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Spire Q2 Profit Down

(RTTNews) - Spire Inc. (SR) reported that its second-quarter net income available to common shareholders declined to $129.7 million or $2.54 per share from $154.3 million or $3.04 per share in the prior year. The earnings decrease reflected lower Gas Utility earnings primarily due to the impact of warmer weather, a decrease in the value of investments in certain benefit plans, slightly higher operating and maintenance expenses, combined with lower results from Gas Marketing.

Net economic earnings for the second quarter of fiscal 2020 was $144.0 million or $2.75 per share down from $147.9 million or $2.90 per share last year. The lower net economic earnings per share reflected lower earnings as well as the impact of preferred and common stock issued over the last twelve months of $0.08 per share.

Analysts polled by Thomson Reuters expected the company to report earnings of $2.95 per share for the second-quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter declined to $715.5 million from $803.5 million last year. Analysts expected revenues of $783.02 million for the quarter.

The Spire board has declared a quarterly common stock dividend of $0.6225 per share, payable July 2, 2020, to shareholders of record on June 11, 2020.

The company has updated its expected fiscal 2020 capital investment, increasing it by $30 million to $640 million, with $560 million earmarked for its gas utilities and $80 million for its gas-related businesses.

The company has also updated its 5-year capital expenditure plan to now include 2024, with total investment expected to be $2.8 billion and supporting utility rate base growth of 7-8 percent over that time period.

The company affirmed its annual long-term net economic earnings per share growth target of 4-7 percent. But it did not provide fiscal 2020 earnings guidance due to the uncertainty over the resolution of ISRS cases in Missouri.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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