Spire Q3 Loss Widens

(RTTNews) - Spire Inc. (SR), a gas utility company, on Thursday reported that its loss widened for the third quarter, on higher operating expenses and income tax expense.

Further, the company issued its earnings guidance for fiscal 2024 and reaffirmed its long-term growth target.

Quarterly loss widened to $34.7 million or $0.66 per share from $10.8 million or $0.20 per share in the prior year.

Excluding items, Net Economic loss was $37.6 million or $0.78 per share compared with Net Economic Loss of $31.4 million or $0.66 per share in the previous year.

Operating revenue declined to $310.4 million from $314.2 million for the same period last year.

Full year earnings attributable to common shareholders decreased to $202.4 million or $3.85 per share from $205.7 million or $3.95 per share, last year.

Excluding items, Net Economic Earnings were $228.1 million or $4.05 per share compared to Net Economic Earnings of $216.3 million or $3.86 per share, the prior year.

Operating revenue, however rose to $2.67 billion from $2.2 billion the previous year.

Looking forward to fiscal 2024, the company expects Net Economic Earnings per share to between $4.25 and $4.45. It also continues to target Net Economic Earnings at a growth rate of 5 percent to 7 percent.

On Wednesday, Spire shares closed at $59.91, up 0.45% on the New York Stock Exchange.