnings of $2.6 million in the prior-year quarter.
Midstream: Adjusted earnings from this segment totaled $13.4 million, up a massive 436% from the year-ago quarter’s reported number. This increase was driven by higher storage earnings, reflecting additional capacity and new contracts at higher rates effective for Spire Storage West.
Other: This segment reported an adjusted loss of $8.7 million, which came in line with the year-ago quarter’s level.
SR’s Financial Highlights
Cash and cash equivalents as of Sept. 30, 2024, were $4.5 million compared with $5.6 million as of Sept. 30, 2023.
Long-term debt (less current portion) as of Sept. 30, 2024, totaled $3.70 billion compared with $3.55 billion as of Sept. 30, 2023.
Net cash provided by operating activities in fiscal 2024 totaled $912.4 million compared with $440.2 million in the year-ago period.
SR’s 2025 Guidance
Spire expects its fiscal 2025 net economic earnings to be in the range of $4.40-$4.60 per share. The Zacks Consensus Estimate for the same is pegged at $4.52 per share, which is higher than the midpoint of the company’s guided range.
SR expects its 10-year capital investment to be $7.4 billion. This planned investment is expected to drive an annual rate-base growth of 7-8%. Capital expenditures for fiscal 2025 are expected to be $790 million.
SR’s 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.
Recent Releases
National Fuel Gas Company (NFG - Free Report) reported fourth-quarter fiscal 2024 adjusted operating earnings of 77 cents per share, which missed the Zacks Consensus Estimate of 83 cents by 7.2%. The bottom line also decreased by 1.3% from the year-ago quarter’s reported figure of 78 cents.
NFG reported sales of $372.1 million, which missed the Zacks Consensus Estimate of $482 million by 22.9%. However, the top line rose 0.8% from the prior-year recorded figure of $368.9 million.
ONE Gas, Inc. (OGS - Free Report) reported third-quarter 2024 operating earnings per share (EPS) of 34 cents, which lagged the Zacks Consensus Estimate of 41 cents by 17.1%. The figure also came in 24.4% lower than the year-ago quarter’s earnings of 45 cents per share.
ONE Gas recorded revenues of $340.4 million, which missed the Zacks Consensus Estimate of $363 million by 6.3%. However, the top line increased 1.4% from $335.8 million in the prior-year quarter.
Southwest Gas Holdings Inc. (SWX - Free Report) recorded third-quarter 2024 operating earnings of 9 cents per share, which beat the Zacks Consensus Estimate of 7 cents by 28.6%. However, the bottom line decreased 47.1% from the year-ago quarter’s 17 cents.
Operating revenues totaled $1.08 billion, which missed the Zacks Consensus Estimate of $1.13 billion by 4.8%. The top line also decreased 7.7% from $1.17 billion reported in the prior-year quarter.