ST.
LOUIS, Feb. 5, 2025 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal 2025 first quarter
ended December 31. Highlights
include:
- First quarter net income of $81.3
million ($1.34 per diluted
share) compared to $85.1 million
($1.52 per share) a year ago
- First quarter adjusted earnings* of $81.1 million ($1.34 per share) compared to $82.7 million ($1.47 per share) a year ago
- Affirmed fiscal 2025 adjusted earnings guidance range of
$4.40–$4.60
For fiscal 2025 first quarter, Spire reported adjusted earnings
per share of $1.34, a decrease of
$0.13 compared to last year. Gas
Utility earnings increased reflecting higher earnings at Spire
Alabama and Spire Gulf, partially offset by lower Spire Missouri
earnings. The segment benefited from increased Spire Missouri
infrastructure rider revenues and new rates at Spire Alabama and
Spire Gulf, offset, in part, by lower usage net of weather
mitigation in Missouri and higher
depreciation expense. Midstream earnings reflected growth as a
result of additional capacity and contract renewals at higher rates
for Spire Storage. Gas Marketing earnings were lower than the prior
year due to market conditions.
"Our results for the first quarter reflect execution of our
strategy while maintaining a focus on safety and strong operational
performance," said Scott Doyle,
executive vice president, chief operating officer, and acting
president and chief executive officer of Spire. "Looking ahead, we
continue to expect our fiscal 2025 earnings to be in the range of
$4.40 to $4.60 per share. We are committed to achieving
our financial objectives and operational excellence while safely
serving customers and communities with reliable and affordable
energy."
|
First Quarter
Results
|
|
Three Months Ended
December 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Adjusted Earnings*
by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
77.8
|
|
|
$
|
75.8
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
2.2
|
|
|
|
7.2
|
|
|
|
|
|
|
|
|
Midstream
|
|
|
12.0
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
Other
|
|
|
(10.9)
|
|
|
|
(2.7)
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
81.1
|
|
|
$
|
82.7
|
|
|
$
|
1.34
|
|
|
$
|
1.47
|
|
|
Fair value and timing
adjustments, pre-tax
|
|
|
0.3
|
|
|
|
5.2
|
|
|
|
0.01
|
|
|
|
0.10
|
|
|
Acquisition and
restructuring activities, pre-tax
|
|
|
—
|
|
|
|
(1.9)
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
Income tax effect of
adjustments
|
|
|
(0.1)
|
|
|
|
(0.9)
|
|
|
|
(0.01)
|
|
|
|
(0.02)
|
|
|
Net
Income
|
|
$
|
81.3
|
|
|
$
|
85.1
|
|
|
$
|
1.34
|
|
|
$
|
1.52
|
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
57.9
|
|
|
|
53.6
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see
"Adjusted Earnings and Reconciliation to GAAP."
|
Adjusted earnings excludes from net income, as applicable, the
impacts of fair value accounting and timing adjustments associated
with energy-related transactions, the impacts of acquisition,
divestiture and restructuring activities, and the largely non-cash
impacts of other non-recurring or unusual items such as impairments
and certain regulatory, legislative, or GAAP standard-setting
actions.
Gas Utility
Gas Utility fiscal 2025 first quarter adjusted earnings were
$77.8 million, an increase from
$75.8 million in the prior year,
reflecting higher earnings at Spire Alabama and Spire Gulf,
partially offset by lower Spire Missouri earnings.
Contribution margin was higher by $8.4
million driven by increases across all utilities. The
increase was primarily due to higher Spire Missouri Infrastructure
System Replacement (ISRS) revenues and higher margins at Spire
Alabama due to the annual rate update and usage net of weather
mitigation. These favorable items were partially offset by lower
Spire Missouri usage net of weather mitigation.
After adjusting for the impact of a pension reclass and bad debt
expense, operation and maintenance expense was $1.6 million lower than a year ago, reflecting a
decline in operating costs and administration expenses, offset, in
part, by higher employee-related costs.
Depreciation expense increased $3.9
million from last year reflecting increased capital
investment. Interest expense decreased $3.9
million as a result of lower rates and lower short-term debt
balances. Gas carrying cost credits decreased by $3.9 million compared to the prior year due to
lower gas cost balances.
Gas Marketing
Gas Marketing fiscal 2025 first quarter adjusted earnings were
$2.2 million compared to $7.2 million in the prior year. The decrease in
earnings reflects reduced volatility in regional basis
differentials combined with higher transportation and storage
fees.
Midstream
Midstream fiscal 2025 first quarter adjusted earnings were
$12.0 million, up from $2.4 million in the year-ago period. The
improvement was driven by higher Spire Storage earnings, reflecting
additional capacity and contract renewals at higher rates. The
segment also benefited from the acquisition of MoGas in
January 2024.
Other
Spire's other activities reported an adjusted loss of
$10.9 million versus $2.7 million in the prior year. The variance in
earnings is primarily due to a $6.3
million after-tax benefit of an interest rate hedge
settlement in the prior year and higher interest expense this
year.
Guidance and Outlook
Spire continues to expect fiscal 2025 adjusted earnings to be in
the range of $4.40–$4.60 per share.
We remain confident in our ability to grow long-term adjusted
earnings per share 5–7% driven by an expected long-term 7–8%
annualized rate base growth at Spire Missouri, reflecting our
robust capital investment plan, and 6% equity growth at Spire
Alabama and Spire Gulf.
Our 10-year $7.4 billion capital
investment target through fiscal 2034 is driven by increasing
investment in infrastructure upgrades and new business in the Gas
Utility segment. Expected total capital expenditures for fiscal
2025 remains $790 million.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2025 first quarter financial results. To access the
call, please dial the applicable number approximately 5–10 minutes
in advance.
|
Date and
Time:
|
|
Wednesday, February
5
|
|
|
|
|
9 a.m. CT (10 a.m.
ET)
|
|
|
|
|
|
|
|
|
Phone
Numbers:
|
|
U.S. and
Canada:
|
|
844-824-3832
|
|
|
International:
|
|
412-317-5142
|
The webcast can be accessed at
Investors.SpireEnergy.com under Events & Presentations. A
replay of the call will be available at 10
a.m. CT (11 a.m. ET) on
February 5 until February 12, 2025, by dialing 877-344-7529
(U.S.), 855-669-9658 (Canada), or
412-317-0088 (international). The replay access code is
8652197.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million homes and
businesses making us one of the largest publicly traded natural gas
companies in the country. We help families and business owners fuel
their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses
include Spire Marketing and Spire Midstream. We are committed to
transforming our business through growing organically, investing in
infrastructure, and advancing through innovation. Learn more at
SpireEnergy.com.
Forward-Looking Information and Non-GAAP Measures
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Spire's future operating results may be affected by
various uncertainties and risk factors, many of which are beyond
the Company's control, including weather conditions, economic
factors, the competitive environment, governmental and regulatory
policy and action, and risks associated with acquisitions. More
complete descriptions and listings of these uncertainties and risk
factors can be found in the Company's annual (Form 10-K) and
quarterly (Form 10-Q) filings with the Securities and Exchange
Commission.
This news release includes the non-GAAP financial measures of
"adjusted earnings," "adjusted earnings per share," and
"contribution margin." Management also uses these non-GAAP measures
internally when evaluating the Company's performance and results of
operations. Adjusted earnings exclude from net income, as
applicable, the impacts of fair value accounting and timing
adjustments associated with energy-related transactions, the
impacts of acquisition, divestiture and restructuring activities
and the largely non-cash impacts of impairments and other
non-recurring or unusual items such as certain regulatory,
legislative, or GAAP standard-setting actions. The fair value and
timing adjustments, which primarily impact the Gas Marketing
segment, include net unrealized gains and losses on energy-related
derivatives resulting from the current changes in the fair value of
financial and physical transactions prior to their completion and
settlement, lower of cost or market inventory adjustments, and
realized gains and losses on economic hedges prior to the sale of
the physical commodity. Management believes that excluding these
items provides a useful representation of the economic impact of
actual settled transactions and overall results of ongoing
operations. Contribution margin adjusts revenues to remove the
costs that are directly passed on to customers and collected
through revenues, which are the wholesale cost of natural gas and
gross receipts taxes. These internal non-GAAP operating metrics
should not be considered as an alternative to, or more meaningful
than, GAAP measures such as operating income, net income, or
earnings per share.
|
Condensed Consolidated Statements of Income –
Unaudited
|
|
|
(In Millions, except
per share amounts)
|
|
Three Months
Ended
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Operating
Revenues
|
|
$
|
669.1
|
|
|
$
|
756.6
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Natural gas
|
|
|
270.0
|
|
|
|
367.0
|
|
|
Operation and
maintenance
|
|
|
129.3
|
|
|
|
130.7
|
|
|
Depreciation and
amortization
|
|
|
72.3
|
|
|
|
67.0
|
|
|
Taxes, other than
income taxes
|
|
|
48.7
|
|
|
|
52.7
|
|
|
Total Operating
Expenses
|
|
|
520.3
|
|
|
|
617.4
|
|
|
Operating
Income
|
|
|
148.8
|
|
|
|
139.2
|
|
|
Interest Expense,
Net
|
|
|
48.0
|
|
|
|
50.6
|
|
|
Other Income,
Net
|
|
|
0.6
|
|
|
|
17.5
|
|
|
Income Before Income
Taxes
|
|
|
101.4
|
|
|
|
106.1
|
|
|
Income Tax
Expense
|
|
|
20.1
|
|
|
|
21.0
|
|
|
Net Income
|
|
|
81.3
|
|
|
|
85.1
|
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
3.7
|
|
|
Income allocated to
participating securities
|
|
|
0.1
|
|
|
|
0.1
|
|
|
Net Income Available to
Common Shareholders
|
|
$
|
77.5
|
|
|
$
|
81.3
|
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
57.7
|
|
|
|
53.5
|
|
|
Diluted
|
|
|
57.9
|
|
|
|
53.6
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
|
$
|
1.34
|
|
|
$
|
1.52
|
|
|
Diluted Earnings Per
Common Share
|
|
$
|
1.34
|
|
|
$
|
1.52
|
|
|
Dividends Declared Per
Common Share
|
|
$
|
0.785
|
|
|
$
|
0.755
|
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
|
|
|
(In
Millions)
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
8,946.3
|
|
|
$
|
8,779.1
|
|
|
$
|
8,345.0
|
|
|
Less:
Accumulated depreciation and amortization
|
|
|
2,570.3
|
|
|
|
2,535.8
|
|
|
|
2,467.3
|
|
|
Net Utility
Plant
|
|
|
6,376.0
|
|
|
|
6,243.3
|
|
|
|
5,877.7
|
|
|
Non-utility
Property
|
|
|
982.5
|
|
|
|
955.3
|
|
|
|
687.1
|
|
|
Other
Investments
|
|
|
118.5
|
|
|
|
115.3
|
|
|
|
105.5
|
|
|
Total Other Property
and Investments
|
|
|
1,101.0
|
|
|
|
1,070.6
|
|
|
|
792.6
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
11.5
|
|
|
|
4.5
|
|
|
|
4.8
|
|
|
Accounts receivable,
net
|
|
|
517.2
|
|
|
|
277.4
|
|
|
|
544.0
|
|
|
Inventories
|
|
|
242.6
|
|
|
|
263.9
|
|
|
|
276.6
|
|
|
Other
|
|
|
216.7
|
|
|
|
225.5
|
|
|
|
394.5
|
|
|
Total Current
Assets
|
|
|
988.0
|
|
|
|
771.3
|
|
|
|
1,219.9
|
|
|
Deferred Charges and
Other Assets
|
|
|
2,810.8
|
|
|
|
2,775.5
|
|
|
|
2,741.5
|
|
|
Total Assets
|
|
$
|
11,275.8
|
|
|
$
|
10,860.7
|
|
|
$
|
10,631.7
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
Common stock and
paid-in capital
|
|
|
1,992.0
|
|
|
|
1,959.9
|
|
|
|
1,782.4
|
|
|
Retained
earnings
|
|
|
1,050.5
|
|
|
|
1,018.7
|
|
|
|
997.3
|
|
|
Accumulated other
comprehensive income
|
|
|
24.4
|
|
|
|
12.1
|
|
|
|
29.1
|
|
|
Total Shareholders'
Equity
|
|
|
3,308.9
|
|
|
|
3,232.7
|
|
|
|
3,050.8
|
|
|
Temporary
equity
|
|
|
8.4
|
|
|
|
8.6
|
|
|
|
14.8
|
|
|
Long-term debt (less
current portion)
|
|
|
3,697.7
|
|
|
|
3,704.4
|
|
|
|
3,247.8
|
|
|
Total
Capitalization
|
|
|
7,015.0
|
|
|
|
6,945.7
|
|
|
|
6,313.4
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
42.5
|
|
|
|
42.0
|
|
|
|
457.0
|
|
|
Notes
payable
|
|
|
1,158.0
|
|
|
|
947.0
|
|
|
|
1,047.5
|
|
|
Accounts
payable
|
|
|
292.3
|
|
|
|
237.2
|
|
|
|
293.8
|
|
|
Accrued liabilities
and other
|
|
|
498.4
|
|
|
|
477.7
|
|
|
|
412.2
|
|
|
Total Current
Liabilities
|
|
|
1,991.2
|
|
|
|
1,703.9
|
|
|
|
2,210.5
|
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
838.3
|
|
|
|
808.4
|
|
|
|
760.6
|
|
|
Pension and
postretirement benefit costs
|
|
|
126.6
|
|
|
|
146.7
|
|
|
|
135.5
|
|
|
Asset retirement
obligations
|
|
|
586.0
|
|
|
|
579.9
|
|
|
|
583.6
|
|
|
Regulatory
liabilities
|
|
|
577.2
|
|
|
|
535.5
|
|
|
|
487.2
|
|
|
Other
|
|
|
141.5
|
|
|
|
140.6
|
|
|
|
140.9
|
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
2,269.6
|
|
|
|
2,211.1
|
|
|
|
2,107.8
|
|
|
Total Capitalization
and Liabilities
|
|
$
|
11,275.8
|
|
|
$
|
10,860.7
|
|
|
$
|
10,631.7
|
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
|
(In
Millions)
|
|
Three Months
Ended
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
81.3
|
|
|
$
|
85.1
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
72.3
|
|
|
|
67.0
|
|
|
Deferred income taxes
and investment tax credits
|
|
|
19.4
|
|
|
|
21.0
|
|
|
Changes in assets and
liabilities
|
|
|
(94.0)
|
|
|
|
(104.3)
|
|
|
Other
|
|
|
2.1
|
|
|
|
1.2
|
|
|
Net cash provided by
operating activities
|
|
|
81.1
|
|
|
|
70.0
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(260.6)
|
|
|
|
(226.5)
|
|
|
Other
|
|
|
0.5
|
|
|
|
1.3
|
|
|
Net cash used in
investing activities
|
|
|
(260.1)
|
|
|
|
(225.2)
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
Repayment of long-term
debt
|
|
|
(7.0)
|
|
|
|
(6.6)
|
|
|
Issuance of short-term
debt, net
|
|
|
211.0
|
|
|
|
92.0
|
|
|
Issuance of common
stock
|
|
|
32.8
|
|
|
|
113.2
|
|
|
Dividends paid on
common stock
|
|
|
(44.6)
|
|
|
|
(38.8)
|
|
|
Dividends paid on
preferred stock
|
|
|
(3.7)
|
|
|
|
(3.7)
|
|
|
Other
|
|
|
(2.5)
|
|
|
|
(1.4)
|
|
|
Net cash provided by
financing activities
|
|
|
186.0
|
|
|
|
154.7
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease)
in Cash, Cash Equivalents, and Restricted Cash
|
|
|
7.0
|
|
|
|
(0.5)
|
|
|
Cash, Cash Equivalents,
and Restricted Cash at Beginning of Period
|
|
|
34.9
|
|
|
|
25.8
|
|
|
Cash, Cash Equivalents,
and Restricted Cash at End of Period
|
|
$
|
41.9
|
|
|
$
|
25.3
|
|
|
Adjusted Earnings
and Reconciliation to GAAP
|
|
|
(In Millions, except
per share amounts)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Midstream
|
|
|
Other
|
|
|
Total
|
|
|
Per
Diluted
Common
Share (2)
|
|
|
Three Months Ended
December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
77.8
|
|
|
$
|
2.4
|
|
|
$
|
12.0
|
|
|
$
|
(10.9)
|
|
|
$
|
81.3
|
|
|
$
|
1.34
|
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(0.01)
|
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
0.01
|
|
|
Adjusted Earnings
(Loss) [Non-GAAP]
|
|
$
|
77.8
|
|
|
$
|
2.2
|
|
|
$
|
12.0
|
|
|
$
|
(10.9)
|
|
|
$
|
81.1
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
75.5
|
|
|
$
|
11.4
|
|
|
$
|
0.9
|
|
|
$
|
(2.7)
|
|
|
$
|
85.1
|
|
|
$
|
1.52
|
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
0.4
|
|
|
|
(5.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5.2)
|
|
|
|
(0.10)
|
|
|
Acquisition
activities
|
|
|
—
|
|
|
|
—
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
1.9
|
|
|
|
0.03
|
|
|
Income tax effect of
adjustments (1)
|
|
|
(0.1)
|
|
|
|
1.4
|
|
|
|
(0.4)
|
|
|
|
—
|
|
|
|
0.9
|
|
|
|
0.02
|
|
|
Adjusted Earnings
(Loss) [Non-GAAP]
|
|
$
|
75.8
|
|
|
$
|
7.2
|
|
|
$
|
2.4
|
|
|
$
|
(2.7)
|
|
|
$
|
82.7
|
|
|
$
|
1.47
|
|
|
|
(1) Income tax
adjustments include amounts calculated by applying federal, state,
and local income tax rates applicable to ordinary income to the
amounts of the pre-tax reconciling items.
|
|
(2) Adjusted earnings
per share is calculated by replacing consolidated net income with
consolidated adjusted earnings in the GAAP diluted EPS calculation,
which includes reductions for cumulative preferred dividends and
participating shares.
|
|
Contribution Margin
and Reconciliation to GAAP
|
|
|
(In
Millions)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Midstream
|
|
|
Other
|
|
|
Elimi-
nations
|
|
|
Consoli-
dated
|
|
|
Three Months Ended
December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
[GAAP]
|
|
$
|
127.8
|
|
|
$
|
2.7
|
|
|
$
|
17.3
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
148.8
|
|
|
Operation and
maintenance expenses
|
|
|
115.0
|
|
|
|
4.0
|
|
|
|
11.0
|
|
|
|
3.6
|
|
|
|
(4.3)
|
|
|
|
129.3
|
|
|
Depreciation and
amortization
|
|
|
68.1
|
|
|
|
0.4
|
|
|
|
3.7
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
72.3
|
|
|
Taxes, other than
income taxes
|
|
|
48.0
|
|
|
|
(0.1)
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
48.7
|
|
|
Less: Gross receipts
tax expense
|
|
|
(26.7)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(26.8)
|
|
|
Contribution Margin
[Non-GAAP]
|
|
|
332.2
|
|
|
|
6.9
|
|
|
|
32.8
|
|
|
|
4.7
|
|
|
|
(4.3)
|
|
|
|
372.3
|
|
|
Natural gas
costs
|
|
|
254.6
|
|
|
|
26.0
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
(11.3)
|
|
|
|
270.0
|
|
|
Gross receipts tax
expense
|
|
|
26.7
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
26.8
|
|
|
Operating
Revenues
|
|
$
|
613.5
|
|
|
$
|
33.0
|
|
|
$
|
33.5
|
|
|
$
|
4.7
|
|
|
$
|
(15.6)
|
|
|
$
|
669.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
122.3
|
|
|
$
|
14.7
|
|
|
$
|
3.3
|
|
|
$
|
(1.1)
|
|
|
$
|
—
|
|
|
$
|
139.2
|
|
|
Operation and
maintenance expenses
|
|
|
116.7
|
|
|
|
4.4
|
|
|
|
8.6
|
|
|
|
5.0
|
|
|
|
(4.0)
|
|
|
|
130.7
|
|
|
Depreciation and
amortization
|
|
|
64.2
|
|
|
|
0.4
|
|
|
|
2.3
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
67.0
|
|
|
Taxes, other than
income taxes
|
|
|
51.6
|
|
|
|
0.3
|
|
|
|
0.7
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
52.7
|
|
|
Less: Gross receipts
tax expense
|
|
|
(31.0)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(31.1)
|
|
|
Contribution Margin
[Non-GAAP]
|
|
|
323.8
|
|
|
|
19.7
|
|
|
|
14.9
|
|
|
|
4.1
|
|
|
|
(4.0)
|
|
|
|
358.5
|
|
|
Natural gas
costs
|
|
|
360.4
|
|
|
|
16.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9.9)
|
|
|
|
367.0
|
|
|
Gross receipts tax
expense
|
|
|
31.0
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31.1
|
|
|
Operating
Revenues
|
|
$
|
715.2
|
|
|
$
|
36.3
|
|
|
$
|
14.9
|
|
|
$
|
4.1
|
|
|
$
|
(13.9)
|
|
|
$
|
756.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com
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SOURCE Spire Inc.
