ST. LOUIS, May 1, 2019 /PRNewswire/ -- Spire Inc. (NYSE: SR)
today reported operating results for its fiscal 2019 second quarter
ended March 31, 2019. Highlights
include:
- Second quarter fiscal 2019 earnings per diluted share
of $3.04, compared to prior year earnings per share of
$2.03 that included significant
non-cash adjustments
- Net economic earnings* per share of $2.90, up from $2.83 a year ago
- Raised FY19 capital expenditure forecast to reflect
current spend across our businesses
- Launched five-year capital expenditures forecast for 2019 –
2023 totaling $2.8 billion
![Spire color logo Spire color logo](https://mma.prnewswire.com/media/347388/Spire_Orange_Logo.jpg)
"We delivered another strong quarter, driven by growth of our
gas utilities and continued solid performance by Spire Marketing
during the heart of the winter heating season. Our results reflect
continued investment in infrastructure upgrades, organic growth and
technology, as well as the growth and development of our
gas-related businesses," said Suzanne
Sitherwood, president and chief executive officer of Spire.
"We are driving improved operating and financial performance to
deliver earnings per share growth over the longer term while
enhancing our ability to serve more customers even better."
Second Quarter
Results
|
|
Three Months Ended
March 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted
Share)
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
146.7
|
|
|
$
|
131.7
|
|
|
$
|
2.88
|
|
|
$
|
2.72
|
|
Gas
Marketing
|
|
|
6.2
|
|
|
|
10.2
|
|
|
|
0.12
|
|
|
|
0.21
|
|
Other
|
|
|
(5.0)
|
|
|
|
(4.7)
|
|
|
|
(0.10)
|
|
|
|
(0.10)
|
|
Total
|
|
$
|
147.9
|
|
|
$
|
137.2
|
|
|
$
|
2.90
|
|
|
$
|
2.83
|
|
Missouri regulatory
adjustments, pre-tax
|
|
|
—
|
|
|
|
(30.6)
|
|
|
|
—
|
|
|
|
(0.63)
|
|
Fair value
adjustments, pre-tax
|
|
|
9.1
|
|
|
|
(11.6)
|
|
|
|
0.18
|
|
|
|
(0.23)
|
|
Acquisition-related
costs, pre-tax
|
|
|
—
|
|
|
|
(2.0)
|
|
|
|
—
|
|
|
|
(0.04)
|
|
Income tax effect of
pre-tax adjustments
|
|
|
(2.4)
|
|
|
|
11.1
|
|
|
|
(0.04)
|
|
|
|
0.22
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
|
—
|
|
|
|
(5.9)
|
|
|
|
—
|
|
|
|
(0.12)
|
|
Net
Income
|
|
$
|
154.6
|
|
|
$
|
98.2
|
|
|
$
|
3.04
|
|
|
$
|
2.03
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
50.8
|
|
|
|
48.4
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
Consolidated net income for the three months ended March 31, the second quarter of our fiscal year,
was $154.6 million ($3.04 per diluted share), up from $98.2 million ($2.03 per share) a year ago. The results for the
prior-year period include significant, largely non-cash write-offs
of assets and expenses resulting from our Missouri rate cases in 2018 and the impact of
tax reform under the Tax Cuts and Jobs Act, as shown below:
|
|
(Millions)
|
|
|
|
|
|
|
|
Pre-tax
|
|
|
After tax
|
|
|
Per share
|
|
Certain pension
contributions (prior to 1997)
|
|
$
|
28.8
|
|
|
$
|
17.7
|
|
|
|
|
|
A portion of
incentive compensation expense from January 2016 forward
|
|
|
6.9
|
|
|
|
4.2
|
|
|
|
|
|
The net book value of
property sold in 2014
|
|
|
1.8
|
|
|
|
1.1
|
|
|
|
|
|
Rate case
expenses
|
|
|
0.9
|
|
|
|
0.6
|
|
|
|
|
|
Subtotal
|
|
$
|
38.4
|
|
|
$
|
23.6
|
|
|
$
|
0.49
|
|
Net economic earnings (NEE) for the second quarter of fiscal
2019 was $147.9 million ($2.90 per share), up from $137.2 million ($2.83 per share) last year, reflecting improved
Gas Utility results and continued solid performance by Gas
Marketing. Current year per share amounts were impacted by 2.3
million shares that were issued in May
2018.
NEE excludes from net income 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 certain regulatory,
legislative, or GAAP standard-setting actions. In fiscal 2018,
these impacts included the revaluation of deferred tax assets and
liabilities due to the Tax Cuts and Jobs Act and the write-offs
from our 2018 Missouri rate proceedings, as noted above.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. Second quarter fiscal 2019 NEE was
$146.7 million, up from $131.7 million in the prior year, the timing
benefit of a change in rate design at our Missouri utilities resulting from the 2018
rate cases, as well as earnings growth across our utilities.
Contribution margin increased $22.6
million, reflecting the Missouri rate design change that lowers the
fixed monthly charge and increases the volumetric component during
the winter heating season when usage is highest, thereby shifting
margin into the first and second quarters of our fiscal year. This
timing benefit of $31.4 million was
partially offset by a $11.8 million
reduction in customer rates from lower income taxes as a result of
tax reform, which is largely offset by lower income tax expense
such that there is minimal impact to earnings.
Operation and maintenance (O&M) expenses of $109.5 million for the second quarter were down
$25.8 million compared to the
prior-year period which included the write-off of assets and
expenses disallowed in our Missouri rate cases totaling $38.4 million. Current year expenses reflect a
$9.6 million benefit from a
quarter-over-quarter reclassification of benefit costs to below the
operating income line (no impact on net income). Excluding these
adjustments, O&M increased $3.0
million due to higher employee benefits and energy
efficiency costs reset in our Missouri rate cases totaling $4.0 million, partially offset by a reduction in
other costs. Depreciation and amortization expenses increased by
$3.3 million from last year,
reflecting higher capital investment.
Gas Marketing
The Gas Marketing segment includes the results of Spire
Marketing, which provides natural gas marketing services across the
central and southern United
States. Second quarter NEE was $6.2
million, down from $10.2
million in the prior year that included the earnings
benefits from unusually favorable weather-driven market conditions.
The solid performance in the current-year period reflects the
benefit of the geographic expansion of the business that created
additional opportunities to optimize our supply, transportation and
storage portfolio, more than offset by less market opportunities
this year.
Other
Other gas-related operations and corporate costs on a NEE
basis for the second quarter were $5.0 million in fiscal 2019, up slightly
from $4.7 million a year ago. Current
year results include an operating loss for Spire Storage
(excluded from NEE in the prior year) and higher interest expense
due to an increase in short-term rates, both of which were largely
offset by higher non-cash Allowance for Funds Used During
Construction (AFUDC) income for Spire STL Pipeline.
Year-to-Date
Results
|
|
For the Six Months
Ended March 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted
Share)
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
213.1
|
|
|
$
|
191.2
|
|
|
$
|
4.19
|
|
|
$
|
3.94
|
|
Gas
Marketing
|
|
|
14.5
|
|
|
|
13.8
|
|
|
|
0.28
|
|
|
|
0.29
|
|
Other
|
|
|
(13.8)
|
|
|
|
(9.9)
|
|
|
|
(0.27)
|
|
|
|
(0.21)
|
|
Total
|
|
$
|
213.8
|
|
|
$
|
195.1
|
|
|
$
|
4.20
|
|
|
$
|
4.02
|
|
Missouri regulatory
adjustments, pre-tax
|
|
|
—
|
|
|
|
(30.6)
|
|
|
|
—
|
|
|
|
(0.63)
|
|
Fair value
adjustments, pre-tax
|
|
|
11.3
|
|
|
|
(12.3)
|
|
|
|
0.22
|
|
|
|
(0.25)
|
|
Acquisition-related
costs, pre-tax
|
|
|
(0.4)
|
|
|
|
(3.7)
|
|
|
|
(0.01)
|
|
|
|
(0.08)
|
|
Income tax effect of
pre-tax adjustments
|
|
|
(2.8)
|
|
|
|
11.7
|
|
|
|
(0.05)
|
|
|
|
0.24
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
|
—
|
|
|
|
54.0
|
|
|
|
—
|
|
|
|
1.12
|
|
Net
Income
|
|
$
|
221.9
|
|
|
$
|
214.2
|
|
|
$
|
4.36
|
|
|
$
|
4.42
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
50.8
|
|
|
|
48.4
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
For the first six months of fiscal 2019, we reported
consolidated net income of $221.9
million ($4.36 per diluted
share) compared to $214.2 million
($4.42 per share) for the prior year.
The prior-year results include rate case-related write-offs and the
impact of tax reform as noted earlier and shown below:
|
|
(Millions)
|
|
|
|
|
|
|
|
Pre-tax
|
|
|
After tax
|
|
|
Per share
|
|
Certain pension
contributions (prior to 1997)
|
|
$
|
28.8
|
|
|
$
|
17.7
|
|
|
|
|
|
A portion of
incentive compensation expense from January 2016 forward
|
|
|
6.9
|
|
|
|
4.2
|
|
|
|
|
|
The net book value of
property sold in 2014
|
|
|
1.8
|
|
|
|
1.1
|
|
|
|
|
|
Rate case
expenses
|
|
|
0.9
|
|
|
|
0.6
|
|
|
|
|
|
Subtotal
|
|
$
|
38.4
|
|
|
$
|
23.6
|
|
|
$
|
0.49
|
|
Effect of the Tax
Cuts and Jobs Act
|
|
|
|
|
|
|
(50.0)
|
|
|
|
(1.03)
|
|
Total
|
|
|
|
|
|
$
|
(26.4)
|
|
|
$
|
(0.54)
|
|
NEE for the six months ended March 31,
2019 was $213.8 million
($4.20 per share), up from
$195.1 million ($4.02 per share) a year ago. The increase in NEE
reflects higher Gas Utility earnings, partially offset by higher
other costs.
Gas Utility
For the first six months of fiscal 2019, the Gas Utility segment
reported NEE of $213.1 million, up
from $191.2 million a year ago,
reflecting a higher contribution margin and lower operating
expenses.
Year-to-date segment contribution margin increased by
$24.6 million, reflecting the rate
design change at the Missouri
utilities that resulted in $36.6
million higher margins during the winter heating season, as
described earlier. These benefits were partially offset by a
reduction in Missouri customer
rates of $21.4 million to
reflect the lower federal income taxes resulting from tax reform.
The margin impact of lower rates due to tax reform is offset by
lower income tax expense, resulting in minimal impact on earnings.
Margins benefitted a combined $8.8
million from higher gas usage and modest customer growth
across our utilities as well as increased off-system sales and
capacity release in Missouri.
O&M expenses decreased by $22.3
million compared to the prior-year period, reflecting the
$38.4 million write-off of assets and
expenses disallowed in our Missouri rate cases recorded in the prior-year
period, as well as a $9.9 million
reclassification of benefit costs, both noted earlier. Excluding
these adjustments, O&M expenses were higher by $6.2 million largely due to higher employee
benefits and energy efficiency costs reset in our Missouri rate cases totaling $8.0 million. Depreciation and amortization rose
by $6.7 million reflecting
increased capital investment across our utilities.
Gas Marketing
NEE, which excludes mark-to-market and fair value adjustments,
was $14.5 million, up from
$13.8 million in the prior year.
The solid current year performance reflects the benefit of
geographic expansion of the business offset by lower market
opportunities this year.
Other
On an NEE basis, year-to-date other gas-related operations and
corporate costs were $13.8 million,
up from $9.9 million in the
prior-year period. The higher costs reflect a loss from Spire
Storage (excluded from NEE in the prior-year period) and higher
corporate interest costs, partially offset by increased AFUDC
income from Spire STL Pipeline.
Balance Sheets and Cash Flows
We maintain a strong capital structure with ample liquidity. At
March 31, 2019, our long-term
capitalization was 51.6 percent equity, compared to 49.8 percent
equity a year ago.
Net cash provided by operating activities was $297.5 million for the six months ended
March 31, 2019, compared to
$309.6 million for the same period a
year ago. The decrease was largely driven by fluctuations in
working capital items.
Capital expenditures for the first six months of fiscal 2019
were $376.8 million, up from
$215.8 million in the prior year.
This increase reflects higher investment in infrastructure
upgrades, support of customer growth and new business development
initiatives, as well as construction of Spire STL Pipeline and
development of Spire Storage.
Short-term borrowings outstanding at March 31, 2019 increased to $512.0 million from $391.7 million a year ago due to the higher
capital expenditures and working capital fluctuations noted
earlier. These borrowing levels reflect the highly seasonal nature
of our working capital needs, which are higher during the winter
heating season. We retain significant capacity in our $975 million revolving credit facility and
related commercial paper program to meet our liquidity needs.
For additional details on Spire's results through the second
quarter of fiscal 2019, please see the accompanying unaudited
Condensed Consolidated Statements of Income, unaudited Condensed
Consolidated Balance Sheets, and unaudited Condensed Consolidated
Statements of Cash Flows.
Pipelines and Storage
We continue to develop our gas-related businesses as part of our
long-term growth strategy, including Spire STL Pipeline and Spire
Storage.
Spire STL Pipeline
Construction of Spire STL Pipeline began in December and is now
well underway including substantial completion of river bores as
well as preparing the route and beginning the installation of pipe
and ancillary facilities. The 65-mile natural gas supply pipeline
will provide Spire Missouri East with access to lower-cost shale
gas from the Marcellus and Utica
producing regions. It will also enhance the reliability and
diversity of our physical transportation portfolio.
Based on the construction progress to date, we expect the
pipeline to be in service by the end of our fiscal year.
Reflecting actual expenditures to date and the remaining
construction work to be completed, we expect the total project cost
to be $230 million – $240 million.
Spire Storage
We continue to refine our development plan for Spire Storage and
the integration of our two adjacent storage facilities in
Wyoming. Our efforts follow
Federal Energy Regulatory Commission (FERC) approval in January to
combine the operations of the facilities into one FERC certificate
with a market-based tariff. Spire Storage is strategically located
near the Opal hub and interconnects with five interstate
pipelines.
Our development plan includes investments to increase injection
and withdrawal capabilities, improve interconnection with
interstate pipelines, and expand working gas capacity. It is
designed to allow Spire Storage to take advantage of expanded
opportunities by better serving customers and markets in the
Rockies and western United States.
Missouri Regulatory Update
On February 25, 2019, Spire
Missouri updated its request with the Missouri Public Service
Commission (MoPSC), originally filed in January, to increase
Infrastructure System Replacement Surcharge (ISRS) revenues by
$18.0 million. The ISRS mechanism
allows for more timely recovery of investments in infrastructure
upgrades that improve the integrity and safety of our distribution
system.
The request includes $3.2 million
of recovery related to replacement of certain pipeline materials
that was not approved as part of Spire Missouri's June 2018 ISRS filing. With that filing, the
MoPSC instituted new information requirements which Spire Missouri
included in its January filing. The staff of the MoPSC has
recommended that the $3.2 million not
be recovered via ISRS in the current request. By rule, new rates
are to be effective by May 14, 2019,
and as a result, we expect an order to be issued shortly.
Dividends
The Spire board of directors declared a quarterly common stock
dividend of $0.5925 per share,
payable July 2, 2019, to shareholders
of record on June 11, 2019. We have
continuously paid a cash dividend since 1946, with 2019 marking the
16th consecutive year of increasing dividends on an
annualized basis.
Earnings Guidance and Outlook
We affirm our fiscal 2019 NEE guidance range of $3.70 – $3.80 per
diluted share. Our longer-term NEE per share growth target remains
4 – 7 percent.
Our capital expenditures forecast for fiscal 2019 is increased
to $740 million reflecting increases
in investment across our businesses including for construction of
Spire STL Pipeline, the investment in the development of Spire
Storage, and higher spend for our gas utilities focused on
infrastructure upgrades and new business. Our five-year capital
spend outlook for the fiscal years 2019 – 2023 is $2.8 billion, an increase from $2.6 billion for 2018 – 2022.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2019 second quarter financial results. To access the
call, please dial the applicable number approximately 5 – 10
minutes prior to the start time.
Date and
Time:
|
|
Wednesday, May
1
|
|
|
9 a.m. CT (10 a.m.
ET)
|
|
|
|
|
Phone
Numbers:
|
|
U.S. and
Canada:
|
844-824-3832
|
|
|
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 call will be available at 11 a.m. CT (Noon
ET) on May 1 until
June 3 by dialing 877-344-7529
(U.S.), 855-669-9658 (Canada), or
412-317-0088 (international). The replay access code is
10130233.
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 customers
making us the fifth largest publicly traded natural gas company 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, Spire STL Pipeline and Spire Storage. We
are committed to transforming our business and pursuing growth
through 1) growing organically, 2) investing in
infrastructure, 3) acquiring and integrating, and
4) innovation and technology. Learn more
at SpireEnergy.com.
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) 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 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 certain
regulatory, legislative, or GAAP standard-setting actions. In
fiscal 2018, these items included the revaluation of deferred tax
assets and liabilities due to the Tax Cuts and Jobs Act and the
write-off of certain long-standing assets as a result of
disallowances in our 2018 Missouri rate proceedings. 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
propane 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
March
31,
|
|
|
Six Months
Ended
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Operating
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
776.7
|
|
|
$
|
790.6
|
|
|
$
|
1,350.5
|
|
|
$
|
1,332.5
|
|
Gas Marketing and
other
|
|
|
26.8
|
|
|
|
22.8
|
|
|
|
55.0
|
|
|
|
42.7
|
|
Total Operating
Revenues
|
|
|
803.5
|
|
|
|
813.4
|
|
|
|
1,405.5
|
|
|
|
1,375.2
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural and propane
gas
|
|
|
337.4
|
|
|
|
383.7
|
|
|
|
589.1
|
|
|
|
624.5
|
|
Operation and
maintenance
|
|
|
109.5
|
|
|
|
135.3
|
|
|
|
212.0
|
|
|
|
234.3
|
|
Depreciation and
amortization
|
|
|
44.4
|
|
|
|
41.1
|
|
|
|
88.1
|
|
|
|
81.4
|
|
Taxes, other than
income taxes
|
|
|
57.4
|
|
|
|
58.0
|
|
|
|
96.6
|
|
|
|
94.7
|
|
Total Gas Utility
Operating Expenses
|
|
|
548.7
|
|
|
|
618.1
|
|
|
|
985.8
|
|
|
|
1,034.9
|
|
Gas Marketing and
other
|
|
|
45.3
|
|
|
|
45.2
|
|
|
|
105.1
|
|
|
|
86.2
|
|
Total Operating
Expenses
|
|
|
594.0
|
|
|
|
663.3
|
|
|
|
1,090.9
|
|
|
|
1,121.1
|
|
Operating
Income
|
|
|
209.5
|
|
|
|
150.1
|
|
|
|
314.6
|
|
|
|
254.1
|
|
Other Income
(Expense), Net
|
|
|
6.1
|
|
|
|
(7.6)
|
|
|
|
8.9
|
|
|
|
(4.3)
|
|
Interest
Charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on long-term
debt
|
|
|
21.5
|
|
|
|
21.0
|
|
|
|
41.9
|
|
|
|
41.7
|
|
Other interest
charges
|
|
|
6.1
|
|
|
|
4.4
|
|
|
|
11.6
|
|
|
|
8.1
|
|
Total Interest
Charges
|
|
|
27.6
|
|
|
|
25.4
|
|
|
|
53.5
|
|
|
|
49.8
|
|
Income Before Income
Taxes
|
|
|
188.0
|
|
|
|
117.1
|
|
|
|
270.0
|
|
|
|
200.0
|
|
Income Tax Expense
(Benefit)
|
|
|
33.4
|
|
|
|
18.9
|
|
|
|
48.1
|
|
|
|
(14.2)
|
|
Net Income
|
|
$
|
154.6
|
|
|
$
|
98.2
|
|
|
$
|
221.9
|
|
|
$
|
214.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
50.6
|
|
|
|
48.2
|
|
|
|
50.6
|
|
|
|
48.2
|
|
Diluted
|
|
|
50.8
|
|
|
|
48.4
|
|
|
|
50.8
|
|
|
|
48.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
3.05
|
|
|
$
|
2.03
|
|
|
$
|
4.37
|
|
|
$
|
4.43
|
|
Diluted Earnings Per
Share
|
|
$
|
3.04
|
|
|
$
|
2.03
|
|
|
$
|
4.36
|
|
|
$
|
4.42
|
|
Dividends Declared
Per Share
|
|
$
|
0.5925
|
|
|
$
|
0.5625
|
|
|
$
|
1.1850
|
|
|
$
|
1.1250
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
(In
Millions)
|
|
March
31,
|
|
|
September
30,
|
|
|
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
5,856.8
|
|
|
$
|
5,653.3
|
|
|
$
|
5,403.4
|
|
Less:
Accumulated depreciation and amortization
|
|
|
1,738.5
|
|
|
|
1,682.8
|
|
|
|
1,645.0
|
|
Net Utility
Plant
|
|
|
4,118.3
|
|
|
|
3,970.5
|
|
|
|
3,758.4
|
|
Non-utility
Property
|
|
|
329.1
|
|
|
|
174.5
|
|
|
|
116.9
|
|
Goodwill
|
|
|
1,171.6
|
|
|
|
1,171.6
|
|
|
|
1,171.6
|
|
Other
Investments
|
|
|
68.4
|
|
|
|
68.7
|
|
|
|
66.4
|
|
Other Property and
Investments
|
|
|
1,569.1
|
|
|
|
1,414.8
|
|
|
|
1,354.9
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
11.1
|
|
|
|
4.4
|
|
|
|
17.8
|
|
Accounts receivable,
net
|
|
|
487.0
|
|
|
|
296.8
|
|
|
|
388.0
|
|
Inventories
|
|
|
126.3
|
|
|
|
210.3
|
|
|
|
128.5
|
|
Other
|
|
|
169.2
|
|
|
|
148.1
|
|
|
|
184.0
|
|
Total Current
Assets
|
|
|
793.6
|
|
|
|
659.6
|
|
|
|
718.3
|
|
Regulatory Assets and
Other Deferred Charges
|
|
|
792.6
|
|
|
|
798.7
|
|
|
|
755.2
|
|
Total
Assets
|
|
$
|
7,273.6
|
|
|
$
|
6,843.6
|
|
|
$
|
6,586.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and
paid-in capital
|
|
$
|
1,536.3
|
|
|
$
|
1,533.4
|
|
|
$
|
1,375.7
|
|
Retained
earnings
|
|
|
877.5
|
|
|
|
715.6
|
|
|
|
773.7
|
|
Accumulated other
comprehensive (loss) income
|
|
|
(7.8)
|
|
|
|
6.4
|
|
|
|
4.1
|
|
Total Shareholders'
Equity
|
|
|
2,406.0
|
|
|
|
2,255.4
|
|
|
|
2,153.5
|
|
Redeemable
noncontrolling interest
|
|
|
—
|
|
|
|
7.9
|
|
|
|
6.5
|
|
Long-term debt (less
current portion)
|
|
|
2,041.9
|
|
|
|
1,900.1
|
|
|
|
2,073.9
|
|
Total
Capitalization
|
|
|
4,447.9
|
|
|
|
4,163.4
|
|
|
|
4,233.9
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
215.0
|
|
|
|
175.5
|
|
|
|
105.5
|
|
Notes
payable
|
|
|
512.0
|
|
|
|
553.6
|
|
|
|
391.7
|
|
Accounts
payable
|
|
|
324.8
|
|
|
|
290.1
|
|
|
|
194.8
|
|
Accrued liabilities
and other
|
|
|
284.9
|
|
|
|
302.5
|
|
|
|
236.0
|
|
Total Current
Liabilities
|
|
|
1,336.7
|
|
|
|
1,321.7
|
|
|
|
928.0
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
490.2
|
|
|
|
435.8
|
|
|
|
465.6
|
|
Pension and
postretirement benefit costs
|
|
|
178.3
|
|
|
|
180.2
|
|
|
|
233.4
|
|
Asset retirement
obligations
|
|
|
325.5
|
|
|
|
321.1
|
|
|
|
302.8
|
|
Regulatory
liabilities
|
|
|
431.3
|
|
|
|
354.6
|
|
|
|
353.1
|
|
Other
|
|
|
63.7
|
|
|
|
66.8
|
|
|
|
70.0
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,489.0
|
|
|
|
1,358.5
|
|
|
|
1,424.9
|
|
Total Capitalization
and Liabilities
|
|
$
|
7,273.6
|
|
|
$
|
6,843.6
|
|
|
$
|
6,586.8
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
(In
Millions)
|
|
Six Months
Ended
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
221.9
|
|
|
$
|
214.2
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
89.1
|
|
|
|
81.9
|
|
Deferred income taxes
and investment tax credits
|
|
|
45.5
|
|
|
|
(15.2)
|
|
Changes in assets and
liabilities
|
|
|
(57.6)
|
|
|
|
(12.8)
|
|
Other
|
|
|
(1.4)
|
|
|
|
41.5
|
|
Net cash provided by
operating activities
|
|
|
297.5
|
|
|
|
309.6
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(376.8)
|
|
|
|
(215.8)
|
|
Business
acquisitions
|
|
|
(7.9)
|
|
|
|
(17.1)
|
|
Other
|
|
|
(1.9)
|
|
|
|
(0.4)
|
|
Net cash used in
investing activities
|
|
|
(386.6)
|
|
|
|
(233.3)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
190.0
|
|
|
|
75.0
|
|
Repayment of long-term
debt
|
|
|
(9.1)
|
|
|
|
—
|
|
Repayment of
short-term debt, net
|
|
|
(41.6)
|
|
|
|
(85.6)
|
|
Issuance of common
stock
|
|
|
1.0
|
|
|
|
0.8
|
|
Dividends
paid
|
|
|
(58.8)
|
|
|
|
(53.0)
|
|
Other
|
|
|
(2.7)
|
|
|
|
(3.1)
|
|
Net cash provided by
(used in) financing activities
|
|
|
78.8
|
|
|
|
(65.9)
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents, and Restricted Cash
|
|
|
(10.3)
|
|
|
|
10.4
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Period
|
|
|
21.4
|
|
|
|
7.4
|
|
Cash and Cash
Equivalents at End of Period
|
|
$
|
11.1
|
|
|
$
|
17.8
|
|
Net Economic Earnings
and Reconciliation to GAAP
|
|
(In
Millions, except per share amounts)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Total
|
|
|
Per
Diluted
Share (2)
|
|
Three Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
146.7
|
|
|
$
|
12.9
|
|
|
$
|
(5.0)
|
|
|
$
|
154.6
|
|
|
$
|
3.04
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on energy-related derivatives
|
|
|
—
|
|
|
|
(9.1)
|
|
|
|
—
|
|
|
|
(9.1)
|
|
|
|
(0.18)
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
2.4
|
|
|
|
—
|
|
|
|
2.4
|
|
|
|
0.04
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
146.7
|
|
|
$
|
6.2
|
|
|
$
|
(5.0)
|
|
|
$
|
147.9
|
|
|
$
|
2.90
|
|
Diluted
EPS [GAAP]
|
|
$
|
2.88
|
|
|
$
|
0.26
|
|
|
$
|
(0.10)
|
|
|
$
|
3.04
|
|
|
|
|
|
Net
Economic EPS [Non-GAAP] (2)
|
|
$
|
2.88
|
|
|
$
|
0.12
|
|
|
$
|
(0.10)
|
|
|
$
|
2.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
102.5
|
|
|
$
|
0.3
|
|
|
$
|
(4.6)
|
|
|
$
|
98.2
|
|
|
$
|
2.03
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri
regulatory adjustments
|
|
|
30.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.6
|
|
|
|
0.63
|
|
Unrealized loss on energy-related derivatives
|
|
|
—
|
|
|
|
11.8
|
|
|
|
—
|
|
|
|
11.8
|
|
|
|
0.24
|
|
Realized
gain on economic hedges prior to the sale of the physical
commodity
|
|
|
—
|
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
(0.2)
|
|
|
|
(0.01)
|
|
Acquisition, divestiture and restructuring activities
|
|
|
0.2
|
|
|
|
—
|
|
|
|
1.8
|
|
|
|
2.0
|
|
|
|
0.04
|
|
Income tax effect of
adjustments (1)
|
|
|
(7.6)
|
|
|
|
(3.0)
|
|
|
|
(0.5)
|
|
|
|
(11.1)
|
|
|
|
(0.22)
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
|
6.0
|
|
|
|
1.3
|
|
|
|
(1.4)
|
|
|
|
5.9
|
|
|
|
0.12
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
131.7
|
|
|
$
|
10.2
|
|
|
$
|
(4.7)
|
|
|
$
|
137.2
|
|
|
$
|
2.83
|
|
Diluted
EPS [GAAP]
|
|
$
|
2.12
|
|
|
$
|
0.01
|
|
|
$
|
(0.10)
|
|
|
$
|
2.03
|
|
|
|
|
|
Net
Economic EPS [Non-GAAP] (2)
|
|
$
|
2.72
|
|
|
$
|
0.21
|
|
|
$
|
(0.10)
|
|
|
$
|
2.83
|
|
|
|
|
|
|
(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 and then adding any estimated effects of enacted
state or local income tax laws for periods before the related
effective date.
|
|
(2) Net economic
earnings per share is calculated by replacing consolidated net
income with consolidated net economic earnings in the GAAP diluted
EPS calculation.
|
|
Note: EPS amounts by
segment represent contributions to Spire's consolidated
EPS.
|
(In
Millions, except per share amounts)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Total
|
|
|
Per
Diluted
Share (2)
|
|
Six Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
213.1
|
|
|
$
|
22.9
|
|
|
$
|
(14.1)
|
|
|
$
|
221.9
|
|
|
$
|
4.36
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on energy-related derivatives
|
|
|
—
|
|
|
|
(11.3)
|
|
|
|
—
|
|
|
|
(11.3)
|
|
|
|
(0.22)
|
|
Acquisition, divestiture and restructuring activities
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.01
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
2.9
|
|
|
|
(0.1)
|
|
|
|
2.8
|
|
|
|
0.05
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
213.1
|
|
|
$
|
14.5
|
|
|
$
|
(13.8)
|
|
|
$
|
213.8
|
|
|
$
|
4.20
|
|
Diluted
EPS [GAAP]
|
|
$
|
4.19
|
|
|
$
|
0.45
|
|
|
$
|
(0.28)
|
|
|
$
|
4.36
|
|
|
|
|
|
Net
Economic EPS [Non-GAAP] (2)
|
|
$
|
4.19
|
|
|
$
|
0.28
|
|
|
$
|
(0.27)
|
|
|
$
|
4.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
[GAAP]
|
|
$
|
147.7
|
|
|
$
|
3.8
|
|
|
$
|
62.7
|
|
|
$
|
214.2
|
|
|
$
|
4.42
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri
regulatory adjustments
|
|
|
30.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.6
|
|
|
|
0.63
|
|
Unrealized loss on energy-related derivatives
|
|
|
—
|
|
|
|
12.6
|
|
|
|
—
|
|
|
|
12.6
|
|
|
|
0.26
|
|
Realized
gain on economic hedges prior to the sale of the physical
commodity
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(0.01)
|
|
Acquisition, divestiture and restructuring activities
|
|
|
0.2
|
|
|
|
—
|
|
|
|
3.5
|
|
|
|
3.7
|
|
|
|
0.08
|
|
Income tax effect of
adjustments (1)
|
|
|
(7.6)
|
|
|
|
(3.2)
|
|
|
|
(0.9)
|
|
|
|
(11.7)
|
|
|
|
(0.24)
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
|
20.3
|
|
|
|
0.9
|
|
|
|
(75.2)
|
|
|
|
(54.0)
|
|
|
|
(1.12)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
191.2
|
|
|
$
|
13.8
|
|
|
$
|
(9.9)
|
|
|
$
|
195.1
|
|
|
$
|
4.02
|
|
Diluted
EPS [GAAP]
|
|
$
|
3.05
|
|
|
$
|
0.08
|
|
|
$
|
1.29
|
|
|
$
|
4.42
|
|
|
|
|
|
Net
Economic EPS [Non-GAAP] (2)
|
|
$
|
3.94
|
|
|
$
|
0.29
|
|
|
$
|
(0.21)
|
|
|
$
|
4.02
|
|
|
|
|
|
|
(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 and then adding any estimated effects of enacted
state or local income tax laws for periods before the related
effective date.
|
|
(2) Net economic
earnings per share is calculated by replacing consolidated net
income with consolidated net economic earnings in the GAAP diluted
EPS calculation.
|
|
Note: EPS amounts by
segment represent contributions to Spire's consolidated
EPS.
|
Contribution Margin
and Reconciliation to GAAP
|
|
(In
Millions)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Three Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
196.3
|
|
|
$
|
16.8
|
|
|
$
|
(3.6)
|
|
|
$
|
—
|
|
|
$
|
209.5
|
|
Operation and
maintenance expenses
|
|
|
112.0
|
|
|
|
2.7
|
|
|
|
6.5
|
|
|
|
(2.9)
|
|
|
|
118.3
|
|
Depreciation and
amortization
|
|
|
44.4
|
|
|
|
—
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
44.9
|
|
Taxes, other than
income taxes
|
|
|
57.4
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
58.1
|
|
Less: Gross receipts
tax expense
|
|
|
(43.4)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(43.5)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
366.7
|
|
|
|
19.7
|
|
|
|
3.8
|
|
|
|
(2.9)
|
|
|
|
387.3
|
|
Natural and propane
gas costs
|
|
|
366.7
|
|
|
|
5.7
|
|
|
|
0.5
|
|
|
|
(0.2)
|
|
|
|
372.7
|
|
Gross receipts tax
expense
|
|
|
43.4
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43.5
|
|
Operating
Revenues
|
|
$
|
776.8
|
|
|
$
|
25.5
|
|
|
$
|
4.3
|
|
|
$
|
(3.1)
|
|
|
$
|
803.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
151.0
|
|
|
$
|
1.1
|
|
|
$
|
(2.0)
|
|
|
$
|
—
|
|
|
$
|
150.1
|
|
Operation and
maintenance expenses
|
|
|
137.5
|
|
|
|
1.5
|
|
|
|
5.8
|
|
|
|
(2.6)
|
|
|
|
142.2
|
|
Depreciation and
amortization
|
|
|
41.1
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
41.5
|
|
Taxes, other than
income taxes
|
|
|
58.0
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
58.2
|
|
Less: Gross receipts
tax expense
|
|
|
(43.5)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(43.6)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
344.1
|
|
|
|
2.6
|
|
|
|
4.3
|
|
|
|
(2.6)
|
|
|
|
348.4
|
|
Natural and propane
gas costs
|
|
|
403.2
|
|
|
|
18.6
|
|
|
|
0.1
|
|
|
|
(0.5)
|
|
|
|
421.4
|
|
Gross receipts tax
expense
|
|
|
43.5
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43.6
|
|
Operating
Revenues
|
|
$
|
790.8
|
|
|
$
|
21.3
|
|
|
$
|
4.4
|
|
|
$
|
(3.1)
|
|
|
$
|
813.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
291.9
|
|
|
$
|
29.3
|
|
|
$
|
(6.6)
|
|
|
$
|
—
|
|
|
$
|
314.6
|
|
Operation and
maintenance expenses
|
|
|
216.9
|
|
|
|
5.3
|
|
|
|
13.9
|
|
|
|
(5.6)
|
|
|
|
230.5
|
|
Depreciation and
amortization
|
|
|
88.1
|
|
|
|
—
|
|
|
|
1.0
|
|
|
|
—
|
|
|
|
89.1
|
|
Taxes, other than
income taxes
|
|
|
96.6
|
|
|
|
0.5
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
97.9
|
|
Less: Gross receipts
tax expense
|
|
|
(69.3)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(69.4)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
624.2
|
|
|
|
35.0
|
|
|
|
9.1
|
|
|
|
(5.6)
|
|
|
|
662.7
|
|
Natural and propane
gas costs
|
|
|
658.5
|
|
|
|
16.2
|
|
|
|
0.6
|
|
|
|
(1.9)
|
|
|
|
673.4
|
|
Gross receipts tax
expense
|
|
|
69.3
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
69.4
|
|
Operating
Revenues
|
|
$
|
1,352.0
|
|
|
$
|
51.3
|
|
|
$
|
9.7
|
|
|
$
|
(7.5)
|
|
|
$
|
1,405.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
251.7
|
|
|
$
|
6.1
|
|
|
$
|
(3.7)
|
|
|
$
|
—
|
|
|
$
|
254.1
|
|
Operation and
maintenance expenses
|
|
|
238.4
|
|
|
|
3.1
|
|
|
|
10.1
|
|
|
|
(4.9)
|
|
|
|
246.7
|
|
Depreciation and
amortization
|
|
|
81.4
|
|
|
|
—
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
81.9
|
|
Taxes, other than
income taxes
|
|
|
94.7
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
94.9
|
|
Less: Gross receipts
tax expense
|
|
|
(66.6)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(66.7)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
599.6
|
|
|
|
9.2
|
|
|
|
7.0
|
|
|
|
(4.9)
|
|
|
|
610.9
|
|
Natural and propane
gas costs
|
|
|
666.6
|
|
|
|
31.6
|
|
|
|
0.2
|
|
|
|
(0.8)
|
|
|
|
697.6
|
|
Gross receipts tax
expense
|
|
|
66.6
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
66.7
|
|
Operating
Revenues
|
|
$
|
1,332.8
|
|
|
$
|
40.9
|
|
|
$
|
7.2
|
|
|
$
|
(5.7)
|
|
|
$
|
1,375.2
|
|
Investor Contact:
Scott W. Dudley Jr.
314-342-0878
Scott.Dudley@SpireEnergy.com
Media Contact:
Jessica B. Willingham
314-342-3300
Jessica.Willingham@SpireEnergy.com
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SOURCE Spire Inc.