Spire Posts Narrower Loss In Q3; Lowers FY24 NEE Guidance Range

(RTTNews) - Spire (SR) posted a third quarter net loss of $12.6 million, or $0.28 per share, compared to a net loss of $21.6 million, or $0.48 per share, a year ago. On a net economic earnings basis, loss was $4.3 million, or $0.14 per share, compared to a loss of $18.6 million, or $0.42 per share, a year ago. On average, six analysts polled by Thomson Reuters expected the company to report a loss per share of $0.16, for the quarter. Analysts' estimates typically exclude special items.

Operating revenues declined to $414.1 million from $418.5 million, prior year. Analysts on average had estimated $362.5 million in revenue.

The company remains confident in ability to grow long-term NEE per share 5-7% driven by expected 7-8% annual utility rate base growth. Spire lowered fiscal 2024 NEE guidance range to $4.15-$4.25 per share compared to the prior range of $4.25-$4.45 per share.

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