Affirms long-term growth target; issues fiscal 2025 earnings guidance
- Fiscal 2024 net income of
$250.9 million ($4.19 per share) compared to$217.5 million ($3.85 per share) in fiscal 2023 - Adjusted earnings* of
$247.4 million ($4.13 per share) compared to$228.1 million ($4.05 per share) in fiscal 2023 - Reaffirms long-term adjusted earnings per share (EPS) growth target of 5–7% and launches fiscal 2025 adjusted EPS guidance of
$4.40 to$4.60
For fiscal 2024, Spire reported consolidated adjusted earnings per share of
"During fiscal 2024, despite the impacts of warm winter weather and rising interest expense, our team delivered solid financial and operating performance while providing affordable, reliable and safe energy to our customers," said
|
Fiscal Year Results |
|
Year Ended |
|
|||||||||||||
|
|
|
(Millions) |
|
|
(Per Diluted Common Share) |
|
||||||||||
|
Adjusted Earnings (Loss)* by Segment |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Gas Utility |
|
$ |
220.8 |
|
|
$ |
200.5 |
|
|
|
|
|
|
|
|
|
|
Gas Marketing |
|
|
23.4 |
|
|
|
47.6 |
|
|
|
|
|
|
|
|
|
|
Midstream |
|
|
33.5 |
|
|
|
14.1 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
(30.3) |
|
|
|
(34.1) |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
247.4 |
|
|
$ |
228.1 |
|
|
$ |
4.13 |
|
|
$ |
4.05 |
|
|
All adjustments, including tax effects |
|
|
3.5 |
|
|
|
(10.6) |
|
|
|
0.06 |
|
|
|
(0.20) |
|
|
Net Income |
|
$ |
250.9 |
|
|
$ |
217.5 |
|
|
$ |
4.19 |
|
|
$ |
3.85 |
|
|
Weighted Average Diluted Shares Outstanding |
|
|
56.3 |
|
|
|
52.6 |
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
The earnings per share comparison reflects higher weighted-average shares outstanding resulting from the issuance of 2.7 million shares in
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 2024 adjusted earnings were
Contribution margin increased
After adjusting for a charge related to the launch of Spire's customer affordability initiative, pension reclass and removal of bad debt expense, operation and maintenance expense was
Depreciation and amortization expense increased
Gas Marketing
Gas Marketing fiscal 2024 adjusted earnings were
Midstream
Midstream fiscal 2024 adjusted earnings were
Other
Spire's other activities reported a loss on an adjusted basis of
Guidance and Outlook
Spire's long-term adjusted earnings per share growth target remains 5–7% using the original fiscal 2024 guidance midpoint of
Our 10-year capital investment target of
|
Fourth Quarter Results |
|
Three Months Ended |
|
|||||||||||||
|
|
|
(Millions) |
|
|
(Per Diluted Common Share) |
|
||||||||||
|
Adjusted (Loss) Earnings* by Segment |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Gas Utility |
|
$ |
(32.0) |
|
|
$ |
(34.0) |
|
|
|
|
|
|
|
|
|
|
Gas Marketing |
|
|
(0.3) |
|
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
Midstream |
|
|
13.4 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
(8.7) |
|
|
|
(8.7) |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(27.6) |
|
|
$ |
(37.6) |
|
|
$ |
(0.54) |
|
|
$ |
(0.78) |
|
|
All adjustments, including tax effects |
|
|
1.7 |
|
|
|
6.5 |
|
|
|
0.03 |
|
|
|
0.12 |
|
|
Net Loss |
|
$ |
(25.9) |
|
|
$ |
(31.1) |
|
|
$ |
(0.51) |
|
|
$ |
(0.66) |
|
|
Weighted Average Diluted Shares Outstanding |
|
|
57.7 |
|
|
|
52.5 |
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
Due to the seasonal nature of natural gas demand and the timing of regulatory recovery in our gas utility business, we typically incur a loss in our fiscal fourth quarter ended
Gas Utility
Gas Utility reported a loss on an adjusted earnings basis during the quarter of
Gas Marketing
Gas Marketing reported a loss on an adjusted earnings basis during fiscal 2024 fourth quarter of
Midstream
Midstream fiscal 2024 fourth quarter adjusted earnings were
Other
Spire's other activities reported a loss on an adjusted basis of
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2024 fourth quarter and full-year financial results. To access the call, please dial the applicable number approximately 5-10 minutes prior to the start time.
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Date and Time: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phone Numbers: |
|
|
844-824-3832 |
|
|
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International: |
412-317-5142 |
The call will also be webcast and can be accessed at Investors.SpireEnergy.com under the Events & presentations tab. A replay of the webcast will be available for one year beginning approximately one hour after the close of the call.
About Spire
At
Cautionary Statements on 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) filing with the
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 |
|
|
Year Ended |
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
Operating Revenues |
|
$ |
293.8 |
|
|
$ |
310.4 |
|
|
$ |
2,593.0 |
|
|
$ |
2,666.3 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
|
54.6 |
|
|
|
85.3 |
|
|
|
1,103.3 |
|
|
|
1,260.8 |
|
|
Operation and maintenance |
|
|
112.2 |
|
|
|
127.9 |
|
|
|
507.4 |
|
|
|
517.6 |
|
|
Depreciation and amortization |
|
|
71.1 |
|
|
|
65.8 |
|
|
|
278.4 |
|
|
|
254.8 |
|
|
Taxes, other than income taxes |
|
|
36.1 |
|
|
|
35.3 |
|
|
|
215.6 |
|
|
|
214.5 |
|
|
Total Operating Expenses |
|
|
274.0 |
|
|
|
314.3 |
|
|
|
2,104.7 |
|
|
|
2,247.7 |
|
|
Operating Income (Loss) |
|
|
19.8 |
|
|
|
(3.9) |
|
|
|
488.3 |
|
|
|
418.6 |
|
|
Interest Expense |
|
|
49.5 |
|
|
|
48.2 |
|
|
|
201.1 |
|
|
|
185.7 |
|
|
Other (Expense) Income, Net |
|
|
(4.8) |
|
|
|
4.1 |
|
|
|
22.4 |
|
|
|
23.4 |
|
|
(Loss) Income Before Income Taxes |
|
|
(34.5) |
|
|
|
(48.0) |
|
|
|
309.6 |
|
|
|
256.3 |
|
|
Income Tax (Benefit) Expense |
|
|
(8.6) |
|
|
|
(16.9) |
|
|
|
58.7 |
|
|
|
38.8 |
|
|
Net (Loss) Income |
|
|
(25.9) |
|
|
|
(31.1) |
|
|
|
250.9 |
|
|
|
217.5 |
|
|
Provision for preferred dividends |
|
|
3.7 |
|
|
|
3.7 |
|
|
|
14.8 |
|
|
|
14.8 |
|
|
(Loss) income allocated to participating securities |
|
|
— |
|
|
|
(0.1) |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
Net (Loss) Income Available to Common Shareholders |
|
$ |
(29.6) |
|
|
$ |
(34.7) |
|
|
$ |
235.8 |
|
|
$ |
202.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
57.7 |
|
|
|
52.5 |
|
|
|
56.1 |
|
|
|
52.5 |
|
|
Diluted |
|
|
57.7 |
|
|
|
52.5 |
|
|
|
56.3 |
|
|
|
52.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (Loss) Earnings Per Share |
|
$ |
(0.51) |
|
|
$ |
(0.66) |
|
|
$ |
4.20 |
|
|
$ |
3.86 |
|
|
Diluted (Loss) Earnings Per Share |
|
|
(0.51) |
|
|
|
(0.66) |
|
|
|
4.19 |
|
|
|
3.85 |
|
|
Dividends Declared Per Common Share |
|
|
0.755 |
|
|
|
0.72 |
|
|
|
3.02 |
|
|
|
2.88 |
|
|
Condensed Consolidated Balance Sheets – Unaudited |
||||||||
|
|
||||||||
|
(In millions) |
|
|
|
|
|
|
||
|
|
|
2024 |
|
|
2023 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Utility Plant |
|
$ |
8,779.1 |
|
|
$ |
8,210.1 |
|
|
Less: Accumulated depreciation and amortization |
|
|
2,535.8 |
|
|
|
2,431.2 |
|
|
Net Utility Plant |
|
|
6,243.3 |
|
|
|
5,778.9 |
|
|
Other Property and Investments |
|
|
1,070.6 |
|
|
|
731.1 |
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
4.5 |
|
|
|
5.6 |
|
|
Accounts receivable, net |
|
|
277.4 |
|
|
|
288.5 |
|
|
Inventories |
|
|
263.9 |
|
|
|
279.5 |
|
|
Other |
|
|
225.5 |
|
|
|
503.3 |
|
|
Total Current Assets |
|
|
771.3 |
|
|
|
1,076.9 |
|
|
Deferred Charges and Other Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
1,171.6 |
|
|
|
1,171.6 |
|
|
Other deferred charges and other assets |
|
|
1,603.9 |
|
|
|
1,555.1 |
|
|
Total Deferred Charges and Other Assets |
|
|
2,775.5 |
|
|
|
2,726.7 |
|
|
Total Assets |
|
$ |
10,860.7 |
|
|
$ |
10,313.6 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Capitalization: |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
$ |
242.0 |
|
|
$ |
242.0 |
|
|
Common stock and paid-in capital |
|
|
1,959.9 |
|
|
|
1,669.7 |
|
|
Retained earnings |
|
|
1,018.7 |
|
|
|
958.0 |
|
|
Accumulated other comprehensive income |
|
|
12.1 |
|
|
|
47.6 |
|
|
Total Shareholders' Equity |
|
|
3,232.7 |
|
|
|
2,917.3 |
|
|
Temporary equity |
|
|
8.6 |
|
|
|
16.5 |
|
|
Long-term debt (less current portion) |
|
|
3,704.4 |
|
|
|
3,554.0 |
|
|
Total Capitalization |
|
|
6,945.7 |
|
|
|
6,487.8 |
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
|
42.0 |
|
|
|
156.6 |
|
|
Notes payable |
|
|
947.0 |
|
|
|
955.5 |
|
|
Accounts payable |
|
|
237.2 |
|
|
|
253.1 |
|
|
Accrued liabilities and other |
|
|
477.7 |
|
|
|
390.2 |
|
|
Total Current Liabilities |
|
|
1,703.9 |
|
|
|
1,755.4 |
|
|
Deferred Credits and Other Liabilities: |
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
808.4 |
|
|
|
743.7 |
|
|
Other deferred credits and other liabilities |
|
|
1,402.7 |
|
|
|
1,326.7 |
|
|
Total Deferred Credits and Other Liabilities |
|
|
2,211.1 |
|
|
|
2,070.4 |
|
|
Total Capitalization and Liabilities |
|
$ |
10,860.7 |
|
|
$ |
10,313.6 |
|
|
Condensed Consolidated Statements of Cash Flows – Unaudited |
||||||||
|
|
||||||||
|
(In millions) |
|
Year Ended |
|
|||||
|
|
|
2024 |
|
|
2023 |
|
||
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
250.9 |
|
|
$ |
217.5 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
278.4 |
|
|
|
254.8 |
|
|
Deferred income taxes and investment tax credits |
|
|
57.0 |
|
|
|
36.9 |
|
|
Changes in assets and liabilities |
|
|
317.8 |
|
|
|
(82.0) |
|
|
Other |
|
|
8.3 |
|
|
|
13.0 |
|
|
Net cash provided by operating activities |
|
|
912.4 |
|
|
|
440.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(861.3) |
|
|
|
(662.5) |
|
|
Business acquisition, net of cash acquired |
|
|
(175.9) |
|
|
|
(37.0) |
|
|
Other |
|
|
10.0 |
|
|
|
4.0 |
|
|
Net cash used in investing activities |
|
|
(1,027.2) |
|
|
|
(695.5) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
Issuance of long-term debt |
|
|
495.0 |
|
|
|
755.0 |
|
|
Repayment of long-term debt |
|
|
(456.6) |
|
|
|
(281.2) |
|
|
Repayment of short-term debt, net |
|
|
(8.5) |
|
|
|
(82.0) |
|
|
Issuance of common stock |
|
|
287.0 |
|
|
|
41.9 |
|
|
Dividends paid on common stock |
|
|
(167.1) |
|
|
|
(150.7) |
|
|
Dividends paid on preferred stock |
|
|
(14.8) |
|
|
|
(14.8) |
|
|
Other |
|
|
(11.1) |
|
|
|
(7.6) |
|
|
Net cash provided by financing activities |
|
|
123.9 |
|
|
|
260.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash, Cash Equivalents, and Restricted Cash |
|
|
9.1 |
|
|
|
5.3 |
|
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year |
|
|
25.8 |
|
|
|
20.5 |
|
|
Cash, Cash Equivalents, and Restricted Cash at End of Year |
|
$ |
34.9 |
|
|
$ |
25.8 |
|
|
Adjusted Earnings and Reconciliation to GAAP |
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|
|
||||||||||||||||||||||||
|
(In millions, except per share amounts) |
|
Gas |
|
|
Gas |
|
|
Midstream |
|
|
Other |
|
|
Total |
|
|
Per Diluted |
|
||||||
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income [GAAP] |
|
$ |
(32.4) |
|
|
$ |
2.0 |
|
|
$ |
13.2 |
|
|
$ |
(8.7) |
|
|
$ |
(25.9) |
|
|
$ |
(0.51) |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
(0.1) |
|
|
|
(3.1) |
|
|
|
— |
|
|
|
— |
|
|
|
(3.2) |
|
|
|
(0.06) |
|
|
Acquisition and restructuring activities |
|
|
0.6 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.9 |
|
|
|
0.02 |
|
|
Income tax effect of adjustments (1) |
|
|
(0.1) |
|
|
|
0.8 |
|
|
|
— |
|
|
|
(0.1) |
|
|
|
0.6 |
|
|
|
0.01 |
|
|
Adjusted (Loss) Earnings [Non-GAAP] |
|
$ |
(32.0) |
|
|
$ |
(0.3) |
|
|
$ |
13.4 |
|
|
$ |
(8.7) |
|
|
$ |
(27.6) |
|
|
$ |
(0.54) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income [GAAP] |
|
$ |
(33.5) |
|
|
$ |
10.2 |
|
|
$ |
0.9 |
|
|
$ |
(8.7) |
|
|
$ |
(31.1) |
|
|
$ |
(0.66) |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
(0.7) |
|
|
|
(10.1) |
|
|
|
— |
|
|
|
— |
|
|
|
(10.8) |
|
|
|
(0.20) |
|
|
Acquisition activities |
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
0.04 |
|
|
Income tax effect of adjustments (1) |
|
|
0.2 |
|
|
|
2.5 |
|
|
|
(0.4) |
|
|
|
— |
|
|
|
2.3 |
|
|
|
0.04 |
|
|
Adjusted (Loss) Earnings [Non-GAAP] |
|
$ |
(34.0) |
|
|
$ |
2.6 |
|
|
$ |
2.5 |
|
|
$ |
(8.7) |
|
|
$ |
(37.6) |
|
|
$ |
(0.78) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP] |
|
$ |
217.0 |
|
|
$ |
32.7 |
|
|
$ |
31.7 |
|
|
$ |
(30.5) |
|
|
$ |
250.9 |
|
|
$ |
4.19 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
— |
|
|
|
(12.4) |
|
|
|
— |
|
|
|
— |
|
|
|
(12.4) |
|
|
|
(0.22) |
|
|
Acquisition and restructuring activities |
|
|
5.0 |
|
|
|
— |
|
|
|
2.3 |
|
|
|
0.3 |
|
|
|
7.6 |
|
|
|
0.14 |
|
|
Income tax effect of adjustments (1) |
|
|
(1.2) |
|
|
|
3.1 |
|
|
|
(0.5) |
|
|
|
(0.1) |
|
|
|
1.3 |
|
|
|
0.02 |
|
|
Adjusted Earnings (Loss) [Non-GAAP] |
|
$ |
220.8 |
|
|
$ |
23.4 |
|
|
$ |
33.5 |
|
|
$ |
(30.3) |
|
|
$ |
247.4 |
|
|
$ |
4.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP] |
|
$ |
200.5 |
|
|
$ |
39.1 |
|
|
$ |
12.0 |
|
|
$ |
(34.1) |
|
|
$ |
217.5 |
|
|
$ |
3.85 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing adjustments |
|
|
— |
|
|
|
11.4 |
|
|
|
— |
|
|
|
— |
|
|
|
11.4 |
|
|
|
0.21 |
|
|
Acquisition activities |
|
|
— |
|
|
|
— |
|
|
|
2.5 |
|
|
|
— |
|
|
|
2.5 |
|
|
|
0.05 |
|
|
Income tax effect of adjustments (1) |
|
|
— |
|
|
|
(2.9) |
|
|
|
(0.4) |
|
|
|
— |
|
|
|
(3.3) |
|
|
|
(0.06) |
|
|
Adjusted Earnings (Loss) [Non-GAAP] |
|
$ |
200.5 |
|
|
$ |
47.6 |
|
|
$ |
14.1 |
|
|
$ |
(34.1) |
|
|
$ |
228.1 |
|
|
$ |
4.05 |
|
|
|
|
(1) Income tax effect is 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 (formerly known as net economic 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 |
|
|
Gas |
|
|
Midstream |
|
|
Other |
|
|
Eliminations |
|
|
Consolidated |
|
||||||
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income [GAAP] |
|
$ |
(0.5) |
|
|
$ |
1.7 |
|
|
$ |
18.7 |
|
|
$ |
(0.1) |
|
|
$ |
— |
|
|
$ |
19.8 |
|
|
Operation and maintenance expenses |
|
|
100.1 |
|
|
|
3.3 |
|
|
|
8.7 |
|
|
|
4.5 |
|
|
|
(4.4) |
|
|
|
112.2 |
|
|
Depreciation and amortization |
|
|
67.3 |
|
|
|
0.4 |
|
|
|
3.3 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
71.1 |
|
|
Taxes, other than income taxes |
|
|
34.8 |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
36.1 |
|
|
Less: Gross receipts tax expense |
|
|
(14.7) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.7) |
|
|
Contribution Margin [Non-GAAP] |
|
$ |
187.0 |
|
|
$ |
5.7 |
|
|
$ |
31.6 |
|
|
$ |
4.6 |
|
|
$ |
(4.4) |
|
|
$ |
224.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income [GAAP] |
|
$ |
(16.3) |
|
|
$ |
12.6 |
|
|
$ |
3.2 |
|
|
$ |
(3.4) |
|
|
$ |
— |
|
|
$ |
(3.9) |
|
|
Operation and maintenance expenses |
|
|
110.9 |
|
|
|
3.2 |
|
|
|
10.4 |
|
|
|
7.5 |
|
|
|
(4.1) |
|
|
|
127.9 |
|
|
Depreciation and amortization |
|
|
62.8 |
|
|
|
0.5 |
|
|
|
2.4 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
65.8 |
|
|
Taxes, other than income taxes |
|
|
34.1 |
|
|
|
0.1 |
|
|
|
1.0 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
35.3 |
|
|
Less: Gross receipts tax expense |
|
|
(15.1) |
|
|
|
(0.1) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15.2) |
|
|
Contribution Margin [Non-GAAP] |
|
$ |
176.4 |
|
|
$ |
16.3 |
|
|
$ |
17.0 |
|
|
$ |
4.3 |
|
|
$ |
(4.1) |
|
|
$ |
209.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP] |
|
$ |
400.6 |
|
|
$ |
41.2 |
|
|
$ |
48.2 |
|
|
$ |
(1.7) |
|
|
$ |
— |
|
|
$ |
488.3 |
|
|
Operation and maintenance expenses |
|
|
452.8 |
|
|
|
18.2 |
|
|
|
34.7 |
|
|
|
18.7 |
|
|
|
(17.0) |
|
|
|
507.4 |
|
|
Depreciation and amortization |
|
|
263.6 |
|
|
|
1.5 |
|
|
|
12.8 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
278.4 |
|
|
Taxes, other than income taxes |
|
|
210.2 |
|
|
|
1.4 |
|
|
|
3.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
215.6 |
|
|
Less: Gross receipts tax expense |
|
|
(128.0) |
|
|
|
(0.2) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(128.2) |
|
|
Contribution Margin [Non-GAAP] |
|
|
1,199.2 |
|
|
|
62.1 |
|
|
|
99.6 |
|
|
|
17.6 |
|
|
|
(17.0) |
|
|
|
1,361.5 |
|
|
Natural gas costs |
|
|
1,110.7 |
|
|
|
36.9 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
(45.4) |
|
|
|
1,103.3 |
|
|
Gross receipts tax expense |
|
|
128.0 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
128.2 |
|
|
Operating Revenues |
|
$ |
2,437.9 |
|
|
$ |
99.2 |
|
|
$ |
100.7 |
|
|
$ |
17.6 |
|
|
$ |
(62.4) |
|
|
$ |
2,593.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP] |
|
$ |
350.8 |
|
|
$ |
49.3 |
|
|
$ |
24.3 |
|
|
$ |
(5.8) |
|
|
$ |
— |
|
|
$ |
418.6 |
|
|
Operation and maintenance expenses |
|
|
461.8 |
|
|
|
19.4 |
|
|
|
30.5 |
|
|
|
21.9 |
|
|
|
(16.0) |
|
|
|
517.6 |
|
|
Depreciation and amortization |
|
|
244.4 |
|
|
|
1.5 |
|
|
|
8.4 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
254.8 |
|
|
Taxes, other than income taxes |
|
|
210.3 |
|
|
|
1.2 |
|
|
|
2.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
214.5 |
|
|
Less: Gross receipts tax expense |
|
|
(131.5) |
|
|
|
(0.3) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(131.8) |
|
|
Contribution Margin [Non-GAAP] |
|
|
1,135.8 |
|
|
|
71.1 |
|
|
|
66.1 |
|
|
|
16.7 |
|
|
|
(16.0) |
|
|
|
1,273.7 |
|
|
Natural gas costs |
|
|
1,189.6 |
|
|
|
107.7 |
|
|
|
— |
|
|
|
— |
|
|
|
(36.5) |
|
|
|
1,260.8 |
|
|
Gross receipts tax expense |
|
|
131.5 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
131.8 |
|
|
Operating Revenues |
|
$ |
2,456.9 |
|
|
$ |
179.1 |
|
|
$ |
66.1 |
|
|
$ |
16.7 |
|
|
$ |
(52.5) |
|
|
$ |
2,666.3 |
|
Investor Contact:
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
314-342-3300
Jason.Merrill@SpireEnergy.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/spire-reports-fiscal-2024-results-302310497.html
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