UPDATE: Spire (SR) Tops Q1 EPS by 11c, Revenues Miss; Offers FY21 EPS Mid-Point Guidance Above Consensus

February 4, 2021 7:10 AM EST

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(Updated - February 4, 2021 7:11 AM EST)

Spire (NYSE: SR) reported Q1 EPS of $1.42, $0.11 better than the analyst estimate of $1.31. Revenue for the quarter came in at $512.6 million versus the consensus estimate of $579.26 million.

  • First quarter fiscal 2021 net income of $88.9 million ($1.65 per diluted share), compared to $67.0 million ($1.24 per share) in the prior year
  • Net economic earnings* of $76.9 million ($1.42 per share), up from $71.8 million ($1.33 per share) a year ago
  • We remain on track with our capital investment program, and reaffirm our long-term earnings growth and ESG targets

"We're stepping forward in fiscal 2021, building on last year's momentum to deliver on our growth-focused strategic priorities. Thanks to our remarkable Spire employees, we're off to a good start in our first quarter with higher earnings and solid operating performance. We're doing this while continuing to support our customers and communities, and doing our best to keep everyone healthy and safe," said Suzanne Sitherwood, president and chief executive officer of Spire. "At the same time, we continued our investment in infrastructure upgrades and innovation to drive even stronger safety, reliability, and customer service levels. We're remaining focused on our ESG goals including our commitment to being a carbon neutral company by midcentury."

GUIDANCE:

Spire sees FY2021 EPS of $4.00-$4.20, versus the consensus of $4.09.

  • We affirm our 5-year capital expenditures outlook through fiscal 2025 of $3.0 billion. Our expected fiscal 2021 investment remains $590 million, with $560 million earmarked for our gas utilities.
  • We also affirm our fiscal 2021 NEE per share expectation of $4.00 - $4.20, as well as our annual long-term NEE per share growth target of 5-7 percent, supported by expected annual rate base growth of 7-8 percent. Our long-term targets reflect the expectation of continued consistent growth of our gas utilities focused on pipeline upgrades that enhance system reliability and safety, and support further reductions in methane emissions, as well as technology upgrades and new business.

For earnings history and earnings-related data on Spire (SR) click here.



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