Spire (SR) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 adjusted earnings reached $4.13 per share, up $0.08 year-over-year, with net income rising to $250.9 million ($4.19/share), driven by higher gas utility and midstream segment earnings, partially offset by lower gas marketing results.

• Board approved a 4% dividend increase to $3.14 per share, marking the 22nd consecutive year of increases.

• Capital investment totaled $861 million in FY24, supporting infrastructure upgrades and advanced meter installations.

• CFO transition announced: Adam Woodard to succeed Steve Rasche, ensuring continuity in financial leadership.

• Focus remains on organic growth, infrastructure investment, and continuous improvement.

Financial highlights

• FY24 adjusted earnings were $247.4 million ($4.13/share), up from $228.1 million ($4.05/share) in FY23.

• Q4 FY24 adjusted loss was $27.6 million ($0.54/share), an improvement from $37.6 million ($0.78/share) loss in Q4 FY23.

• Gas utilities earned $220.8 million (up 10%), midstream $33.5 million (up $19.4 million), and gas marketing $23.4 million (down from last year due to less favorable market conditions).

• Operating revenues for fiscal 2024 were $2,593.0 million, down from $2,666.3 million in 2023.

• Weighted average diluted shares outstanding increased to 56.3 million from 52.6 million due to equity issuances.

Outlook and guidance

• Fiscal 2025 adjusted EPS guidance set at $4.40–$4.60, a 9% increase at the midpoint over FY24.

• Long-term EPS growth target of 5%-7% reaffirmed, with expectations to return to the target range in FY26 after the Missouri rate case.

• 10-year capital investment target of $7.4 billion through 2034, with $790 million in capex planned for fiscal 2025.

• Gas utilities expected to earn $238–$258 million in FY25; midstream $40–$46 million; gas marketing $21–$25 million.

• Rate base growth expected at 7-8% annually for Spire Missouri and 6% for Spire Alabama and Spire Gulf.