Spire Inc (SR) Q3 2024 Earnings Report

- Spire reported Q3 2024 revenue of $414.1 million and a net loss of $12.6 million ($-0.28 per share) on a GAAP basis, with net economic earnings (NEE) a loss of $4.3 million ($-0.14 per share). Management framed the quarter as a clearing year for a number of headwinds and the start of a multi-year cost-reduction program designed to offset weather-driven margins and higher interest costs. The company reiterated its long-term strategy to grow through infrastructure investments, efficiency gains, and a disciplined capital allocation framework, targeting 5-7% long-term NEE per share growth and a mid-point earnings trajectory for 2025 as cost savings ramp.
- The quarter reflected material regulatory and weather-related dynamics in the Gas Utilities segment, offset by improving contributions from Gas Marketing and Midstream. Missouri weather-normal margins were weaker than normal, while ISRS/Rider mechanisms supported incremental utility revenues. Additionally, the company highlighted ongoing capital deployment (approximately $631 million YTD in 9 months 2024, with $501 million in Gas Utilities capex) and accelerated meter deployment (~265k advanced meters installed in 9 months, bringing total to ~750k).
- Management signaled a multi-year customer affordability initiative aimed at lowering cost structure and improving operating efficiency, with most benefits expected in 2025-2026 and some near-term savings already realized in 2024. The Missouri rate case and potential WNAR adjustments were described as key levers to support a return to normal utility margins. Spire restated its FY24 earnings guidance of $4.15–$4.25 per share, while remaining confident in longer-term growth. The company also emphasized capital discipline and a focus on sustaining safety and reliability as growth drivers.”