Spire (LGR) Q3 2026 Earnings Report

The call conveyed meaningful strategic progress: Spire completed the shift to a fully regulated business, reaffirmed guidance, articulated a sizable capital plan and reported strong one-time gains from divestitures while showing operational improvement in the gas utilities segment. However, continuing operations remain in a modest loss, corporate costs and interest expense increased, weather-driven revenue variability in Missouri remains unresolved, and credit metrics are in transition. On balance, the positives — transformation to a regulated model, reaffirmed multi-year guidance, capital and financing plans, and regulatory milestones — outweigh the near-term operational and cost headwinds.

Spire reaffirmed fiscal 2026 adjusted EPS guidance of $3.90–$4.10 per share (excludes a full year of storage, marketing and Tennessee, includes Mississippi) and fiscal 2027 adjusted EPS guidance of $5.40–$5.60, reiterated a long‑term adjusted EPS growth target of 5%–7% anchored to the original fiscal 2027 midpoint of $5.75, and said that outlook is supported by an $11.2 billion 10‑year capital plan; expected FY2026 capital expenditures of ≈$800 million (≈$600 million invested in the first nine months); anticipated rate base growth of ~7% in Missouri and 7.5% in Tennessee and ~6% regulated equity growth in Alabama and Gulf; a financing plan to fund most capex with operating company debt and cash with limited equity issuance; a $375 million interest‑rate hedge portfolio; a target FFO-to-debt of 14%–15% by end of 2028 (current ~13% TTM inclusive of Tennessee); and Q3 discontinued operations earnings of $253.8 million, which included an after‑tax gain on sale of $254.6 million.