Spire Cuts FY26 EPS Forecast to $3.90-$4.10 After Q2 EPS, Revenue Miss
In Q2 Spire posted adjusted EPS of $3.76 and revenue of $1.02bn, below estimates of $3.78 and $1.08bn. The company cut fiscal 2026 adjusted EPS outlook to $3.90–$4.10 (from $5.25–$5.45) but reaffirmed fiscal 2027 guidance at $5.40–$5.60.
1. Q2 Earnings Performance
Spire reported second-quarter net income of $282.2 million and adjusted earnings of $3.76 per share, missing analyst expectations of $3.78. Revenue totaled $1.02 billion, falling short of the $1.08 billion forecast as margins and volumes underperformed projections.
2. Updated Fiscal 2026 and 2027 Outlook
The company trimmed its fiscal 2026 adjusted EPS forecast to a range of $3.90–$4.10, down from $5.25–$5.45, excluding results from the pending Piedmont Natural Gas Tennessee acquisition and classifying Spire Marketing and Spire Storage as discontinued operations. Spire maintained its fiscal 2027 adjusted EPS outlook at $5.40–$5.60, reflecting a full year of earnings from the Tennessee unit.
3. Long-Term Capital Investment and Growth
Spire reaffirmed a 10-year capital investment plan of $11.2 billion through fiscal 2035, aimed at supporting a 5–7% annual adjusted EPS growth rate. The plan uses the fiscal 2027 midpoint earnings of $5.75 as the baseline for long-term growth projections.