Spire Q3 Adj. Profit Beats View, But Revenues Miss; Affirms FY16 Outlook

(RTTNews) - Spire Inc. (SPR) reported third-quarter consolidated net income of $10.7 million or $0.24 per share, down from $14.1 million or $0.32 per share in the prior-year period.

The prior-year period includes a pre-tax gain on sale of property totaling $7.6 million, or $4.7 million or $0.11 per share after tax.

Net economic earnings for the quarter were $14.6 million or $0.33 per share, up from $11.1 million or $0.25 per share a year ago. On average, analysts polled by Thomson Reuters expected the company to earn $0.27 per share. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter declined to $249.3 million from $275.2 million in the year-ago period. Analysts had a consensus revenue estimate of $290.5 million.

Looking ahead, the company affirmed its outlook for fiscal 2016 NEE per share range of $3.34 to $3.44, but narrowed its expectation to the upper end of the range. The Street expects earnings of $3.39 per share.