ST. LOUIS, Aug. 5, 2020 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal third quarter
ended June 30, 2020. Highlights
include:
- Net loss of $92.3 million, or
$1.87 per diluted share, reflecting
non-cash, pre-tax impairment charges of $148.6 million, compared to a prior year loss of
$3.0 million, or $0.09 per share
- Net economic earnings (NEE)* of $7.3
million compared to $5.0
million a year ago; NEE per share of $0.07 for both periods
- FY20 NEE expected to be $3.70 -
$3.75 per share; long-term NEE per
share growth targeted at 4-7%
"Amid the coronavirus, the resulting economic slowdown and
social unrest across our country, we've remained focused on safely
and reliably serving our customers. We're committed to providing
the energy people need to fuel their daily lives while also
stepping up to support people and communities in new ways," said
Suzanne Sitherwood, president and
chief executive officer of Spire. "During the quarter, decisions in
two key areas stand out as we move the company forward. We made
significant progress in resolving several open items regarding the
regulatory recovery of our pipeline upgrade investments in
Missouri. We also made important
decisions regarding our development plan and related investment in
Spire Storage, determining that a longer time horizon will be
required for optimizing and positioning the business to serve its
target markets. Overall, our third quarter results were driven by
our gas utilities as we continued our initiatives to upgrade our
infrastructure and enhance our operating efficiency and service
levels. We look forward to further delivering value for our
customers, communities and shareholders."
Third Quarter
Results
|
|
Three Months Ended
June 30,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
8.4
|
|
|
$
|
7.6
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
0.1
|
|
|
|
3.3
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(1.2)
|
|
|
|
(5.9)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
7.3
|
|
|
$
|
5.0
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
Impairments,
pre-tax
|
|
|
(148.6)
|
|
|
|
—
|
|
|
|
(2.89)
|
|
|
|
—
|
|
Other net economic
earnings adjustments, pre-tax
|
|
|
23.3
|
|
|
|
(10.7)
|
|
|
|
0.45
|
|
|
|
(0.21)
|
|
Income tax effect of
pre-tax adjustments
|
|
|
25.7
|
|
|
|
2.7
|
|
|
|
0.50
|
|
|
|
0.05
|
|
Net
Income
|
|
$
|
(92.3)
|
|
|
$
|
(3.0)
|
|
|
$
|
(1.87)
|
|
|
$
|
(0.09)
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
51.2
|
|
|
|
50.7
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
Consolidated net loss for the three months ended June 30, 2020, the third quarter of our fiscal
year, was $92.3 million, or
$1.87 per diluted share, compared to
a loss of $3.0 million, or
$0.09 per share a year ago. The
current year period includes non-cash, pre-tax impairment charges
totaling $148.6 million ($117.3 million after tax) that relate principally
to a write-down of our Spire Storage asset value as previously
announced. See additional information in the Other section
detailing quarterly results later in this news release.
For the third quarter of fiscal 2020, NEE was $7.3 million ($0.07
per share), compared to $5.0 million
($0.07 per share) last year. The
increase in earnings reflects improved contribution from Gas
Utility and Other operations partially offset by lower results from
Gas Marketing. Per share results reflect the impacts of preferred
and common stock issued over the last twelve months.
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 impairments and certain
regulatory, legislative, or GAAP standard-setting actions. For the
fiscal 2020 periods presented, adjustments for Missouri
Infrastructure System Replacement Surcharge (ISRS) revenues reflect
the regulatory settlement reached in the third quarter regarding
the 2016-2018 ISRS cases that will result in a $15.0 million one-time bill credit to Spire
Missouri customers. See additional information under Regulatory
Matters later in this news release.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. Third quarter NEE was $8.4 million, up from $7.6
million in the prior year. The segment benefited from higher
ISRS revenues and customer growth, combined with lower operation
and maintenance (O&M) expenses, slightly offset by higher
depreciation and marginally unfavorable regulatory adjustments in
Alabama.
Contribution margin increased $2.9
million, reflecting higher ISRS of $7.3 million, partially offset by COVID-19
impacts of $2.5 million due to lower
late payment fees and volumes net of fixed charges.
O&M expenses of $112.5 million
for the quarter were up $1.3 million
from last year reflecting a $9.5
million quarter-over-quarter increase in benefit costs in
O&M primarily due to non-service pension costs recorded in
Other Income (Expense). Excluding this adjustment, which had no
bottom-line impact, O&M expenses were down $8.2 million. The decrease was driven by lower
employee-related costs offset by COVID-19 related expense totaling
$3.4 million including higher bad
debt expenses. Depreciation and amortization expenses increased
$2.7 million from last year,
reflecting incremental capital investment across all our utilities
over the past year. Taxes other than income taxes increased
$2.0 million, reflecting primarily
higher volume-driven gross receipts taxes.
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. Third quarter NEE was $0.1
million, down from $3.3
million in the prior year, as higher volumes associated with
the segment's business expansion were more than offset by the costs
of incremental storage capacity, transportation fees, and less
favorable market conditions.
Other
Other operations and corporate costs on a NEE basis were
$1.2 million in the third quarter of
fiscal 2020, a $4.7 million
improvement over the prior year, due to higher earnings from Spire
STL Pipeline, which began commercial operations late in calendar
2019, and a smaller loss from Spire Storage. These benefits were
only partially offset by slightly higher interest expense and other
corporate costs. On an adjusted EBITDA basis, Spire Storage
incurred a loss of $0.9 million
in the current quarter compared to a loss of $4.4 million a year ago.
The third quarter of fiscal 2020 includes a non-cash, pre-tax
impairment charge of $140.8 million
related to Spire Storage, reflecting a write-down of the value of
storage assets as a result of a longer time horizon required to
optimize and position it to serve western U.S. energy markets that
continue to evolve. We remain committed to serving our customers
through the ongoing development and operation of the facility,
which is expected to include $20
million in capital investment over the next two years to
enhance the facility's capabilities. We expect to file a Section
7(c) application with the Federal Energy Regulatory Commission by
early fiscal 2021, outlining a specific path for future
development.
Third quarter results also include an impairment charge of
$7.8 million related to two
commercial compressed natural gas fueling stations.
Year-to-Date
Results
|
|
Nine Months Ended
June 30,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
221.8
|
|
|
$
|
220.7
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
11.3
|
|
|
|
17.8
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(10.0)
|
|
|
|
(19.7)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
223.1
|
|
|
$
|
218.8
|
|
|
$
|
4.14
|
|
|
$
|
4.27
|
|
Impairments,
pre-tax
|
|
|
(148.6)
|
|
|
|
—
|
|
|
|
(2.90)
|
|
|
|
—
|
|
Other net economic
earnings adjustments, pre-tax
|
|
|
3.2
|
|
|
|
0.2
|
|
|
|
0.06
|
|
|
|
—
|
|
Income tax effect of
pre-tax adjustments
|
|
|
30.6
|
|
|
|
(0.1)
|
|
|
|
0.60
|
|
|
|
—
|
|
Net
Income
|
|
$
|
108.3
|
|
|
$
|
218.9
|
|
|
$
|
1.90
|
|
|
$
|
4.27
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
51.2
|
|
|
|
50.8
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
For the first nine months of fiscal 2020, consolidated net
income was $108.3 million
($1.90 per diluted share) compared to
$218.9 million ($4.27 per share) in the prior-year period. The
decrease reflects the impairment charges recorded in the third
quarter.
NEE for the nine months ended June 30,
2020, was $223.1 million
($4.14 per share), compared to
$218.8 million ($4.27 per share) a year ago. This increase
reflects improved performance at Gas Utility, Spire STL Pipeline
and Spire Storage, partially offset by lower Gas Marketing
earnings. We estimate that the impact of COVID-19 across our
businesses in our current year-to-date pre-tax operating results
was approximately $7.6 million,
principally in lower demand and fees, and higher costs for bad
debts. The lower NEE per share reflects the impact of preferred and
common stock issued over the last twelve months.
Gas Utility
For the first nine months of fiscal 2020, the Gas Utility
segment reported NEE of $221.8
million, up slightly from $220.7
million a year ago. This increase reflects a higher
contribution margin, and slightly lower O&M expenses, after
adjusting for the pension transfer reflected in Other Income
(Expense), partially offset by higher depreciation and amortization
expense.
Year-to-date segment contribution margin increased by
$13.1 million, reflecting an increase
of $13.0 million in ISRS
revenues (net of the true-up of the provisions for ISRS rulings),
customer growth, and $4.3 million
favorable rate adjustments under the RSE mechanism at Spire
Alabama. These positive factors were partially offset by lower
volumetric margins across Spire Alabama and Spire Missouri (net of
weather mitigation).
O&M expenses decreased by $11.6
million compared to the prior-year period, reflecting the
pension adjustment described earlier. Excluding this adjustment,
O&M expenses decreased by $2.6
million due to lower operation and employee-related costs.
Depreciation and amortization expense rose by $8.0 million due to incremental capital
investment across our utilities over the past year.
Gas Marketing
NEE, which excludes mark-to-market and fair value adjustments,
was $11.3 million for the nine months
ended June 30, 2020, down from
$17.8 million in the prior-year
period. The benefit of higher volumes from business expansion were
more than offset by the costs of incremental storage capacity,
transportation fees, and less favorable market conditions.
Other
On a NEE basis, year-to-date results for other operations and
corporate costs were $10.0 million, a
$9.7 million improvement over
the prior-year period. The improvement was driven by an increase in
earnings from Spire STL Pipeline and a smaller loss from Spire
Storage. On an adjusted EBITDA basis, Spire Storage incurred a loss
of $3.7 million in the current
period, down from $11.7 million a
year ago.
Regulatory Matters
Missouri
In early 2020, legislation was introduced in both the Missouri
House and Senate to clarify language in the statute governing the
ISRS mechanism. Specifically, the legislation sought to ensure we
can continue to upgrade our infrastructure, enhance its safety and
reliability, and secure timely recovery of costs incurred. The
legislation, which was passed on May 15,
2020, signed by the governor on July
2, and becomes effective on August
28, clarifies infrastructure investments that qualify for
ISRS recovery.
As previously reported, the Missouri Western District Court of
Appeals issued rulings determining that certain Spire Missouri
expenditures for infrastructure upgrades in 2016 through 2018 were
not eligible for recovery under ISRS and remanded the cases back to
the Missouri Public Service Commission (MoPSC).
In the third quarter of fiscal 2020, Spire Missouri reached a
settlement with the MoPSC staff and the Office of Public Counsel
resolving these cases that was subsequently approved by the MoPSC.
Under the settlement, Spire Missouri will make a one-time bill
credit of $15.0 million to Spire
Missouri customers in August 2020.
This settlement was applied to the $12.2
million provision accrued in fiscal 2019, with the remaining
$2.8 million impacting fiscal 2020
results and the true up reflected in this year's third quarter.
ISRS rates going forward remain unchanged as a result of the
settlement. Our current approved annual run rate for ISRS revenues
is $40.3 million, including the
latest approved increase effective May 25,
2020 for $11.1 million
annualized.
Guidance and Outlook
We expect NEE per share for fiscal 2020 to be $3.70 - $3.75. This
earnings guidance reflects year-to-date results and greater clarity
regarding ISRS and the expected impacts of COVID-19. Specifically,
we expect coronavirus impacts to be approximately $0.09 per share, driven by lower commercial
demand and fees, as well as higher bad debt costs. The impact of
the ISRS refund on NEE is $0.04 per
share in fiscal 2020.
We affirm our annual long-term NEE per share growth target of
4-7%, based on growth in our utility rate base of 7-8%. We
have also updated our fiscal 2020 capital investment forecast to
$650 million.
Balance Sheets and Cash Flow
We maintain a balanced capital structure with ample liquidity.
At June 30, 2020, our adjusted
long-term capitalization was 48.4 percent equity, compared to 51.9
percent equity at September 30, 2019,
our last fiscal year-end. The decrease in our equity ratio is due
to the completion of $410 million in
net debt financings during the first quarter of fiscal 2020 and the
impairment charges.
Short-term borrowings outstanding at June
30, 2020, were $477.6 million, down from $743.2 million at September 30, 2019, reflecting stronger cash flow
and the use of the long-term debt financing to pay down short-term
borrowings. Our working capital needs are seasonal in nature and
typically peak during the winter. We retain significant capacity in
our revolving credit facility and related commercial paper program
to meet our liquidity needs. Spire had nearly $650 million of available liquidity at quarter
end.
Net cash provided by operating activities was $453.8 million for the nine months ended
June 30, 2020, up from $440.6 million for same period in fiscal 2019.
The increase was largely driven by fluctuations in working capital
balances.
Capital expenditures for the first nine months of fiscal 2020
were $475.7 million, down from
$608.5 million in the prior
year, reflecting principally a decrease in investment in Spire STL
Pipeline which was placed into service in late 2019.
For additional details on Spire's results for the third quarter
and first nine months of fiscal 2020, please see the accompanying
unaudited Condensed Consolidated Statements of Income, unaudited
Condensed Consolidated Balance Sheets, and unaudited Condensed
Consolidated Statements of Cash Flows.
Dividends
The Spire board of directors has declared a quarterly common
stock dividend of $0.6225 per share,
payable October 2, 2020, to
shareholders of record on September 11,
2020. We have continuously paid a cash common stock dividend
since 1946, with 2020 marking the 17th consecutive year of
increasing dividends on an annualized basis.
The board also declared the regular quarterly dividend of
$0.36875 per depositary share on
Spire's 5.90 percent Series A Cumulative Redeemable Preferred
Stock payable November 16, 2020, to
holders of record on October 26,
2020.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2020 third 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, August 5
|
|
|
11 a.m. CT (Noon
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 1 p.m. CT (2 p.m.
ET) on August 5 until
September 5, 2020 by dialing
877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The
replay access code is 10145812.
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 1.8 million homes and
businesses 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 through growing
organically, investing in infrastructure, and advancing through
innovation. 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, the COVID-19
health crisis, 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 also includes the non-GAAP financial measures
of "net economic earnings," "net economic earnings per share,"
"adjusted long-term capitalization," "contribution margin," and
"adjusted EBITDA." Management uses these non-GAAP measures
internally when evaluating the Company's performance and results of
operations. Net economic earnings exclude from net income the
after-tax 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. For the fiscal 2020 periods presented,
adjustments for Missouri Infrastructure System Replacement
Surcharge revenues reflect the regulatory settlement reached in the
third quarter of fiscal 2020, such that the related GAAP provisions
for customer credit for fiscal 2020 to date is reflected in net
economic earnings. 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 is defined as operating revenues less natural
and propane gas costs and gross receipts taxes expense, which are
directly passed on to customers and collected through revenues.
Adjusted long-term capitalization treats preferred stock as 50%
debt and 50% equity, as rating agencies would treat preferred
stock. Adjusted EBITDA is earnings before impairments, interest,
income taxes, depreciation and amortization. Management believes
adjusted EBITDA provides a helpful additional measure of core
results of Spire Storage. 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
June
30,
|
|
|
Nine Months
Ended
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Operating
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
305.7
|
|
|
$
|
301.4
|
|
|
$
|
1,515.4
|
|
|
$
|
1,651.9
|
|
Gas Marketing and
other
|
|
|
15.4
|
|
|
|
19.9
|
|
|
|
88.1
|
|
|
|
74.9
|
|
Total Operating
Revenues
|
|
|
321.1
|
|
|
|
321.3
|
|
|
|
1,603.5
|
|
|
|
1,726.8
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural and propane
gas
|
|
|
70.7
|
|
|
|
75.5
|
|
|
|
534.3
|
|
|
|
664.6
|
|
Operation and
maintenance
|
|
|
112.5
|
|
|
|
111.2
|
|
|
|
311.6
|
|
|
|
323.2
|
|
Depreciation and
amortization
|
|
|
47.8
|
|
|
|
45.1
|
|
|
|
141.2
|
|
|
|
133.2
|
|
Taxes, other than
income taxes
|
|
|
31.7
|
|
|
|
29.7
|
|
|
|
121.3
|
|
|
|
126.3
|
|
Total Gas Utility
Operating Expenses
|
|
|
262.7
|
|
|
|
261.5
|
|
|
|
1,108.4
|
|
|
|
1,247.3
|
|
Impairments
|
|
|
148.6
|
|
|
|
—
|
|
|
|
148.6
|
|
|
|
—
|
|
Gas Marketing and
other
|
|
|
16.3
|
|
|
|
46.5
|
|
|
|
140.2
|
|
|
|
151.6
|
|
Total Operating
Expenses
|
|
|
427.6
|
|
|
|
308.0
|
|
|
|
1,397.2
|
|
|
|
1,398.9
|
|
Operating (Loss)
Income
|
|
|
(106.5)
|
|
|
|
13.3
|
|
|
|
206.3
|
|
|
|
327.9
|
|
Interest Expense,
Net
|
|
|
26.4
|
|
|
|
25.6
|
|
|
|
80.3
|
|
|
|
79.1
|
|
Other Income
(Expense), Net
|
|
|
13.0
|
|
|
|
6.4
|
|
|
|
(0.8)
|
|
|
|
15.3
|
|
(Loss) Income Before
Income Taxes
|
|
|
(119.9)
|
|
|
|
(5.9)
|
|
|
|
125.2
|
|
|
|
264.1
|
|
Income Tax (Benefit)
Expense
|
|
|
(27.6)
|
|
|
|
(2.9)
|
|
|
|
16.9
|
|
|
|
45.2
|
|
Net (Loss)
Income
|
|
|
(92.3)
|
|
|
|
(3.0)
|
|
|
|
108.3
|
|
|
|
218.9
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
1.6
|
|
|
|
11.1
|
|
|
|
1.6
|
|
(Loss) Income
allocated to participating securities
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
0.5
|
|
Net (Loss) Income
Available to Common Shareholders
|
|
$
|
(95.9)
|
|
|
$
|
(4.6)
|
|
|
$
|
97.0
|
|
|
$
|
216.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
51.2
|
|
|
|
50.7
|
|
|
|
51.1
|
|
|
|
50.6
|
|
Diluted
|
|
|
51.2
|
|
|
|
50.7
|
|
|
|
51.2
|
|
|
|
50.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (Loss) Earnings
Per Common Share
|
|
$
|
(1.87)
|
|
|
$
|
(0.09)
|
|
|
$
|
1.90
|
|
|
$
|
4.28
|
|
Diluted (Loss)
Earnings Per Common Share
|
|
$
|
(1.87)
|
|
|
$
|
(0.09)
|
|
|
$
|
1.90
|
|
|
$
|
4.27
|
|
Dividends Declared
Per Common Share
|
|
$
|
0.6225
|
|
|
$
|
0.5925
|
|
|
$
|
1.8675
|
|
|
$
|
1.7775
|
|
Condensed Consolidated Balance Sheets – Unaudited
(In
Millions)
|
|
June
30,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
6,472.2
|
|
|
$
|
6,146.5
|
|
|
$
|
5,990.6
|
|
Less:
Accumulated depreciation and amortization
|
|
|
1,882.1
|
|
|
|
1,794.5
|
|
|
|
1,770.4
|
|
Net Utility
Plant
|
|
|
4,590.1
|
|
|
|
4,352.0
|
|
|
|
4,220.2
|
|
Non-utility
Property
|
|
|
420.1
|
|
|
|
477.8
|
|
|
|
416.6
|
|
Other
Investments
|
|
|
70.6
|
|
|
|
72.3
|
|
|
|
74.8
|
|
Total Other Property
and Investments
|
|
|
490.7
|
|
|
|
550.1
|
|
|
|
491.4
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
7.4
|
|
|
|
5.8
|
|
|
|
5.8
|
|
Accounts receivable,
net
|
|
|
248.1
|
|
|
|
289.6
|
|
|
|
336.7
|
|
Inventories
|
|
|
148.6
|
|
|
|
196.6
|
|
|
|
158.2
|
|
Other
|
|
|
155.2
|
|
|
|
122.5
|
|
|
|
149.1
|
|
Total Current
Assets
|
|
|
559.3
|
|
|
|
614.5
|
|
|
|
649.8
|
|
Deferred Charges and
Other Assets
|
|
|
2,182.5
|
|
|
|
2,102.6
|
|
|
|
1,970.6
|
|
Total
Assets
|
|
$
|
7,822.6
|
|
|
$
|
7,619.2
|
|
|
$
|
7,332.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
Common stock and
paid-in capital
|
|
|
1,591.4
|
|
|
|
1,556.8
|
|
|
|
1,543.5
|
|
Retained
earnings
|
|
|
774.6
|
|
|
|
775.5
|
|
|
|
844.3
|
|
Accumulated other
comprehensive loss
|
|
|
(49.6)
|
|
|
|
(31.3)
|
|
|
|
(17.2)
|
|
Total Shareholders'
Equity
|
|
|
2,558.4
|
|
|
|
2,543.0
|
|
|
|
2,612.6
|
|
Temporary
equity
|
|
|
4.1
|
|
|
|
3.4
|
|
|
|
—
|
|
Long-term debt (less
current portion)
|
|
|
2,478.3
|
|
|
|
2,082.6
|
|
|
|
2,042.3
|
|
Total
Capitalization
|
|
|
5,040.8
|
|
|
|
4,629.0
|
|
|
|
4,654.9
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
5.4
|
|
|
|
40.0
|
|
|
|
165.0
|
|
Notes
payable
|
|
|
477.6
|
|
|
|
743.2
|
|
|
|
434.0
|
|
Accounts
payable
|
|
|
200.8
|
|
|
|
301.5
|
|
|
|
297.6
|
|
Accrued liabilities
and other
|
|
|
424.0
|
|
|
|
384.1
|
|
|
|
323.0
|
|
Total Current
Liabilities
|
|
|
1,107.8
|
|
|
|
1,468.8
|
|
|
|
1,219.6
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
479.7
|
|
|
|
451.4
|
|
|
|
490.4
|
|
Pension and
postretirement benefit costs
|
|
|
271.9
|
|
|
|
264.8
|
|
|
|
172.1
|
|
Asset retirement
obligations
|
|
|
348.2
|
|
|
|
337.6
|
|
|
|
328.9
|
|
Regulatory
liabilities
|
|
|
449.6
|
|
|
|
399.0
|
|
|
|
396.3
|
|
Other
|
|
|
124.6
|
|
|
|
68.6
|
|
|
|
69.8
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,674.0
|
|
|
|
1,521.4
|
|
|
|
1,457.5
|
|
Total Capitalization
and Liabilities
|
|
$
|
7,822.6
|
|
|
$
|
7,619.2
|
|
|
$
|
7,332.0
|
|
Condensed Consolidated Statements of Cash Flows – Unaudited
(In
Millions)
|
|
Nine Months
Ended
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
108.3
|
|
|
$
|
218.9
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
146.8
|
|
|
|
134.9
|
|
Deferred income taxes
and investment tax credits
|
|
|
17.0
|
|
|
|
42.6
|
|
Impairments
|
|
|
148.6
|
|
|
|
—
|
|
Changes in assets and
liabilities
|
|
|
28.0
|
|
|
|
46.1
|
|
Other
|
|
|
5.1
|
|
|
|
(1.9)
|
|
Net cash provided by
operating activities
|
|
|
453.8
|
|
|
|
440.6
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(475.7)
|
|
|
|
(608.5)
|
|
Business
acquisitions
|
|
|
—
|
|
|
|
(7.9)
|
|
Other
|
|
|
5.6
|
|
|
|
(7.1)
|
|
Net cash used in
investing activities
|
|
|
(470.1)
|
|
|
|
(623.5)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of preferred
stock
|
|
|
—
|
|
|
|
242.0
|
|
Issuance of long-term
debt
|
|
|
510.0
|
|
|
|
190.0
|
|
Repayment of long-term
debt
|
|
|
(147.0)
|
|
|
|
(59.1)
|
|
Repayment of
short-term debt, net
|
|
|
(265.6)
|
|
|
|
(119.6)
|
|
Issuance of common
stock
|
|
|
33.2
|
|
|
|
5.7
|
|
Dividends paid on
common stock
|
|
|
(95.7)
|
|
|
|
(88.9)
|
|
Dividends paid on
preferred stock
|
|
|
(11.1)
|
|
|
|
—
|
|
Other
|
|
|
(5.9)
|
|
|
|
(2.8)
|
|
Net cash provided by
financing activities
|
|
|
17.9
|
|
|
|
167.3
|
|
|
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents, and Restricted
Cash
|
|
|
1.6
|
|
|
|
(15.6)
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Period
|
|
|
5.8
|
|
|
|
21.4
|
|
Cash, Cash
Equivalents, and Restricted Cash at End of Period
|
|
$
|
7.4
|
|
|
$
|
5.8
|
|
Net Economic Earnings and Reconciliation to GAAP
(In
Millions, except per share amounts)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Total
|
|
|
Per
Diluted
Common
Share (2)
|
|
Three Months Ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
12.6
|
|
|
$
|
13.6
|
|
|
$
|
(118.5)
|
|
|
$
|
(92.3)
|
|
|
$
|
(1.87)
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
|
—
|
|
|
|
—
|
|
|
|
148.6
|
|
|
|
148.6
|
|
|
|
2.89
|
|
Provision for ISRS
rulings
|
|
|
(4.8)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4.8)
|
|
|
|
(0.09)
|
|
Unrealized gain on
energy-related derivatives
|
|
|
(0.6)
|
|
|
|
(17.9)
|
|
|
|
—
|
|
|
|
(18.5)
|
|
|
|
(0.36)
|
|
Income tax effect of
adjustments (1)
|
|
|
1.2
|
|
|
|
4.4
|
|
|
|
(31.3)
|
|
|
|
(25.7)
|
|
|
|
(0.50)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
8.4
|
|
|
$
|
0.1
|
|
|
$
|
(1.2)
|
|
|
$
|
7.3
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
7.6
|
|
|
$
|
(4.7)
|
|
|
$
|
(5.9)
|
|
|
$
|
(3.0)
|
|
|
$
|
(0.09)
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on
energy-related derivatives
|
|
|
—
|
|
|
|
8.0
|
|
|
|
—
|
|
|
|
8.0
|
|
|
|
0.16
|
|
Lower of cost or
market inventory adjustments
|
|
|
—
|
|
|
|
2.7
|
|
|
|
—
|
|
|
|
2.7
|
|
|
|
0.05
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
(2.7)
|
|
|
|
—
|
|
|
|
(2.7)
|
|
|
|
(0.05)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
7.6
|
|
|
$
|
3.3
|
|
|
$
|
(5.9)
|
|
|
$
|
5.0
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
222.0
|
|
|
$
|
13.6
|
|
|
$
|
(127.3)
|
|
|
$
|
108.3
|
|
|
$
|
1.90
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
|
—
|
|
|
|
—
|
|
|
|
148.6
|
|
|
|
148.6
|
|
|
|
2.90
|
|
Unrealized gain on
energy-related derivatives
|
|
|
(0.2)
|
|
|
|
(3.0)
|
|
|
|
—
|
|
|
|
(3.2)
|
|
|
|
(0.06)
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
0.7
|
|
|
|
(31.3)
|
|
|
|
(30.6)
|
|
|
|
(0.60)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
221.8
|
|
|
$
|
11.3
|
|
|
$
|
(10.0)
|
|
|
$
|
223.1
|
|
|
$
|
4.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
220.7
|
|
|
$
|
18.2
|
|
|
$
|
(20.0)
|
|
|
$
|
218.9
|
|
|
$
|
4.27
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on
energy-related derivatives
|
|
|
—
|
|
|
|
(3.3)
|
|
|
|
—
|
|
|
|
(3.3)
|
|
|
|
(0.06)
|
|
Lower of cost or
market inventory adjustments
|
|
|
—
|
|
|
|
2.7
|
|
|
|
—
|
|
|
|
2.7
|
|
|
|
0.05
|
|
Acquisition,
divestiture and restructuring activities
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.01
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
0.2
|
|
|
|
(0.1)
|
|
|
|
0.1
|
|
|
|
—
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
220.7
|
|
|
$
|
17.8
|
|
|
$
|
(19.7)
|
|
|
$
|
218.8
|
|
|
$
|
4.27
|
|
|
(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, which includes reductions for cumulative preferred
dividends and participating shares.
|
Contribution Margin and Reconciliation to GAAP
(In
Millions)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Three Months Ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
20.4
|
|
|
$
|
18.2
|
|
|
$
|
(145.1)
|
|
|
$
|
—
|
|
|
$
|
(106.5)
|
|
Operation and
maintenance expenses
|
|
|
115.5
|
|
|
|
2.2
|
|
|
|
10.5
|
|
|
|
(3.3)
|
|
|
|
124.9
|
|
Depreciation and
amortization
|
|
|
47.8
|
|
|
|
0.2
|
|
|
|
2.1
|
|
|
|
—
|
|
|
|
50.1
|
|
Taxes, other than
income taxes
|
|
|
31.7
|
|
|
|
0.2
|
|
|
|
(0.8)
|
|
|
|
—
|
|
|
|
31.1
|
|
Impairments
|
|
|
—
|
|
|
|
—
|
|
|
|
148.6
|
|
|
|
—
|
|
|
|
148.6
|
|
Less: Gross receipts
tax expense
|
|
|
(17.2)
|
|
|
|
(0.1)
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
(17.2)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
198.2
|
|
|
|
20.7
|
|
|
|
15.4
|
|
|
|
(3.3)
|
|
|
|
231.0
|
|
Natural and propane
gas costs
|
|
|
90.6
|
|
|
|
(9.2)
|
|
|
|
0.1
|
|
|
|
(8.6)
|
|
|
|
72.9
|
|
Gross receipts tax
expense
|
|
|
17.2
|
|
|
|
0.1
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
17.2
|
|
Operating
Revenues
|
|
$
|
306.0
|
|
|
$
|
11.6
|
|
|
$
|
15.4
|
|
|
$
|
(11.9)
|
|
|
$
|
321.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
25.3
|
|
|
$
|
(7.0)
|
|
|
$
|
(5.0)
|
|
|
$
|
—
|
|
|
$
|
13.3
|
|
Operation and
maintenance expenses
|
|
|
113.4
|
|
|
|
3.2
|
|
|
|
8.4
|
|
|
|
(2.6)
|
|
|
|
122.4
|
|
Depreciation and
amortization
|
|
|
45.1
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
45.8
|
|
Taxes, other than
income taxes
|
|
|
29.7
|
|
|
|
0.1
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
30.2
|
|
Less: Gross receipts
tax expense
|
|
|
(18.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18.2)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
195.3
|
|
|
|
(3.7)
|
|
|
|
4.5
|
|
|
|
(2.6)
|
|
|
|
193.5
|
|
Natural and propane
gas costs
|
|
|
88.1
|
|
|
|
22.0
|
|
|
|
0.1
|
|
|
|
(0.6)
|
|
|
|
109.6
|
|
Gross receipts tax
expense
|
|
|
18.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18.2
|
|
Operating
Revenues
|
|
$
|
301.6
|
|
|
$
|
18.3
|
|
|
$
|
4.6
|
|
|
$
|
(3.2)
|
|
|
$
|
321.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
329.6
|
|
|
$
|
18.2
|
|
|
$
|
(141.5)
|
|
|
$
|
—
|
|
|
$
|
206.3
|
|
Operation and
maintenance expenses
|
|
|
319.9
|
|
|
|
8.9
|
|
|
|
28.0
|
|
|
|
(9.6)
|
|
|
|
347.2
|
|
Depreciation and
amortization
|
|
|
141.2
|
|
|
|
0.3
|
|
|
|
5.3
|
|
|
|
—
|
|
|
|
146.8
|
|
Taxes, other than
income taxes
|
|
|
121.3
|
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
122.7
|
|
Impairments
|
|
|
—
|
|
|
|
—
|
|
|
|
148.6
|
|
|
|
—
|
|
|
|
148.6
|
|
Less: Gross receipts
tax expense
|
|
|
(79.4)
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(79.7)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
832.6
|
|
|
|
28.0
|
|
|
|
40.9
|
|
|
|
(9.6)
|
|
|
|
891.9
|
|
Natural and propane
gas costs
|
|
|
603.7
|
|
|
|
48.9
|
|
|
|
0.3
|
|
|
|
(21.0)
|
|
|
|
631.9
|
|
Gross receipts tax
expense
|
|
|
79.4
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
79.7
|
|
Operating
Revenues
|
|
$
|
1,515.7
|
|
|
$
|
77.2
|
|
|
$
|
41.2
|
|
|
$
|
(30.6)
|
|
|
$
|
1,603.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
317.2
|
|
|
$
|
22.3
|
|
|
$
|
(11.6)
|
|
|
$
|
—
|
|
|
$
|
327.9
|
|
Operation and
maintenance expenses
|
|
|
330.3
|
|
|
|
8.5
|
|
|
|
22.3
|
|
|
|
(8.2)
|
|
|
|
352.9
|
|
Depreciation and
amortization
|
|
|
133.2
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|
—
|
|
|
|
134.9
|
|
Taxes, other than
income taxes
|
|
|
126.3
|
|
|
|
0.6
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
128.1
|
|
Less: Gross receipts
tax expense
|
|
|
(87.5)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(87.6)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
819.5
|
|
|
|
31.3
|
|
|
|
13.6
|
|
|
|
(8.2)
|
|
|
|
856.2
|
|
Natural and propane
gas costs
|
|
|
746.6
|
|
|
|
38.2
|
|
|
|
0.7
|
|
|
|
(2.5)
|
|
|
|
783.0
|
|
Gross receipts tax
expense
|
|
|
87.5
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
87.6
|
|
Operating
Revenues
|
|
$
|
1,653.6
|
|
|
$
|
69.6
|
|
|
$
|
14.3
|
|
|
$
|
(10.7)
|
|
|
$
|
1,726.8
|
|
Spire Storage Adjusted EBITDA1 Reconciliation to
GAAP
(In
Millions)
|
Three Months
Ended
June
30,
|
|
|
Nine Months
Ended
June
30,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Loss
[GAAP]
|
$
|
(113.0)
|
|
|
$
|
(5.1)
|
|
|
$
|
(118.2)
|
|
|
$
|
(12.9)
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
140.8
|
|
|
|
—
|
|
|
|
140.8
|
|
|
|
—
|
|
Interest
charges
|
|
0.7
|
|
|
|
1.5
|
|
|
|
3.4
|
|
|
|
3.4
|
|
Income tax
benefit
|
|
(30.0)
|
|
|
|
(1.3)
|
|
|
|
(31.4)
|
|
|
|
(3.4)
|
|
Depreciation and
amortization
|
|
0.6
|
|
|
|
0.5
|
|
|
|
1.7
|
|
|
|
1.2
|
|
Adjusted EBITDA
[Non-GAAP]
|
$
|
(0.9)
|
|
|
$
|
(4.4)
|
|
|
$
|
(3.7)
|
|
|
$
|
(11.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Adjusted
EBITDA is earnings before impairments, interest, income taxes,
depreciation and amortization.
|
|
Adjusted Long-Term Capitalization Reconciliation to GAAP
(In
Millions)
|
June 30,
2020
|
|
|
September 30,
2019
|
|
|
Equity2
|
|
|
Debt
|
|
|
Total
|
|
|
Equity2
|
|
|
Debt
|
|
|
Total
|
|
Capitalization
|
$
|
2,562.5
|
|
|
$
|
2,478.3
|
|
|
$
|
5,040.8
|
|
|
$
|
2,546.4
|
|
|
$
|
2,082.6
|
|
|
$
|
4,629.0
|
|
Current portion of
long-term debt
|
|
—
|
|
|
|
5.4
|
|
|
|
5.4
|
|
|
|
—
|
|
|
|
40.0
|
|
|
|
40.0
|
|
Long-term
Capitalization [GAAP]
|
|
2,562.5
|
|
|
|
2,483.7
|
|
|
|
5,046.2
|
|
|
|
2,546.4
|
|
|
|
2,122.6
|
|
|
|
4,669.0
|
|
Reclassify 50% of
preferred stock
|
|
(121.0)
|
|
|
|
121.0
|
|
|
|
—
|
|
|
|
(121.0)
|
|
|
|
121.0
|
|
|
|
—
|
|
Adjusted Long-term
Capitalization [Non-GAAP]
|
$
|
2,441.5
|
|
|
$
|
2,604.7
|
|
|
$
|
5,046.2
|
|
|
$
|
2,425.4
|
|
|
$
|
2,243.6
|
|
|
$
|
4,669.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of adjusted
long-term capitalization
|
48.4%
|
|
|
51.6%
|
|
|
100.0%
|
|
|
51.9%
|
|
|
48.1%
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
Temporary equity of $4.1 million and $3.4 million is included in
equity as of June 30, 2020 and September 30, 2019,
respectively.
|
|
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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/spire-reports-third-quarter-results-301106208.html
SOURCE Spire Inc.