Spire Q2 Profit Rises, Results Beat View; Affirms FY19 Earnings Outlook

(RTTNews) - Spire Inc. (SR) on Wednesday reported second-quarter net income of $154.6 million or $3.04 per share, up from $98.2 million or $2.03 per share in the prior-year quarter. The year-ago period's results included significant non-cash adjustments.

Net economic earnings or NEE for the quarter were $2.90 per share, up from $2.83 per share a year ago, reflecting improved Gas Utility results and continued solid performance by Gas Marketing. Current year per share amounts were impacted by 2.3 million shares that were issued in May 2018.

However, total operating revenues for the quarter decreased to $803.5 million from $813.4 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.63 per share for the quarter on revenues of $795.73 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, Spire affirmed its outlook for net economic earnings in a range of $3.70 to $3.80 per share. The Street expects earnings of $3.72 per share for the year.

The company's longer-term net economic earnings or NEE per share growth target remains at 4 percent to 7 percent.

The Spire board of directors declared a quarterly common stock dividend of $0.5925 per share, payable July 2, 2019, to shareholders of record on June 11, 2019.