Spire Reports FY24 Third Quarter Results
- Net loss of
$12.6 million , or ($0.28 ) per diluted share, compared to a net loss of$21.6 million , or ($0.48 ) per share a year ago - On a net economic earnings* (NEE) basis, a loss of
$4.3 million , or ($0.14 ) per share, compared to a loss of$18.6 million , or ($0.42 ) per share a year ago - Fiscal 2024 net economic earnings guidance range lowered to
$4 .15–$4.25 per share from$4 .25–$4.45
For fiscal 2024 third quarter, Spire reported a consolidated net economic loss per share of
"Our results improved for the third quarter across all segments, and we maintained strong operational performance," said
Third Quarter Results |
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Three Months Ended |
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(Millions) |
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(Per Diluted Common Share) |
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||||||||||
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2024 |
|
|
2023 |
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|
2024 |
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|
2023 |
|
||||
Net Economic (Loss) Earnings* by Segment |
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Gas Utility |
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$ |
(11.0) |
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|
$ |
(12.3) |
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|
|
|
|
|
|
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Gas Marketing |
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1.0 |
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|
|
(2.5) |
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|
|
|
|
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Midstream |
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13.9 |
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3.6 |
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|
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|
|
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Other |
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|
(8.2) |
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|
|
(7.4) |
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|
|
|
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Total |
|
$ |
(4.3) |
|
|
$ |
(18.6) |
|
|
$ |
(0.14) |
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|
$ |
(0.42) |
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Fair value and timing adjustments, pre-tax |
|
|
(6.2) |
|
|
|
(3.4) |
|
|
|
(0.11) |
|
|
|
(0.06) |
|
Acquisition and restructuring activities, pre-tax |
|
|
(4.8) |
|
|
|
(0.5) |
|
|
|
(0.08) |
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|
|
(0.01) |
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Income tax effect of adjustments |
|
|
2.7 |
|
|
|
0.9 |
|
|
|
0.05 |
|
|
|
0.01 |
|
Net Loss |
|
$ |
(12.6) |
|
|
$ |
(21.6) |
|
|
$ |
(0.28) |
|
|
$ |
(0.48) |
|
Weighted Average Diluted Shares Outstanding |
|
|
57.7 |
|
|
|
52.5 |
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
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During the quarter, Spire launched an initiative to improve long-term customer affordability targeted at lowering our overall cost structure and improve operational efficiency. The initiative included expense reductions across shared services and management organizations, including targeted reductions in workforce and a retirement incentive program. The results for the quarter include the costs associated with this initiative, totaling
The earnings per share comparison includes higher weighted-average shares outstanding resulting from the issuance of 2.7 million shares in
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 reported a net economic loss during fiscal 2024 third quarter of
Contribution margin increased
Operation and maintenance expense, excluding a charge of
Depreciation expense increased
Gas Marketing
The Gas Marketing segment reported NEE in fiscal 2024 third quarter of
Midstream
The Midstream segment reported fiscal 2024 third quarter NEE of
Other
Spire's other activities reported a loss on an NEE basis of
Year-to-Date Results |
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Nine Months Ended |
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(Millions) |
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(Per Diluted Common Share) |
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2024 |
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2023 |
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|
2024 |
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2023 |
|
||||
Net Economic Earnings (Loss)* by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Gas Utility |
|
$ |
252.8 |
|
|
$ |
234.5 |
|
|
|
|
|
|
|
|
|
Gas Marketing |
|
|
23.7 |
|
|
|
45.0 |
|
|
|
|
|
|
|
|
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Midstream |
|
|
20.1 |
|
|
|
11.6 |
|
|
|
|
|
|
|
|
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Other |
|
|
(21.6) |
|
|
|
(25.4) |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
275.0 |
|
|
$ |
265.7 |
|
|
$ |
4.73 |
|
|
$ |
4.83 |
|
Fair value and timing adjustments, pre-tax |
|
|
9.2 |
|
|
|
(22.2) |
|
|
|
0.16 |
|
|
|
(0.42) |
|
Acquisition and restructuring activities, pre-tax |
|
|
(6.7) |
|
|
|
(0.5) |
|
|
|
(0.12) |
|
|
|
(0.01) |
|
Income tax effect of adjustments |
|
|
(0.7) |
|
|
|
5.6 |
|
|
|
(0.01) |
|
|
|
0.11 |
|
Net Income |
|
$ |
276.8 |
|
|
$ |
248.6 |
|
|
$ |
4.76 |
|
|
$ |
4.51 |
|
Weighted Average Diluted Shares Outstanding |
|
|
55.7 |
|
|
|
52.6 |
|
|
|
|
|
|
|
|
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*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
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For the first nine months of fiscal 2024, Spire reported consolidated net income of
Gas Utility results benefited from new rates offset by lower Spire Missouri weather-driven usage, higher interest, bad debt and depreciation costs. Utility operation and maintenance expense, after excluding a charge of
Gas Marketing NEE was lower compared to the prior year as very favorable Winter 2023 market conditions did not recur.
Midstream NEE improved driven by higher storage earnings, reflecting the additional capacity and new contracts at higher rates, as well as the inclusion of MoGas and Salt Plains in net economic earnings this year.
The loss in Spire's other activities reflects higher interest expense offset by the settlement of an interest rate hedge as well as lower corporate costs.
Guidance and Outlook
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.
During the fiscal third quarter, Spire launched an initiative to improve long-term customer affordability targeted at lowering our overall cost structure and improve operational efficiency. Most of the benefit is anticipated to be realized in 2025 and 2026. This initiative will only partially offset the impacts of the warm winter, higher interest expense and bad debt expense experienced in 2024. As a result, Spire lowered its fiscal 2024 NEE guidance range to
Our 10-year
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2024 third quarter financial results. To access the call, please dial the applicable number approximately 5–10 minutes in advance.
Date and Time: |
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Phone Numbers: |
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844-824-3832 |
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International: |
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412-317-5142 |
The webcast can be accessed at Investors.SpireEnergy.com under Events & Presentations. A replay of the call will be available at
About Spire
At
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
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
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(In Millions, except per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
|
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2023 |
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|
2024 |
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|
2023 |
|
||||
Operating Revenues |
|
$ |
414.1 |
|
|
$ |
418.5 |
|
|
$ |
2,299.2 |
|
|
$ |
2,355.9 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
|
140.9 |
|
|
|
169.8 |
|
|
|
1,048.7 |
|
|
|
1,175.5 |
|
Operation and maintenance |
|
|
126.7 |
|
|
|
125.5 |
|
|
|
395.2 |
|
|
|
389.7 |
|
Depreciation and amortization |
|
|
71.4 |
|
|
|
64.3 |
|
|
|
207.3 |
|
|
|
189.0 |
|
Taxes, other than income taxes |
|
|
44.4 |
|
|
|
46.9 |
|
|
|
179.5 |
|
|
|
179.2 |
|
Total Operating Expenses |
|
|
383.4 |
|
|
|
406.5 |
|
|
|
1,830.7 |
|
|
|
1,933.4 |
|
Operating Income |
|
|
30.7 |
|
|
|
12.0 |
|
|
|
468.5 |
|
|
|
422.5 |
|
Interest Expense, Net |
|
|
48.8 |
|
|
|
46.7 |
|
|
|
151.6 |
|
|
|
137.5 |
|
Other Income, Net |
|
|
2.4 |
|
|
|
6.3 |
|
|
|
27.2 |
|
|
|
19.3 |
|
(Loss) Income Before Income Taxes |
|
|
(15.7) |
|
|
|
(28.4) |
|
|
|
344.1 |
|
|
|
304.3 |
|
Income Tax (Benefit) Expense |
|
|
(3.1) |
|
|
|
(6.8) |
|
|
|
67.3 |
|
|
|
55.7 |
|
Net (Loss) Income |
|
|
(12.6) |
|
|
|
(21.6) |
|
|
|
276.8 |
|
|
|
248.6 |
|
Provision for preferred dividends |
|
|
3.7 |
|
|
|
3.7 |
|
|
|
11.1 |
|
|
|
11.1 |
|
(Loss) income allocated to participating securities |
|
|
— |
|
|
|
(0.1) |
|
|
|
0.4 |
|
|
|
0.4 |
|
Net (Loss) Income Available to Common Shareholders |
|
$ |
(16.3) |
|
|
$ |
(25.2) |
|
|
$ |
265.3 |
|
|
$ |
237.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
57.7 |
|
|
|
52.5 |
|
|
|
55.6 |
|
|
|
52.5 |
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Diluted |
|
|
57.7 |
|
|
|
52.5 |
|
|
|
55.7 |
|
|
|
52.6 |
|
|
|
|
|
|
|
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|
|
|
|
|
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Basic (Loss) Earnings Per Common Share |
|
$ |
(0.28) |
|
|
$ |
(0.48) |
|
|
$ |
4.77 |
|
|
$ |
4.52 |
|
Diluted (Loss) Earnings Per Common Share |
|
$ |
(0.28) |
|
|
$ |
(0.48) |
|
|
$ |
4.76 |
|
|
$ |
4.51 |
|
Dividends Declared Per Common Share |
|
$ |
0.755 |
|
|
$ |
0.72 |
|
|
$ |
2.265 |
|
|
$ |
2.16 |
|
Condensed Consolidated Balance Sheets – Unaudited
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(In Millions) |
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2024 |
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2023 |
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2023 |
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ASSETS |
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Utility Plant |
|
$ |
8,612.9 |
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|
$ |
8,210.1 |
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|
$ |
8,016.7 |
|
Less: Accumulated depreciation and amortization |
|
|
2,510.4 |
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|
|
2,431.2 |
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|
|
2,382.9 |
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Net Utility Plant |
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|
6,102.5 |
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|
|
5,778.9 |
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|
|
5,633.8 |
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Non-utility Property |
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|
917.9 |
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|
|
628.5 |
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|
582.7 |
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Other Investments |
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|
112.1 |
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|
|
102.6 |
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|
102.5 |
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Total Other Property and Investments |
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1,030.0 |
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|
731.1 |
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|
685.2 |
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Current Assets: |
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Cash and cash equivalents |
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|
7.4 |
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|
5.6 |
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|
5.3 |
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Accounts receivable, net |
|
|
318.6 |
|
|
|
288.5 |
|
|
|
338.6 |
|
Inventories |
|
|
230.1 |
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|
|
279.5 |
|
|
|
243.1 |
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Other |
|
|
269.7 |
|
|
|
503.3 |
|
|
|
274.2 |
|
Total Current Assets |
|
|
825.8 |
|
|
|
1,076.9 |
|
|
|
861.2 |
|
Deferred Charges and Other Assets |
|
|
2,752.6 |
|
|
|
2,726.7 |
|
|
|
2,857.3 |
|
Total Assets |
|
$ |
10,710.9 |
|
|
$ |
10,313.6 |
|
|
$ |
10,037.5 |
|
|
|
|
|
|
|
|
|
|
|
|
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CAPITALIZATION AND LIABILITIES |
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Capitalization: |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
$ |
242.0 |
|
|
$ |
242.0 |
|
|
$ |
242.0 |
|
Common stock and paid-in capital |
|
|
1,959.2 |
|
|
|
1,669.7 |
|
|
|
1,630.9 |
|
Retained earnings |
|
|
1,093.4 |
|
|
|
958.0 |
|
|
|
1,028.4 |
|
Accumulated other comprehensive income |
|
|
38.6 |
|
|
|
47.6 |
|
|
|
31.2 |
|
Total Shareholders' Equity |
|
|
3,333.2 |
|
|
|
2,917.3 |
|
|
|
2,932.5 |
|
Temporary equity |
|
|
8.6 |
|
|
|
16.5 |
|
|
|
17.7 |
|
Long-term debt (less current portion) |
|
|
3,422.3 |
|
|
|
3,554.0 |
|
|
|
3,553.3 |
|
Total Capitalization |
|
|
6,764.1 |
|
|
|
6,487.8 |
|
|
|
6,503.5 |
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
|
307.0 |
|
|
|
156.6 |
|
|
|
406.6 |
|
Notes payable |
|
|
771.0 |
|
|
|
955.5 |
|
|
|
557.6 |
|
Accounts payable |
|
|
205.2 |
|
|
|
253.1 |
|
|
|
196.3 |
|
Accrued liabilities and other |
|
|
426.6 |
|
|
|
390.2 |
|
|
|
369.9 |
|
Total Current Liabilities |
|
|
1,709.8 |
|
|
|
1,755.4 |
|
|
|
1,530.4 |
|
Deferred Credits and Other Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
819.6 |
|
|
|
743.7 |
|
|
|
735.9 |
|
Pension and postretirement benefit costs |
|
|
128.5 |
|
|
|
137.3 |
|
|
|
154.7 |
|
Asset retirement obligations |
|
|
596.0 |
|
|
|
577.4 |
|
|
|
538.1 |
|
Regulatory liabilities |
|
|
547.5 |
|
|
|
472.4 |
|
|
|
428.1 |
|
Other |
|
|
145.4 |
|
|
|
139.6 |
|
|
|
146.8 |
|
Total Deferred Credits and Other Liabilities |
|
|
2,237.0 |
|
|
|
2,070.4 |
|
|
|
2,003.6 |
|
Total Capitalization and Liabilities |
|
$ |
10,710.9 |
|
|
$ |
10,313.6 |
|
|
$ |
10,037.5 |
|
Condensed Consolidated Statements of Cash Flows – Unaudited
|
|
|||||||
(In Millions) |
|
Nine Months Ended |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Operating Activities: |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
276.8 |
|
|
$ |
248.6 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
207.3 |
|
|
|
189.0 |
|
Deferred income taxes and investment tax credits |
|
|
66.4 |
|
|
|
55.7 |
|
Changes in assets and liabilities |
|
|
273.0 |
|
|
|
(99.4) |
|
Other |
|
|
6.0 |
|
|
|
10.2 |
|
Net cash provided by operating activities |
|
|
829.5 |
|
|
|
404.1 |
|
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(631.5) |
|
|
|
(483.3) |
|
Business acquisitions, net of cash acquired |
|
|
(175.9) |
|
|
|
(37.0) |
|
Other |
|
|
5.4 |
|
|
|
3.9 |
|
Net cash used in investing activities |
|
|
(802.0) |
|
|
|
(516.4) |
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|
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
Issuance of long-term debt |
|
|
175.0 |
|
|
|
755.0 |
|
Repayment of long-term debt |
|
|
(156.6) |
|
|
|
(31.2) |
|
Repayment of short-term debt, net |
|
|
(184.5) |
|
|
|
(479.9) |
|
Issuance of common stock |
|
|
287.2 |
|
|
|
4.0 |
|
Dividends paid on common stock |
|
|
(124.3) |
|
|
|
(112.5) |
|
Dividends paid on preferred stock |
|
|
(11.1) |
|
|
|
(11.1) |
|
Other |
|
|
(5.3) |
|
|
|
(7.5) |
|
Net cash (used in) provided by financing activities |
|
|
(19.6) |
|
|
|
116.8 |
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash, Cash Equivalents, and Restricted Cash |
|
|
7.9 |
|
|
|
4.5 |
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period |
|
|
25.8 |
|
|
|
20.5 |
|
Cash, Cash Equivalents, and Restricted Cash at End of Period |
|
$ |
33.7 |
|
|
$ |
25.0 |
|
Net Economic Earnings and Reconciliation to GAAP
|
||||||||||||||||||||||||
(In Millions, except per share amounts) |
|
Gas Utility |
|
|
Gas |
|
|
Midstream |
|
|
Other |
|
|
Total |
|
|
Per Diluted |
|
||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income [GAAP] |
|
$ |
(14.4) |
|
|
$ |
(3.6) |
|
|
$ |
13.8 |
|
|
$ |
(8.4) |
|
|
$ |
(12.6) |
|
|
$ |
(0.28) |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
0.1 |
|
|
|
6.1 |
|
|
|
— |
|
|
|
— |
|
|
|
6.2 |
|
|
|
0.11 |
|
Acquisition and restructuring activities |
|
|
4.4 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
4.8 |
|
|
|
0.08 |
|
Income tax effect of adjustments (1) |
|
|
(1.1) |
|
|
|
(1.5) |
|
|
|
(0.1) |
|
|
|
— |
|
|
|
(2.7) |
|
|
|
(0.05) |
|
Net Economic (Loss) Earnings [Non-GAAP] |
|
$ |
(11.0) |
|
|
$ |
1.0 |
|
|
$ |
13.9 |
|
|
$ |
(8.2) |
|
|
$ |
(4.3) |
|
|
$ |
(0.14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income [GAAP] |
|
$ |
(12.4) |
|
|
$ |
(4.9) |
|
|
$ |
3.1 |
|
|
$ |
(7.4) |
|
|
$ |
(21.6) |
|
|
$ |
(0.48) |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
0.2 |
|
|
|
3.2 |
|
|
|
— |
|
|
|
— |
|
|
|
3.4 |
|
|
|
0.06 |
|
Acquisition activities |
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
0.01 |
|
Income tax effect of adjustments (1) |
|
|
(0.1) |
|
|
|
(0.8) |
|
|
|
— |
|
|
|
— |
|
|
|
(0.9) |
|
|
|
(0.01) |
|
Net Economic (Loss) Earnings [Non-GAAP] |
|
$ |
(12.3) |
|
|
$ |
(2.5) |
|
|
$ |
3.6 |
|
|
$ |
(7.4) |
|
|
$ |
(18.6) |
|
|
$ |
(0.42) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP] |
|
$ |
249.4 |
|
|
$ |
30.7 |
|
|
$ |
18.5 |
|
|
$ |
(21.8) |
|
|
$ |
276.8 |
|
|
$ |
4.76 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
0.1 |
|
|
|
(9.3) |
|
|
|
— |
|
|
|
— |
|
|
|
(9.2) |
|
|
|
(0.16) |
|
Acquisition and restructuring activities |
|
|
4.4 |
|
|
|
— |
|
|
|
2.1 |
|
|
|
0.2 |
|
|
|
6.7 |
|
|
|
0.12 |
|
Income tax effect of adjustments (1) |
|
|
(1.1) |
|
|
|
2.3 |
|
|
|
(0.5) |
|
|
|
— |
|
|
|
0.7 |
|
|
|
0.01 |
|
Net Economic Earnings (Loss) [Non-GAAP] |
|
$ |
252.8 |
|
|
$ |
23.7 |
|
|
$ |
20.1 |
|
|
$ |
(21.6) |
|
|
$ |
275.0 |
|
|
$ |
4.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP] |
|
$ |
234.0 |
|
|
$ |
28.9 |
|
|
$ |
11.1 |
|
|
$ |
(25.4) |
|
|
$ |
248.6 |
|
|
$ |
4.51 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
0.7 |
|
|
|
21.5 |
|
|
|
— |
|
|
|
— |
|
|
|
22.2 |
|
|
|
0.42 |
|
Acquisition activities |
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
0.01 |
|
Income tax effect of adjustments (1) |
|
|
(0.2) |
|
|
|
(5.4) |
|
|
|
— |
|
|
|
— |
|
|
|
(5.6) |
|
|
|
(0.11) |
|
Net Economic Earnings (Loss) [Non-GAAP] |
|
$ |
234.5 |
|
|
$ |
45.0 |
|
|
$ |
11.6 |
|
|
$ |
(25.4) |
|
|
$ |
265.7 |
|
|
$ |
4.83 |
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP] |
|
$ |
17.0 |
|
|
$ |
(5.2) |
|
|
$ |
18.8 |
|
|
$ |
0.1 |
|
|
$ |
— |
|
|
$ |
30.7 |
|
Operation and maintenance expenses |
|
|
114.4 |
|
|
|
4.3 |
|
|
|
8.0 |
|
|
|
4.5 |
|
|
|
(4.5) |
|
|
|
126.7 |
|
Depreciation and amortization |
|
|
66.7 |
|
|
|
0.3 |
|
|
|
4.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
71.4 |
|
Taxes, other than income taxes |
|
|
43.1 |
|
|
|
0.3 |
|
|
|
1.2 |
|
|
|
— |
|
|
|
(0.2) |
|
|
|
44.4 |
|
Less: Gross receipts tax expense |
|
|
(22.4) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22.4) |
|
Contribution Margin [Non-GAAP] |
|
|
218.8 |
|
|
|
(0.3) |
|
|
|
32.2 |
|
|
|
4.8 |
|
|
|
(4.7) |
|
|
|
250.8 |
|
Natural gas costs |
|
|
131.5 |
|
|
|
21.5 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
(12.4) |
|
|
|
140.9 |
|
Gross receipts tax expense |
|
|
22.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.4 |
|
Operating Revenues |
|
$ |
372.7 |
|
|
$ |
21.2 |
|
|
$ |
32.5 |
|
|
$ |
4.8 |
|
|
$ |
(17.1) |
|
|
$ |
414.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP] |
|
$ |
13.9 |
|
|
$ |
(7.1) |
|
|
$ |
6.5 |
|
|
$ |
(1.3) |
|
|
$ |
— |
|
|
$ |
12.0 |
|
Operation and maintenance expenses |
|
|
111.7 |
|
|
|
4.2 |
|
|
|
8.1 |
|
|
|
5.5 |
|
|
|
(4.0) |
|
|
|
125.5 |
|
Depreciation and amortization |
|
|
61.7 |
|
|
|
0.3 |
|
|
|
2.1 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
64.3 |
|
Taxes, other than income taxes |
|
|
45.9 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
(0.1) |
|
|
|
— |
|
|
|
46.9 |
|
Less: Gross receipts tax expense |
|
|
(26.0) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26.0) |
|
Contribution Margin [Non-GAAP] |
|
|
207.2 |
|
|
|
(2.2) |
|
|
|
17.4 |
|
|
|
4.3 |
|
|
|
(4.0) |
|
|
|
222.7 |
|
Natural gas costs |
|
|
154.6 |
|
|
|
25.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(10.1) |
|
|
|
169.8 |
|
Gross receipts tax expense |
|
|
26.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.0 |
|
Operating Revenues |
|
$ |
387.8 |
|
|
$ |
23.1 |
|
|
$ |
17.4 |
|
|
$ |
4.3 |
|
|
$ |
(14.1) |
|
|
$ |
418.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP] |
|
$ |
401.1 |
|
|
$ |
39.5 |
|
|
$ |
29.5 |
|
|
$ |
(1.6) |
|
|
$ |
— |
|
|
$ |
468.5 |
|
Operation and maintenance expenses |
|
|
352.7 |
|
|
|
14.9 |
|
|
|
26.0 |
|
|
|
14.2 |
|
|
|
(12.6) |
|
|
|
395.2 |
|
Depreciation and amortization |
|
|
196.3 |
|
|
|
1.1 |
|
|
|
9.5 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
207.3 |
|
Taxes, other than income taxes |
|
|
175.4 |
|
|
|
1.1 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
— |
|
|
|
179.5 |
|
Less: Gross receipts tax expense |
|
|
(113.3) |
|
|
|
(0.2) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(113.5) |
|
Contribution Margin [Non-GAAP] |
|
|
1,012.2 |
|
|
|
56.4 |
|
|
|
68.0 |
|
|
|
13.0 |
|
|
|
(12.6) |
|
|
|
1,137.0 |
|
Natural gas costs |
|
|
1,035.1 |
|
|
|
46.9 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
(34.2) |
|
|
|
1,048.7 |
|
Gross receipts tax expense |
|
|
113.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
113.5 |
|
Operating Revenues |
|
$ |
2,160.6 |
|
|
$ |
103.5 |
|
|
$ |
68.9 |
|
|
$ |
13.0 |
|
|
$ |
(46.8) |
|
|
$ |
2,299.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP] |
|
$ |
367.1 |
|
|
$ |
36.7 |
|
|
$ |
21.1 |
|
|
$ |
(2.4) |
|
|
$ |
— |
|
|
$ |
422.5 |
|
Operation and maintenance expenses |
|
|
350.9 |
|
|
|
16.2 |
|
|
|
20.1 |
|
|
|
14.4 |
|
|
|
(11.9) |
|
|
|
389.7 |
|
Depreciation and amortization |
|
|
181.6 |
|
|
|
1.0 |
|
|
|
6.0 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
189.0 |
|
Taxes, other than income taxes |
|
|
176.2 |
|
|
|
1.1 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
179.2 |
|
Less: Gross receipts tax expense |
|
|
(116.4) |
|
|
|
(0.2) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(116.6) |
|
Contribution Margin [Non-GAAP] |
|
|
959.4 |
|
|
|
54.8 |
|
|
|
49.1 |
|
|
|
12.4 |
|
|
|
(11.9) |
|
|
|
1,063.8 |
|
Natural gas costs |
|
|
1,099.5 |
|
|
|
102.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(26.8) |
|
|
|
1,175.5 |
|
Gross receipts tax expense |
|
|
116.4 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116.6 |
|
Operating Revenues |
|
$ |
2,175.3 |
|
|
$ |
157.8 |
|
|
$ |
49.1 |
|
|
$ |
12.4 |
|
|
$ |
(38.7) |
|
|
$ |
2,355.9 |
|
Investor Contact:
Media Contact: |
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