FX.co ★ Spire Posts Narrower Loss In Q3; Lowers FY24 NEE Guidance Range

Spire Inc. (SR) reported a net loss of $12.6 million for the third quarter, equating to $0.28 per share. This is an improvement from the prior year's net loss of $21.6 million, or $0.48 per share. On a net economic earnings basis, the company posted a loss of $4.3 million, or $0.14 per share, compared to a loss of $18.6 million, or $0.42 per share, in the same quarter last year. According to a poll by Thomson Reuters, six analysts anticipated a loss of $0.16 per share for the quarter, a figure that typically excludes special items.

Operating revenues decreased slightly to $414.1 million from last year's $418.5 million, although this figure surpassed the analysts' average estimate of $362.5 million in revenue.

Spire remains optimistic about its long-term growth potential, projecting an increase in net economic earnings (NEE) per share by 5-7%, driven by an expected 7-8% annual growth in its utility rate base. However, the company has adjusted its fiscal 2024 NEE guidance to a range of $4.15-$4.25 per share, down from the previous estimate of $4.25-$4.45 per share.