Spire (SR) Q4 FY2023 earnings: revenue $310 million, down 61.9% on the year

Spire Inc. (SR) reported revenue of $310 million for Q4 FY2023, the quarter ended 30 September 2023, down 61.9% on the same quarter a year earlier. Net income was -$31 million, and diluted earnings per share $-0.66. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2023.

Revenue$310 milliondown 61.9%

Net income-$31 million

Diluted EPS$-0.66

QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	310	n/a	n/a	n/a
Operating income	-3.9	n/a	n/a	n/a
Operating margin	-1.3%	n/a	n/a
Interest expense	48.2	n/a	n/a	n/a
Pre-tax income	-48.0	n/a	n/a	n/a
Income tax	-16.9	n/a	n/a	n/a
Net income	-31.1	n/a	n/a	n/a
Net margin	-10.0%	n/a	n/a
Diluted EPS	-$0.66	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	36.1	n/a	n/a	n/a
Capital expenditure	179	n/a	n/a	n/a
Free cash flow	-143	n/a	n/a	n/a
Free cash flow margin	-46.1%	n/a	n/a
Cash from investing	-179	n/a	n/a	n/a
Cash from financing	144	n/a	n/a	n/a
Depreciation and amortisation	65.8	n/a	n/a	n/a
Dividends paid	38.2	n/a	n/a	n/a
Shares outstanding at period end	53m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,917	n/a	n/a	n/a
Redeemable equity	16.5	n/a	n/a	n/a
Short-term borrowings	956	n/a	n/a	n/a
Debt	3,554	n/a	n/a	n/a
Operating lease liabilities	70.2	n/a	n/a	n/a
Other liabilities	2,800	n/a	n/a	n/a
Total liabilities and equity	10,314	n/a	n/a	n/a
Fixed assets	628	n/a	n/a	n/a
Goodwill	1,172	n/a	n/a	n/a
Cash and equivalents	5.6	n/a	n/a	n/a
Other assets	8,508	n/a	n/a	n/a
Total assets	10,314	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	310	757	1,128	414	294	669	1,051	422	334	762	1,020	420
Cost of revenue	n/a	n/a	n/a	n/a	n/a	297	n/a	n/a	n/a	343	n/a	n/a
Gross profit	n/a	n/a	n/a	n/a	n/a	372	n/a	n/a	n/a	420	n/a	n/a
Gross margin	n/a	n/a	n/a	n/a	n/a	56%	n/a	n/a	n/a	55%	n/a	n/a
Operating income	-3.9	139	299	30.7	19.8	149	306	69.2	-0.5	174	304	23.4
Operating margin	-1%	18%	26%	7%	7%	22%	29%	16%	-0%	23%	30%	6%
Interest expense	48.2	50.6	52.2	48.8	49.5	48.0	47.4	49.9	58.8	60.4	62.6	85.6
Pre-tax income	-48.0	106	254	-15.7	-34.5	101	262	23.9	-55.9	118	270	-57.9
Tax rate	n/a	20%	19%	n/a	n/a	20%	20%	13%	n/a	20%	19%	n/a
Net income	-31.1	85.1	204	-12.6	-25.9	81.3	209	20.9	-39.8	95.0	282	211
Net margin	-10%	11%	18%	-3%	-9%	12%	20%	5%	-12%	12%	28%	50%
Diluted EPS	-$0.66	$1.52	$3.58	-$0.28	-$0.51	$1.34	$3.51	$0.29	-$0.74	$1.54	$4.60	$3.57
Operating cash flow	36.1	70.0	489	270	82.9	81.1	373	129	-4.9	81.0	410	122
Capital expenditure	179	226	183	222	230	261	219	220	223	203	192	213
Free cash flow	-143	-156	307	47.9	-147	-180	154	-91.4	-228	-122	218	-91.2
Dividends paid	38.2	38.8	41.7	43.8	42.8	44.6	45.4	45.8	46.4	47.2	48.9	48.7
Shares outstanding	53m	55m	58m	58m	58m	58m	59m	59m	59m	59m	59m	59m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 16 November 2023, accession 0001437749-23-032284: the filing on EDGAR. All of Spire Inc.'s filings: EDGAR company page.

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