Spire

SR

Market cap $4.81B

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SR doubles down on regulated utilities, exits non-core assets and adds 200,000 Tennessee customers. However, regulatory and subsidiary risks linger.

Spire, Inc., is undergoing a major transformation, divesting non-core assets and acquiring Piedmont Natural Gas to refocus on regulated utilities. Management's guidance excludes the earnings impact of the Piedmont acquisition, causing confusion and a perceived sharp drop in forward EPS. Consensus estimates likely underestimate SR's true earnings power post-acquisition, creating a misleading V-shaped earnings outlook.

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SR's fiscal Q2 adjusted EPS comes below estimates, and revenues slip to $1.02 billion, while operating income rises to $303.5 million.

Spire Inc. (SR) Q2 2026 Earnings Call Transcript

Spire (SR) came out with quarterly earnings of $3.76 per share, missing the Zacks Consensus Estimate of $3.78 per share. This compares to earnings of $3.6 per share a year ago.

ST. LOUIS, May 6, 2026 /PRNewswire/ -- Spire Inc. (NYSE: SR) today reported results for its fiscal 2026 second quarter ended March 31. Highlights include: Completed acquisition of the Piedmont Natural Gas Tennessee business on March 31, 2026 Following quarter-end, completed sale of Spire Marketing; announced agreements to sell Spire Storage and Spire Mississippi Second quarter net income of $217.6 million ($3.51 per diluted share) compared to $189.3 million ($3.17 per share) a year ago Second quarter adjusted earnings* from continuing operations of $223.7 million ($3.76 per share) compared to $189.3 million ($3.17 per share) a year ago Second quarter net income and adjusted earnings reflect the classification of Spire Marketing and Spire Storage as discontinued operations, with prior-period results presented accordingly Updated fiscal 2026 adjusted earnings guidance from continuing operations to $3.90–$4.10 Reaffirmed fiscal 2027 adjusted earnings guidance range of $5.40–$5.60 Reaffirmed long-term adjusted earnings growth target of 5-7% During fiscal 2026, Spire continued to focus on its regulated gas utility businesses, enhancing its risk profile and improving long-term earnings visibility.

HOUSTON, April 30, 2026 /PRNewswire/ -- Boardwalk Pipelines, LP, today announced the completion of its acquisition of Spire Marketing Inc., a gas marketing business formerly owned by Spire Inc. (NYSE: SR). The business will operate under the name Boardwalk Continuum Marketing, LLC, reflecting its expanded role within Boardwalk's integrated natural gas platform.

Sale complete, effective April 30, 2026, for $215 million in cash Employees and clients of Spire Marketing will transition to the new Boardwalk business unit, Boardwalk Continuum Marketing, LLC Transaction sharpens Spire's focus on regulated natural gas utility businesses Proceeds used to partially fund the acquisition of the Piedmont Natural Gas Tennessee business and for general corporate purposes ST. LOUIS, April 30, 2026 /PRNewswire/ -- Spire Inc. (NYSE: SR) today announced it has completed the sale of its gas marketing business, Spire Marketing Inc. (Spire Marketing), to Boardwalk Pipelines, LP (Boardwalk) effective April 30, 2026, for $215 million in cash.