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Spire Q3 Loss Widens

Spire Inc. (SR), on Wednesday, reported third-quarter net loss of $92.3 million or $1.87 per share compared to a loss of $3.0 million or $0.09 per share a year ago.

For the third quarter of fiscal 2020, Net Economic Earnings or NEE was $7.3 million or $0.07 per share, compared to $5.0 million or $0.07 per share last year.

Total operating revenues declined to $321.1 million from $321.3 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.09 per share on revenue of $313.51 million for the quarter. Analysts' estimate typically exclude certain special items.

Outlook

The company expects NEE per share for fiscal 2020 to be $3.70 - $3.75, reflecting year-to-date results and greater clarity regarding ISRS and the expected impacts of COVID-19. Analysts expect earnings of $3.71 per share for fiscal 2020.

Spire affirmed its annual long-term NEE per share growth target of 4%-7%, based on growth in its utility rate base of 7%-8%. The company also updated our fiscal 2020 capital investment forecast to $650 million.

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