"10-year capital expenditure plan forward to 2034 and an increase to $7.4 billion"
— Steve Lindsey, President & CEO
03Detailed Report
SR
Company SR
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 27, 2026
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Executive Summary
Spire’s FY2024 performance centers on disciplined utility earnings and a substantial, utility-centric 10-year capital expenditure program. The company reported adjusted FY2024 earnings per share (EPS) of $4.13, up 0.08 from the prior year, driven by Gas Utilities and Midstream strength, offset by weaker Gas Marketing results and higher corporate costs in Q4. The board approved a 4% dividend increase to an annualized $3.14 per share, underscoring management’s confidence in the long-run cash-flow profile and capital plan. Management reiterated a long-term EPS growth target of 5–7% and issued FY2025 adjusted EPS guidance of $4.40–$4.60, signaling mid-high single-digit to low-double-digit growth at the midpoint versus 2024 actuals, with ongoing leverage to rate-base expansion and regulatory recovery mechanisms. The 10-year CapEx plan was updated to $7.4 billion (roughly 98% allocated to Gas Utilities), fueling anticipated 7–8% rate base growth at Spire Missouri and substantial downstream benefits from meter deployments and storage expansion.
Key Performance Indicators
Revenue
Decreasing
293.80M
QoQ: -29.05% | YoY: -5.35%
Gross Profit
Increasing
181.60M
61.81% margin
QoQ: 141.81% | YoY: 86.83%
Operating Income
Increasing
19.80M
QoQ: -35.50% | YoY: 607.69%
Net Income
Increasing
-25.90M
QoQ: -105.56% | YoY: 16.72%
EPS
Increasing
-0.51
QoQ: -82.14% | YoY: 13.56%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $293.8 million (Q4 2024) down 5.35% YoY and down 29.05% QoQ; Gross Profit: $181.6 million, up 86.8% YoY and 141.8% QoQ; Operating Income: $19.8 million, up 607.7% YoY but down 35.5% QoQ; Net Income: -$25.9 million for the quarter, YoY change -105.6% QoQ; EPS (diluted): -$0.51 for Q4; FY2024 Adjusted EPS: $4.13, up $0.08 YoY; Full-year Net Income: -$25.9 million in Q4, reflecting seasonal losses; Cash Flow from Operations: $82.9 million; Free Cash Flow: -$146.9 million; Capex (FY2024): $861 million; Capex Plan (FY2025): $790 million; Net debt: $984.5 million; Total Debt: $4.7627 billion; P/BV: 1.20; P/S: 13.22; Dividend yield: ~1.20%.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
293.80M
-5.35%
-29.05%
Gross Profit
181.60M
86.83%
141.81%
Operating Income
19.80M
607.69%
-35.50%
Net Income
-25.90M
16.72%
-105.56%
EPS
-0.51
13.56%
-82.14%
Key Financial Ratios
Gross Profit Margin
Excellent
61.80%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Fair
6.74%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Weak
-0.09%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
0.00%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.01%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.45
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Moderate
0.31
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-37.48x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.20x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
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