Spire Inc. (NYSE:SR) reported fiscal first-quarter results on Tuesday that fell short of revenue expectations, while adjusted earnings also came in below forecasts, yet the market response was modestly positive.
Shares of the natural gas utility rose 1.20% following the update.
For the quarter ended December 31, Spire delivered adjusted earnings of $1.77 per share, compared with the analyst consensus of $1.64. Revenue totaled $762.2 million, missing expectations of $772.58 million. Year on year, adjusted earnings increased by $0.43 per share from $1.34, while revenue climbed 13.9% from $669.1 million.
Performance was led by the Gas Utility segment, where adjusted earnings rose to $103.9 million from $77.8 million a year earlier, supported by the implementation of new rates across all utility operations. Gas Marketing results also improved sharply, with earnings more than doubling to $4.5 million from $2.2 million, reflecting stronger portfolio optimization.
“Our strong first quarter results underscore the effectiveness of our regulatory strategy and the dedication our team delivers every day,” said Scott Doyle, president and chief executive officer of Spire.
The company reiterated its fiscal 2026 adjusted earnings guidance of $5.25 to $5.45 per share, which remains above the analyst consensus of $5.18. Spire also maintained its fiscal 2027 adjusted earnings outlook of $5.65 to $5.85 per share, exceeding the market estimate of $5.57.
Management noted that the guidance does not include contributions from the pending acquisition of the Piedmont Natural Gas Tennessee business, which is expected to close following customary regulatory approvals. Spire also reaffirmed its 10-year capital investment plan of $11.2 billion through fiscal 2035, underpinning its long-term adjusted earnings per share growth target of 5% to 7%.