While reporting financial results for the second quarter on Wednesday, gas utility Spire, Inc. (SR) now projects adjusted earnings from continuing operations in a range of $3.90 to $4.10 per share.
Previously, the company expected adjusted earnings in the range of $5.25 to $5.45 per share, which excludes the results of the pending acquisition of the Piedmont Natural Gas Tennessee business.
The guidance reflects year-to-date results and the updated operating outlook, as well as the classification of Spire Marketing and Spire Storage as discontinued operations. This guidance excludes Spire Tennessee results.
Further ahead to fiscal 2027, the company continues to project adjusted earnings in the range of $5.40 to $5.60 per share from ongoing businesses, which reflects a full year of earnings contributions from Spire Tennessee.
Further, the company continues to project 10-year capital investment target of $11.2 billion, extending through fiscal 2035. This plan continues to support Spire's long-term adjusted earnings per share growth of 5 to 7 percent using the fiscal 2027 adjusted earnings per share guidance midpoint of $5.75 as a base.
In Wednesday's pre-market trading, SR is trading on the NYSE at $92.12, up $2.32 or 2.58 percent.
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