ST.
LOUIS, Feb. 1, 2024 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal 2024 first quarter
ended December 31, including:
- Net income of $85.1 million
($1.52 per share) compared
to $91.0 million ($1.66 per share) in the prior year
- Net economic earnings* (NEE) of $82.7 million ($1.47 per share) compared
to $85.1 million ($1.55 per share) a year ago
- Affirmed fiscal 2024 NEE
expectation of $4.25–$4.45 per share
"During the first quarter, we delivered solid
operational and financial results driven by growth in the Gas
Utility segment. When extreme cold weather recently covered our
entire service territory, our dedicated employees demonstrated
their strong commitment to delivering safe, reliable and
affordable energy to customers," said Steve
Lindsey, president and chief executive officer of Spire. "We
remain focused on execution of our growth strategy and
operational excellence in our businesses. In January, we enhanced
our leadership team with the addition of Scott Doyle as chief operating officer and
further bolstered reliability for customers with the acquisition of
the MoGas and Omega pipeline businesses."
|
First Quarter Results
|
|
Three Months Ended
December 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
75.8
|
|
|
$
|
62.9
|
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
7.2
|
|
|
|
25.7
|
|
|
|
|
|
|
|
|
|
|
Midstream
|
|
|
2.4
|
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(2.7)
|
|
|
|
(7.3)
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
82.7
|
|
|
$
|
85.1
|
|
|
$
|
1.47
|
|
|
$
|
1.55
|
|
|
Fair value and timing
adjustments, pre-tax
|
|
|
5.2
|
|
|
|
7.8
|
|
|
|
0.10
|
|
|
|
0.15
|
|
|
Acquisition
activities, pre-tax
|
|
|
(1.9)
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
|
Income tax
adjustments
|
|
|
(0.9)
|
|
|
|
(1.9)
|
|
|
|
(0.02)
|
|
|
|
(0.04)
|
|
|
Net
Income
|
|
$
|
85.1
|
|
|
$
|
91.0
|
|
|
$
|
1.52
|
|
|
$
|
1.66
|
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
53.6
|
|
|
|
52.6
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
For fiscal 2024 first quarter, Spire reported consolidated
net income of $85.1 million ($1.52 per diluted share) compared to
prior-year net income of $91.0 million ($1.66 per diluted share). Net economic
earnings were $82.7 million ($1.47 per share) compared to earnings
of $85.1 million ($1.55 per share) last year. The
results reflect growth at the Gas Utility segment, which
was more than offset by a return to more normal market
conditions for the Gas Marketing and Midstream segments
compared to very favorable market conditions in the prior year, as
discussed below.
NEE 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
The Gas Utility segment includes the regulated distribution
operations of five gas utilities across Alabama, Mississippi and Missouri. For fiscal 2024
first quarter, Gas Utility reported NEE of $75.8 million, up
from $62.9 million in the prior year. The higher earnings
reflect a strong performance across all utilities.
Contribution margin increased $22.8 million, mainly due to the benefit of
rates implemented in late December
2022 and early January 2023 at Spire Missouri and Spire
Alabama, respectively, which was partially offset by lower
commercial and industrial customer usage.
Operation and maintenance expense of $116.7 million was $3.2 million lower than a year ago due
to lower employee-related costs, partially offset by higher
insurance expense.
Depreciation and amortization expense increased $4.5 million from last year, reflecting
increased capital investment. Interest expense also increased
$6.9 million to $39.0 million primarily due to higher rates. The
benefit of carrying cost credits increased $1.7 million quarter over quarter.
Gas Marketing
The Gas Marketing segment reflects the results of Spire
Marketing, which provides natural gas marketing services throughout
the United States. First quarter
NEE was $7.2 million, compared to $25.7 million in the prior year. The
quarter-over-quarter decrease is due to a return to more
normal market conditions in the current year compared
to very favorable market conditions in the prior year that
allowed the business to leverage regional basis differentials to
optimize storage and transportation positions.
Midstream
NEE for the Midstream segment, which includes Spire STL
Pipeline, Spire Storage West and Spire Storage Salt Plains, was
$2.4 million compared to
$3.8 million in the year-ago
period. Similar to our Gas Marketing segment, the
quarter-over-quarter decrease is primarily due to a return to
more normal market conditions in the current year compared
to very favorable market conditions in the prior year that
allowed the business to more effectively optimize storage
operations and commitments.
Other
Spire's other activities reported a loss on an NEE basis
of $2.7 million compared to $7.3 million a
year ago, reflecting the settlement of an interest rate
hedge in the current period, partially offset by higher
corporate costs.
Guidance and Outlook
Spire continues to expect fiscal 2024 NEE to be in a range
of $4.25–$4.45 per share. We remain
confident in our ability to grow long-term NEE per share 5–7%
driven by expected 7–8% annual utility rate base growth,
reflecting our robust capital investment plan.
Our 10-year $7.2 billion capital
investment target through fiscal 2033 is driven by
increasing investment in infrastructure upgrades and new business
in the Gas Utility segment. Expected capital expenditures for
fiscal 2024 remain $765 million, which includes
$100 million for the Spire Storage
West expansion.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2024 first quarter financial results. To access the
call, please dial the applicable number approximately 5–10 minutes
in advance.
|
Date and
Time:
|
|
Thursday, February
1
|
|
|
|
|
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 1 until
March 1, 2024, by dialing
877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The
replay access code is 4326514.
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
"net economic earnings," "net economic earnings per share," and
"contribution margin." Management also uses these non-GAAP measures
internally when evaluating the Company's performance and results of
operations. Net economic 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,
|
|
|
2023
|
|
|
2022
|
|
Operating
Revenues
|
|
$
|
756.6
|
|
|
$
|
814.0
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Natural gas
|
|
|
367.0
|
|
|
|
419.2
|
|
Operation and
maintenance
|
|
|
130.7
|
|
|
|
132.1
|
|
Depreciation and
amortization
|
|
|
67.0
|
|
|
|
62.1
|
|
Taxes, other than
income taxes
|
|
|
52.7
|
|
|
|
50.4
|
|
Total Operating
Expenses
|
|
|
617.4
|
|
|
|
663.8
|
|
Operating
Income
|
|
|
139.2
|
|
|
|
150.2
|
|
Interest Expense,
Net
|
|
|
50.6
|
|
|
|
43.6
|
|
Other Income,
Net
|
|
|
17.5
|
|
|
|
6.0
|
|
Income Before Income
Taxes
|
|
|
106.1
|
|
|
|
112.6
|
|
Income Tax
Expense
|
|
|
21.0
|
|
|
|
21.6
|
|
Net Income
|
|
|
85.1
|
|
|
|
91.0
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
3.7
|
|
Income allocated to
participating securities
|
|
|
0.1
|
|
|
|
0.1
|
|
Net Income Available to
Common Shareholders
|
|
$
|
81.3
|
|
|
$
|
87.2
|
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
53.5
|
|
|
|
52.4
|
|
Diluted
|
|
|
53.6
|
|
|
|
52.6
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
|
$
|
1.52
|
|
|
$
|
1.66
|
|
Diluted Earnings Per
Common Share
|
|
$
|
1.52
|
|
|
$
|
1.66
|
|
Dividends Declared Per
Common Share
|
|
$
|
0.755
|
|
|
$
|
0.72
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
|
(In
Millions)
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
8,345.0
|
|
|
$
|
8,210.1
|
|
|
$
|
7,769.4
|
|
Less: Accumulated
depreciation and amortization
|
|
|
2,467.3
|
|
|
|
2,431.2
|
|
|
|
2,326.5
|
|
Net Utility
Plant
|
|
|
5,877.7
|
|
|
|
5,778.9
|
|
|
|
5,442.9
|
|
Non-utility
Property
|
|
|
687.1
|
|
|
|
628.5
|
|
|
|
508.9
|
|
Other
Investments
|
|
|
105.5
|
|
|
|
102.6
|
|
|
|
93.5
|
|
Total Other Property
and Investments
|
|
|
792.6
|
|
|
|
731.1
|
|
|
|
602.4
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
4.8
|
|
|
|
5.6
|
|
|
|
4.8
|
|
Accounts receivable,
net
|
|
|
544.0
|
|
|
|
288.5
|
|
|
|
779.6
|
|
Inventories
|
|
|
276.6
|
|
|
|
279.5
|
|
|
|
372.7
|
|
Other
|
|
|
394.5
|
|
|
|
503.3
|
|
|
|
472.6
|
|
Total Current
Assets
|
|
|
1,219.9
|
|
|
|
1,076.9
|
|
|
|
1,629.7
|
|
Deferred Charges and
Other Assets
|
|
|
2,741.5
|
|
|
|
2,726.7
|
|
|
|
2,652.7
|
|
Total Assets
|
|
$
|
10,631.7
|
|
|
$
|
10,313.6
|
|
|
$
|
10,327.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
Common stock and
paid-in capital
|
|
|
1,782.4
|
|
|
|
1,669.7
|
|
|
|
1,624.3
|
|
Retained
earnings
|
|
|
997.3
|
|
|
|
958.0
|
|
|
|
953.0
|
|
Accumulated other
comprehensive income
|
|
|
29.1
|
|
|
|
47.6
|
|
|
|
44.8
|
|
Total Shareholders'
Equity
|
|
|
3,050.8
|
|
|
|
2,917.3
|
|
|
|
2,864.1
|
|
Temporary
equity
|
|
|
14.8
|
|
|
|
16.5
|
|
|
|
16.2
|
|
Long-term debt (less
current portion)
|
|
|
3,247.8
|
|
|
|
3,554.0
|
|
|
|
3,156.3
|
|
Total
Capitalization
|
|
|
6,313.4
|
|
|
|
6,487.8
|
|
|
|
6,036.6
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
457.0
|
|
|
|
156.6
|
|
|
|
256.6
|
|
Notes
payable
|
|
|
1,047.5
|
|
|
|
955.5
|
|
|
|
1,227.0
|
|
Accounts
payable
|
|
|
293.8
|
|
|
|
253.1
|
|
|
|
506.8
|
|
Accrued liabilities
and other
|
|
|
412.2
|
|
|
|
390.2
|
|
|
|
414.3
|
|
Total Current
Liabilities
|
|
|
2,210.5
|
|
|
|
1,755.4
|
|
|
|
2,404.7
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
760.6
|
|
|
|
743.7
|
|
|
|
699.4
|
|
Pension and
postretirement benefit costs
|
|
|
135.5
|
|
|
|
137.3
|
|
|
|
159.3
|
|
Asset retirement
obligations
|
|
|
583.6
|
|
|
|
577.4
|
|
|
|
526.2
|
|
Regulatory
liabilities
|
|
|
487.2
|
|
|
|
472.4
|
|
|
|
344.9
|
|
Other
|
|
|
140.9
|
|
|
|
139.6
|
|
|
|
156.6
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
2,107.8
|
|
|
|
2,070.4
|
|
|
|
1,886.4
|
|
Total Capitalization
and Liabilities
|
|
$
|
10,631.7
|
|
|
$
|
10,313.6
|
|
|
$
|
10,327.7
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
|
(In
Millions)
|
|
Three Months Ended
December 31,
|
|
|
2023
|
|
|
2022
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
85.1
|
|
|
$
|
91.0
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
67.0
|
|
|
|
62.1
|
|
Deferred income taxes
and investment tax credits
|
|
|
21.0
|
|
|
|
21.6
|
|
Changes in assets and
liabilities
|
|
|
(104.3)
|
|
|
|
(348.9)
|
|
Other
|
|
|
1.2
|
|
|
|
3.4
|
|
Net cash provided by
(used in) operating activities
|
|
|
70.0
|
|
|
|
(170.8)
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(226.5)
|
|
|
|
(154.8)
|
|
Other
|
|
|
1.3
|
|
|
|
3.1
|
|
Net cash used in
investing activities
|
|
|
(225.2)
|
|
|
|
(151.7)
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
—
|
|
|
|
205.0
|
|
Repayment of long-term
debt
|
|
|
(6.6)
|
|
|
|
(31.2)
|
|
Issuance of short-term
debt, net
|
|
|
92.0
|
|
|
|
189.5
|
|
Issuance of common
stock
|
|
|
113.2
|
|
|
|
0.4
|
|
Dividends paid on
common stock
|
|
|
(38.8)
|
|
|
|
(36.3)
|
|
Dividends paid on
preferred stock
|
|
|
(3.7)
|
|
|
|
(3.7)
|
|
Other
|
|
|
(1.4)
|
|
|
|
(2.7)
|
|
Net cash provided by
financing activities
|
|
|
154.7
|
|
|
|
321.0
|
|
|
|
|
|
|
|
|
|
Net Decrease in Cash,
Cash Equivalents, and Restricted Cash
|
|
|
(0.5)
|
|
|
|
(1.5)
|
|
Cash, Cash Equivalents,
and Restricted Cash at Beginning of Period
|
|
|
25.8
|
|
|
|
20.5
|
|
Cash, Cash Equivalents,
and Restricted Cash at End of Period
|
|
$
|
25.3
|
|
|
$
|
19.0
|
|
Net Economic
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, 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
adjustments (1)
|
|
|
(0.1)
|
|
|
|
1.4
|
|
|
|
(0.4)
|
|
|
|
—
|
|
|
|
0.9
|
|
|
|
0.02
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
75.8
|
|
|
$
|
7.2
|
|
|
$
|
2.4
|
|
|
$
|
(2.7)
|
|
|
$
|
82.7
|
|
|
$
|
1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
62.9
|
|
|
$
|
31.6
|
|
|
$
|
3.8
|
|
|
$
|
(7.3)
|
|
|
$
|
91.0
|
|
|
$
|
1.66
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
(7.8)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7.8)
|
|
|
|
(0.15)
|
|
Income tax
adjustments (1)
|
|
|
—
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.9
|
|
|
|
0.04
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
62.9
|
|
|
$
|
25.7
|
|
|
$
|
3.8
|
|
|
$
|
(7.3)
|
|
|
$
|
85.1
|
|
|
$
|
1.55
|
|
|
(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) Net economic
earnings per share is calculated by replacing consolidated net
income with consolidated net economic 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
|
|
|
Eliminations
|
|
|
Consolidated
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
101.9
|
|
|
$
|
41.4
|
|
|
$
|
7.1
|
|
|
$
|
(0.2)
|
|
|
$
|
—
|
|
|
$
|
150.2
|
|
Operation and
maintenance expenses
|
|
|
119.9
|
|
|
|
6.3
|
|
|
|
5.8
|
|
|
|
4.0
|
|
|
|
(3.9)
|
|
|
|
132.1
|
|
Depreciation and
amortization
|
|
|
59.7
|
|
|
|
0.3
|
|
|
|
1.9
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
62.1
|
|
Taxes, other than
income taxes
|
|
|
49.9
|
|
|
|
0.1
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
50.4
|
|
Less: Gross receipts
tax expense
|
|
|
(30.4)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(30.4)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
301.0
|
|
|
|
48.1
|
|
|
|
15.2
|
|
|
|
4.0
|
|
|
|
(3.9)
|
|
|
|
364.4
|
|
Natural gas
costs
|
|
|
401.6
|
|
|
|
26.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8.4)
|
|
|
|
419.2
|
|
Gross receipts tax
expense
|
|
|
30.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.4
|
|
Operating
Revenues
|
|
$
|
733.0
|
|
|
$
|
74.1
|
|
|
$
|
15.2
|
|
|
$
|
4.0
|
|
|
$
|
(12.3)
|
|
|
$
|
814.0
|
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.