Spire Guides FY22 NEE Below Estimates - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Monday, gas utility Spire Inc. (SR) initiated its net economic earnings outlook for the full year 2022, reflecting its initial assessment of the net outcomes of the recently concluded Missouri rate case.

Further, the company also increased its 5-year capital expenditure target through fiscal 2026 to $3.1 billion. Capital expenditures for fiscal 2022 are expected to be approximately $570 million.

For fiscal 2022, the company now projects net economic earnings in a range of $3.70 to $4.00 per share.

On average, ten analysts polled by Thomson Reuters expect the company to report earnings of $4.47 per share for the year. Analysts' estimates typically exclude special items.

The company also said it remains confident in its long-term ability to grow NEE per share 5% to 7%, based on its strategy that focuses on growing organically, investing in infrastructure and advancing through innovation.

For the fourth quarter, net loss available to common shareholders narrowed to $13.5 million or $0.26 per share from $23.3 million or $0.45 per share in the prior-year quarter. Excluding items, net economic loss for the quarter was $0.32 per share, compared to $0.37 per share in the year-ago quarter. Total operating revenues for the quarter increased to $290.2 million from $251.9 million last year.

The Street was looking for a loss of $0.69 per share on revenues of $254.89 million for the quarter.