ST.
LOUIS, Aug. 4, 2022 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal 2022 third quarter
ended June 30. Highlights
include:
- Net loss of $1.4 million ($0.10 per diluted share) compared to net
income of $5.3 million, or
$0.03 per share in the prior
year
- Net economic earnings* of $4.1 million, or $0.01 per share, down from $6.9 million, or $0.06 per share a year ago
- Results reflect a shift in Missouri utility earnings (from summer to
winter) combined with improved Spire Marketing results
- We reaffirm our long-term growth and capital investment targets
as well as FY22 earnings guidance
"We achieved another quarter of financial performance and
capital investment that keeps us on pace with the expectations we
set for the full year. We continued the important work of upgrading
our infrastructure to make our system safer, more reliable and
environmentally sustainable. We also further deployed technology,
including ultrasonic meters, to improve our service operations and
deliver on improved experience for the 1.7 million homes and
business we serve," said Suzanne
Sitherwood, president and chief executive officer of Spire.
"We continued to progress on a number of regulatory matters,
including our Missouri rate case
and the recertification process for the Spire STL Pipeline, both
well underway."
Third Quarter
Results
|
|
Three Months Ended June 30,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net Economic Earnings (Loss)* by
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
4.2
|
|
|
$
|
12.3
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
0.4
|
|
|
|
(5.2)
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(0.5)
|
|
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
4.1
|
|
|
$
|
6.9
|
|
|
$
|
0.01
|
|
|
$
|
0.06
|
|
Fair value and timing
adjustments, pre-tax
|
|
|
(7.3)
|
|
|
|
(2.1)
|
|
|
|
(0.14)
|
|
|
|
(0.04)
|
|
Income tax
adjustments
|
|
|
1.8
|
|
|
|
0.5
|
|
|
|
0.03
|
|
|
|
0.01
|
|
Net (Loss) Income
|
|
$
|
(1.4)
|
|
|
$
|
5.3
|
|
|
$
|
(0.10)
|
|
|
$
|
0.03
|
|
Weighted Average Diluted Shares
Outstanding
|
|
|
52.3
|
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
We reported a consolidated net loss of $1.4 million ($0.10 per diluted share), compared to prior
year net income of $5.3 million
($0.03 per share). Current year
net economic earnings (NEE) were $4.1 million ($0.01 per share), compared to $6.9 million ($0.06 per share) last year, reflecting lower
seasonal results from Gas Utility operations partially offset by
better performance by Gas Marketing.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. Gas Utility reported NEE of
$4.2 million, compared to
$12.3 million in the prior year.
The $8.1 million decrease
reflects a shift in the cadence of regulatory recovery in
Missouri to the first two quarters
of our fiscal year with an impact of approximately
$6 million, as well as higher
depreciation and property tax expenses tied to our pipeline upgrade
investments.
Contribution margin increased $5.8 million from the prior year, due to net
favorable regulatory adjustments at Spire Alabama and slightly
higher margins at Spire Missouri net of the timing shift mentioned
above.
Operation and maintenance (O&M) expenses of $95.0 million were $8.2 million lower than a year ago,
or $3.8 million lower after removing a $4.4 million non-service cost transfer to
other income (no earnings impact) largely reflecting lower
employee-related costs.
Depreciation and amortization expense increased by $7.2 million from last year, reflecting
increased capital investment in our gas utilities. Property
taxes increased by $5.6 million
reflecting infrastructure upgrades. Results also include unrealized
losses on investments related to employee benefit plans.
Gas Marketing
The Gas Marketing segment includes the results of Spire
Marketing, which provides natural gas marketing services throughout
the United States. NEE, which
excludes mark-to-market and other fair value adjustments, was
$0.4 million, compared to a loss
of $5.2 million in the prior
year. The improvement reflects greater value creation from asset
optimization, reflecting commodity price volatility and demand, as
well as the absence of post-Uri costs incurred last year.
Other
Results of midstream operations and corporate costs on a NEE
basis totaled a $0.5 million loss
this quarter, comparable to last year.
Year-to-Date
Results
|
|
Nine Months Ended June 30,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net Economic Earnings (Loss)* by
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
240.6
|
|
|
$
|
248.4
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
15.3
|
|
|
|
37.9
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(8.2)
|
|
|
|
(6.9)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
247.7
|
|
|
$
|
279.4
|
|
|
$
|
4.54
|
|
|
$
|
5.18
|
|
Missouri regulatory
adjustment, pre-tax
|
|
|
—
|
|
|
|
9.0
|
|
|
|
—
|
|
|
|
0.18
|
|
Fair value and timing
adjustments, pre-tax
|
|
|
(20.9)
|
|
|
|
(6.2)
|
|
|
|
(0.40)
|
|
|
|
(0.12)
|
|
Income tax
adjustments
|
|
|
1.1
|
|
|
|
(0.6)
|
|
|
|
0.02
|
|
|
|
(0.01)
|
|
Net Income
|
|
$
|
227.9
|
|
|
$
|
281.6
|
|
|
$
|
4.16
|
|
|
$
|
5.23
|
|
Weighted Average Diluted Shares
Outstanding
|
|
|
52.0
|
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
For the first nine months of fiscal 2022, we reported
consolidated net income of $227.9 million ($4.16 per diluted share) compared to
$281.6 million ($5.23 per share) for the prior year. NEE for
the nine months ended June 30,
2022 was $247.7 million
($4.54 per share), down from
$279.4 million ($5.18 per share) a year ago. Higher results
in the prior year reflected the favorable impacts of Winter Storm Uri primarily in our fiscal second
quarter last year.
Gas Utility
For the first nine months of fiscal 2022, the Gas Utility
segment reported NEE of $240.6
million, down from $248.4
million a year ago, reflecting higher depreciation and
property tax expenses that more than offset higher contribution
margin and lower O&M.
Year-to-date segment contribution margin increased by
$22.9 million, largely due to
new rates at Spire Missouri as well as a rate adjustment for Spire
Alabama. These positive impacts were partially offset by lower
usage and lower off-system sales and capacity release, due to the
extreme weather associated with Winter
Storm Uri a year ago.
O&M expenses, as reported, decreased by $3.7 million compared to the prior-year
period, reflecting a $9.0 million prior-year benefit related to
pension expense from the Missouri Supreme Court ruling that
partially reversed a 2018 rate case pension disallowance, and
$5.7 million in non-service cost
transfer to other income. Excluding those items, O&M expenses
were lower by $7.0 million due
to lower operations and employee-related costs as well as lower bad
debt expense.
Depreciation and amortization rose by $20.2 million reflecting capital investment
across our utilities. Property taxes increased by $11.3 million reflecting infrastructure
upgrades.
Gas Marketing
NEE was $15.3 million in the
first nine months of fiscal 2022, down from $37.9 million in the prior-year period. Last
year's results benefited from the value created due to extreme
weather associated with Winter Storm
Uri.
Other
On an NEE basis, year-to-date midstream operations and corporate
costs were a loss of $8.2 million, compared to a loss of
$6.9 million in the prior-year
period, reflecting an improved contribution from Spire Storage
offset by higher corporate costs.
Regulatory update
Missouri
As previously reported, Spire Missouri filed a new general rate
case on April 1, 2022, seeking full
recovery of its updated cost of service, deferred overhead
costs, and increased capital investment, as well as a fair and
reasonable rate of return. The filing requested a $152 million revenue increase, reflecting a
$3.4 billion rate base and a rate of
return based on a requested return on equity of 10.5% and a 55%
equity capitalization.
The Missouri Public Service Commission (MoPSC) issued a
procedural schedule in the case on May
18. Filing of testimony by third parties will occur on
August 31 and September 9, 2022.
On June 3, 2022, Spire Missouri
filed with the MoPSC a request for $11.9
million in additional Infrastructure System Replacement
Surcharge (ISRS) revenues, reflecting infrastructure upgrade
investment January 1–June 30, 2022.
Spire STL Pipeline
Spire STL Pipeline continues to operate under a temporary
certificate while the Federal Energy Regulatory Commission (FERC)
considers approval of a new permanent certificate under a
court-ordered remand. As part of the remand, FERC planned to
prepare an Environmental Impact Statement (EIS) on Spire STL
Pipeline. FERC staff issued a positive EIS on June 16, 2022.
On May 27, 2022, the staff of the
MoPSC issued its report following a prudency review of Spire STL
Pipeline, concluding that the decision to build the pipeline was
reasonable and prudent. This report was filed with FERC in support
of the ongoing certificate review.
Balance Sheets and Cash Flow
For the third quarter of fiscal 2022, we maintained a solid
capital structure and ample liquidity. Short-term borrowings
outstanding at June 30, 2022, were
$709.2 million, up from
$672.0 million at fiscal 2021 year
end and from $461.0 million a
year ago, reflecting higher seasonal borrowing levels and deferred
gas cost balances. We retain capacity in our revolving credit
facility and related commercial paper program to meet our liquidity
needs. On July 22, 2022, Spire
renewed its revolving credit facility, expanding its capacity
to $1.3 billion and extending it through July 2027.
Net cash provided by operating activities was $204.6 million for the nine months ended
June 30, 2022, down $16.0 million from the comparable period a
year ago. The decrease reflects lower net income from Spire
Marketing due to Winter Storm Uri in
the prior year that was largely offset by higher recovery of
deferred gas costs.
Capital expenditures for the first nine months of fiscal 2022
were $402.5 million, down from
$463.2 million reflecting an
approximate $43 million decrease in capital investment at our
gas utilities and $17 million lower
spend at Spire Storage and Spire STL Pipeline, as planned.
For additional details on Spire's results for the third quarter
of fiscal 2022, please see the accompanying unaudited Condensed
Consolidated Statements of Income, Balance Sheets, and Statements
of Cash Flows.
Guidance and Outlook
We remain confident in our long-term ability to grow NEE per
share 5–7% given our growth strategy, expectations of reasonable
regulatory outcomes, and planned capital investment in
infrastructure upgrades, innovation and new business.
Our targeted capital investment for the 5-year period through
fiscal 2026 remains $3.1 billion, and
this level of investments is anticipated to drive 7–8% rate base
growth for our utilities. Expected capital expenditures for fiscal
2022 remain $540 million.
We reaffirm our fiscal 2022 NEE guidance range of $3.75 –
$3.95 per share.
Dividends
The Spire board of directors has declared a quarterly common
stock dividend of $0.685 per share,
payable October 4, 2022, to
shareholders of record on September 12,
2022. We have continuously paid a cash common stock dividend
since 1946, with 2022 marking the 19th 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% Series A Cumulative Redeemable Preferred Stock
payable November 15, 2022, to holders
of record on October 25, 2022.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2022 third quarter financial results. To
access the call, please dial the applicable number approximately
5-10 minutes in advance.
Date and
Time:
|
|
Thursday,
August 4
|
|
|
12 p.m. CT
(1 p.m. ET)
|
|
|
|
|
Phone
Numbers:
|
|
U.S. and
Canada:
|
844-824-3832
|
|
|
International:
|
412-317-5142
|
The webcast can be accessed at Investors.SpireEnergy.com under
Events & presentations. A replay of the call will be available
at 2 p.m. CT (3 p.m. ET) on August 4 until
September 6, 2022, by dialing 877-344-7529 (U.S.),
855-669-9658 (Canada), or
412-317-0088 (international). The replay access code
is 1991035.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million homes and
businesses making us 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.
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 Securities and Exchange Commission.
This news release includes the non-GAAP financial measures of
"net economic earnings," "net economic earnings per share," and
"contribution margin." Management also uses these non-GAAP measures
internally when evaluating the Company's performance and results of
operations. Net economic earnings exclude from net income, as
applicable, the impacts of fair value accounting and timing
adjustments associated with energy-related transactions, the
impacts of acquisition, divestiture and restructuring activities
and the largely non-cash impacts of impairments and other
non-recurring or unusual items such as certain regulatory,
legislative, or GAAP standard-setting actions. The fair value and
timing adjustments, which primarily impact the Gas Marketing
segment, include net unrealized gains and losses on energy-related
derivatives resulting from the current changes in the fair value of
financial and physical transactions prior to their completion and
settlement, lower of cost or market inventory adjustments, and
realized gains and losses on economic hedges prior to the sale of
the physical commodity. Management believes that excluding these
items provides a useful representation of the economic impact of
actual settled transactions and overall results of ongoing
operations. Contribution margin adjusts revenues to remove the
costs that are directly passed on to customers and collected
through revenues, which are the wholesale cost of natural gas and
gross receipts taxes. These internal non-GAAP operating metrics
should not be considered as an alternative to, or more meaningful
than, GAAP measures such as operating income, net income, or
earnings per share.
Condensed Consolidated Statements of Income –
Unaudited
|
|
(In Millions, except per share
amounts)
|
|
Three Months Ended June 30,
|
|
|
Nine Months Ended June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Operating
Revenues
|
|
$
|
448.0
|
|
|
$
|
327.8
|
|
|
$
|
1,884.3
|
|
|
$
|
1,945.3
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
|
|
|
203.3
|
|
|
|
96.9
|
|
|
|
844.5
|
|
|
|
897.2
|
|
Operation and
maintenance
|
|
|
102.3
|
|
|
|
112.0
|
|
|
|
331.9
|
|
|
|
342.6
|
|
Depreciation and
amortization
|
|
|
60.4
|
|
|
|
53.1
|
|
|
|
176.2
|
|
|
|
155.4
|
|
Taxes, other than
income taxes
|
|
|
44.1
|
|
|
|
32.6
|
|
|
|
153.3
|
|
|
|
126.6
|
|
Total Operating
Expenses
|
|
|
410.1
|
|
|
|
294.6
|
|
|
|
1,505.9
|
|
|
|
1,521.8
|
|
Operating
Income
|
|
|
37.9
|
|
|
|
33.2
|
|
|
|
378.4
|
|
|
|
423.5
|
|
Interest Expense,
Net
|
|
|
29.3
|
|
|
|
26.9
|
|
|
|
85.4
|
|
|
|
78.4
|
|
Other (Expense) Income,
Net
|
|
|
(12.1)
|
|
|
|
(1.0)
|
|
|
|
(8.1)
|
|
|
|
5.1
|
|
(Loss) Income Before
Income Taxes
|
|
|
(3.5)
|
|
|
|
5.3
|
|
|
|
284.9
|
|
|
|
350.2
|
|
Income Tax (Benefit)
Expense
|
|
|
(2.1)
|
|
|
|
—
|
|
|
|
57.0
|
|
|
|
68.6
|
|
Net (Loss)
Income
|
|
|
(1.4)
|
|
|
|
5.3
|
|
|
|
227.9
|
|
|
|
281.6
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
3.7
|
|
|
|
11.1
|
|
|
|
11.1
|
|
Income allocated to
participating securities
|
|
|
—
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.5
|
|
Net (Loss) Income
Available to Common Shareholders
|
|
$
|
(5.1)
|
|
|
$
|
1.5
|
|
|
$
|
216.5
|
|
|
$
|
270.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
52.2
|
|
|
|
51.6
|
|
|
|
51.9
|
|
|
|
51.6
|
|
Diluted
|
|
|
52.3
|
|
|
|
51.7
|
|
|
|
52.0
|
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (Loss) Earnings
Per Common Share
|
|
$
|
(0.10)
|
|
|
$
|
0.03
|
|
|
$
|
4.17
|
|
|
$
|
5.24
|
|
Diluted (Loss) Earnings
Per Common Share
|
|
$
|
(0.10)
|
|
|
$
|
0.03
|
|
|
$
|
4.16
|
|
|
$
|
5.23
|
|
Dividends Declared Per
Common Share
|
|
$
|
0.685
|
|
|
$
|
0.65
|
|
|
$
|
2.06
|
|
|
$
|
1.95
|
|
Condensed Consolidated Balance Sheets –
Unaudited
|
|
(In Millions)
|
|
June 30,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
7,549.7
|
|
|
$
|
7,225.0
|
|
|
$
|
7,110.2
|
|
Less: Accumulated
depreciation and amortization
|
|
|
2,256.7
|
|
|
|
2,169.3
|
|
|
|
2,173.1
|
|
Net Utility
Plant
|
|
|
5,293.0
|
|
|
|
5,055.7
|
|
|
|
4,937.1
|
|
Non-utility
Property
|
|
|
476.9
|
|
|
|
471.1
|
|
|
|
463.6
|
|
Other
Investments
|
|
|
90.5
|
|
|
|
83.1
|
|
|
|
76.4
|
|
Total Other Property
and Investments
|
|
|
567.4
|
|
|
|
554.2
|
|
|
|
540.0
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
16.0
|
|
|
|
4.3
|
|
|
|
23.9
|
|
Accounts receivable,
net
|
|
|
587.2
|
|
|
|
596.3
|
|
|
|
502.0
|
|
Inventories
|
|
|
300.3
|
|
|
|
305.0
|
|
|
|
216.4
|
|
Other
|
|
|
357.6
|
|
|
|
410.9
|
|
|
|
156.0
|
|
Total Current
Assets
|
|
|
1,261.1
|
|
|
|
1,316.5
|
|
|
|
898.3
|
|
Deferred Charges and
Other Assets
|
|
|
2,662.4
|
|
|
|
2,430.0
|
|
|
|
2,517.9
|
|
Total Assets
|
|
$
|
9,783.9
|
|
|
$
|
9,356.4
|
|
|
$
|
8,893.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
Common stock and
paid-in capital
|
|
|
1,622.5
|
|
|
|
1,569.6
|
|
|
|
1,565.6
|
|
Retained
earnings
|
|
|
949.2
|
|
|
|
843.0
|
|
|
|
887.6
|
|
Accumulated other
comprehensive income
|
|
|
32.2
|
|
|
|
3.6
|
|
|
|
1.9
|
|
Total Shareholders'
Equity
|
|
|
2,845.9
|
|
|
|
2,658.2
|
|
|
|
2,697.1
|
|
Temporary
equity
|
|
|
15.0
|
|
|
|
9.8
|
|
|
|
9.3
|
|
Long-term debt (less
current portion)
|
|
|
3,207.9
|
|
|
|
2,939.1
|
|
|
|
2,939.0
|
|
Total
Capitalization
|
|
|
6,068.8
|
|
|
|
5,607.1
|
|
|
|
5,645.4
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
31.2
|
|
|
|
55.8
|
|
|
|
110.8
|
|
Notes
payable
|
|
|
709.2
|
|
|
|
672.0
|
|
|
|
461.0
|
|
Accounts
payable
|
|
|
581.2
|
|
|
|
409.9
|
|
|
|
294.3
|
|
Accrued liabilities
and other
|
|
|
428.3
|
|
|
|
470.6
|
|
|
|
425.7
|
|
Total Current
Liabilities
|
|
|
1,749.9
|
|
|
|
1,608.3
|
|
|
|
1,291.8
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
675.8
|
|
|
|
612.3
|
|
|
|
605.8
|
|
Pension and
postretirement benefit costs
|
|
|
199.6
|
|
|
|
235.9
|
|
|
|
231.8
|
|
Asset retirement
obligations
|
|
|
535.4
|
|
|
|
519.6
|
|
|
|
556.5
|
|
Regulatory
liabilities
|
|
|
389.0
|
|
|
|
620.9
|
|
|
|
414.6
|
|
Other
|
|
|
165.4
|
|
|
|
152.3
|
|
|
|
147.4
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,965.2
|
|
|
|
2,141.0
|
|
|
|
1,956.1
|
|
Total Capitalization
and Liabilities
|
|
$
|
9,783.9
|
|
|
$
|
9,356.4
|
|
|
$
|
8,893.3
|
|
Condensed Consolidated Statements of Cash Flows –
Unaudited
|
|
(In Millions)
|
|
Nine Months Ended June 30,
|
|
|
|
2022
|
|
|
2021
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
227.9
|
|
|
$
|
281.6
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
176.2
|
|
|
|
155.4
|
|
Deferred income taxes
and investment tax credits
|
|
|
57.0
|
|
|
|
68.4
|
|
Changes in assets and
liabilities
|
|
|
(262.6)
|
|
|
|
(294.2)
|
|
Other
|
|
|
6.1
|
|
|
|
9.5
|
|
Net cash provided by
operating activities
|
|
|
204.6
|
|
|
|
220.7
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(402.5)
|
|
|
|
(463.2)
|
|
Other
|
|
|
4.2
|
|
|
|
1.5
|
|
Net cash used in
investing activities
|
|
|
(398.3)
|
|
|
|
(461.7)
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
300.0
|
|
|
|
629.1
|
|
Repayment of long-term
debt
|
|
|
(55.8)
|
|
|
|
(60.4)
|
|
Issuance (repayment)
of short-term debt, net
|
|
|
37.2
|
|
|
|
(187.0)
|
|
Issuance of common
stock
|
|
|
51.9
|
|
|
|
0.6
|
|
Dividends paid on
common stock
|
|
|
(105.9)
|
|
|
|
(99.6)
|
|
Dividends paid on
preferred stock
|
|
|
(11.1)
|
|
|
|
(11.1)
|
|
Other
|
|
|
(3.8)
|
|
|
|
(10.8)
|
|
Net cash provided by
financing activities
|
|
|
212.5
|
|
|
|
260.8
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash,
Cash Equivalents, and Restricted Cash
|
|
|
18.8
|
|
|
|
19.8
|
|
Cash, Cash Equivalents,
and Restricted Cash at Beginning of Period
|
|
|
11.3
|
|
|
|
4.1
|
|
Cash, Cash Equivalents,
and Restricted Cash at End of Period
|
|
$
|
30.1
|
|
|
$
|
23.9
|
|
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,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP]
|
|
$
|
4.2
|
|
|
$
|
(5.1)
|
|
|
$
|
(0.5)
|
|
|
$
|
(1.4)
|
|
|
$
|
(0.10)
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
7.3
|
|
|
|
—
|
|
|
|
7.3
|
|
|
|
0.14
|
|
Income tax
adjustments (1)
|
|
|
—
|
|
|
|
(1.8)
|
|
|
|
—
|
|
|
|
(1.8)
|
|
|
|
(0.03)
|
|
Net Economic Earnings (Loss)
[Non-GAAP]
|
|
$
|
4.2
|
|
|
$
|
0.4
|
|
|
$
|
(0.5)
|
|
|
$
|
4.1
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP]
|
|
$
|
12.1
|
|
|
$
|
(6.6)
|
|
|
$
|
(0.2)
|
|
|
$
|
5.3
|
|
|
$
|
0.03
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
0.2
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
2.1
|
|
|
|
0.04
|
|
Income tax
adjustments (1)
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
(0.01)
|
|
|
Net Economic Earnings (Loss)
[Non-GAAP]
|
|
$
|
12.3
|
|
|
$
|
(5.2)
|
|
|
$
|
(0.2)
|
|
|
$
|
6.9
|
|
|
$
|
0.06
|
|
Nine Months Ended June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP]
|
|
$
|
236.5
|
|
|
$
|
(0.4)
|
|
|
$
|
(8.2)
|
|
|
$
|
227.9
|
|
|
$
|
4.16
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
20.9
|
|
|
|
—
|
|
|
|
20.9
|
|
|
|
0.40
|
|
Income tax
adjustments (1)
|
|
|
4.1
|
|
|
|
(5.2)
|
|
|
|
—
|
|
|
|
(1.1)
|
|
|
|
(0.02)
|
|
Net Economic Earnings (Loss)
[Non-GAAP]
|
|
$
|
240.6
|
|
|
$
|
15.3
|
|
|
$
|
(8.2)
|
|
|
$
|
247.7
|
|
|
$
|
4.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) [GAAP]
|
|
$
|
255.0
|
|
|
$
|
33.5
|
|
|
$
|
(6.9)
|
|
|
$
|
281.6
|
|
|
$
|
5.23
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri regulatory
adjustment
|
|
|
(9.0)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9.0)
|
|
|
|
(0.18)
|
|
Fair value and timing
adjustments
|
|
|
0.3
|
|
|
|
5.9
|
|
|
|
—
|
|
|
|
6.2
|
|
|
|
0.12
|
|
Income tax
adjustments (1)
|
|
|
2.1
|
|
|
|
(1.5)
|
|
|
|
—
|
|
|
|
0.6
|
|
|
|
0.01
|
|
Net Economic Earnings (Loss)
[Non-GAAP]
|
|
$
|
248.4
|
|
|
$
|
37.9
|
|
|
$
|
(6.9)
|
|
|
$
|
279.4
|
|
|
$
|
5.18
|
|
|
(1) Income tax
adjustments include amounts calculated by applying federal, state,
and local income tax rates applicable to ordinary income to the
amounts of the pre-tax reconciling items, and for nine months
ended June 30, 2022, include a Spire Missouri regulatory
adjustment.
|
(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,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP]
|
|
$
|
36.8
|
|
|
$
|
(6.9)
|
|
|
$
|
8.0
|
|
|
$
|
—
|
|
|
$
|
37.9
|
|
Operation and
maintenance expenses
|
|
|
95.0
|
|
|
|
3.2
|
|
|
|
8.0
|
|
|
|
(3.9)
|
|
|
|
102.3
|
|
Depreciation and
amortization
|
|
|
58.1
|
|
|
|
0.3
|
|
|
|
2.0
|
|
|
|
—
|
|
|
|
60.4
|
|
Taxes, other than
income taxes
|
|
|
43.0
|
|
|
|
0.4
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
44.1
|
|
Less: Gross receipts
tax expense
|
|
|
(23.2)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(23.3)
|
|
Contribution Margin [Non-GAAP]
|
|
|
209.7
|
|
|
|
(3.1)
|
|
|
|
18.7
|
|
|
|
(3.9)
|
|
|
|
221.4
|
|
Natural gas
costs
|
|
|
144.5
|
|
|
|
67.1
|
|
|
|
—
|
|
|
|
(8.3)
|
|
|
|
203.3
|
|
Gross receipts tax
expense
|
|
|
23.2
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23.3
|
|
Operating Revenues
|
|
$
|
377.4
|
|
|
$
|
64.1
|
|
|
$
|
18.7
|
|
|
$
|
(12.2)
|
|
|
$
|
448.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP]
|
|
$
|
35.6
|
|
|
$
|
(8.8)
|
|
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
33.2
|
|
Operation and
maintenance expenses
|
|
|
103.2
|
|
|
|
3.2
|
|
|
|
9.2
|
|
|
|
(3.6)
|
|
|
|
112.0
|
|
Depreciation and
amortization
|
|
|
50.9
|
|
|
|
0.3
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
53.1
|
|
Taxes, other than
income taxes
|
|
|
32.1
|
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
32.6
|
|
Less: Gross receipts
tax expense
|
|
|
(17.9)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(17.9)
|
|
Contribution Margin [Non-GAAP]
|
|
|
203.9
|
|
|
|
(5.1)
|
|
|
|
17.8
|
|
|
|
(3.6)
|
|
|
|
213.0
|
|
Natural gas
costs
|
|
|
84.9
|
|
|
|
20.2
|
|
|
|
—
|
|
|
|
(8.2)
|
|
|
|
96.9
|
|
Gross receipts tax
expense
|
|
|
17.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17.9
|
|
Operating Revenues
|
|
$
|
306.7
|
|
|
$
|
15.1
|
|
|
$
|
17.8
|
|
|
$
|
(11.8)
|
|
|
$
|
327.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) [GAAP]
|
|
$
|
361.6
|
|
|
$
|
(0.4)
|
|
|
$
|
17.2
|
|
|
$
|
—
|
|
|
$
|
378.4
|
|
Operation and
maintenance expenses
|
|
|
306.5
|
|
|
|
9.1
|
|
|
|
28.0
|
|
|
|
(11.7)
|
|
|
|
331.9
|
|
Depreciation and
amortization
|
|
|
169.2
|
|
|
|
1.0
|
|
|
|
6.0
|
|
|
|
—
|
|
|
|
176.2
|
|
Taxes, other than
income taxes
|
|
|
150.3
|
|
|
|
0.8
|
|
|
|
2.2
|
|
|
|
—
|
|
|
|
153.3
|
|
Less: Gross receipts
tax expense
|
|
|
(96.8)
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(97.1)
|
|
Contribution Margin [Non-GAAP]
|
|
|
890.8
|
|
|
|
10.2
|
|
|
|
53.4
|
|
|
|
(11.7)
|
|
|
|
942.7
|
|
Natural gas
costs
|
|
|
710.7
|
|
|
|
160.9
|
|
|
|
—
|
|
|
|
(27.1)
|
|
|
|
844.5
|
|
Gross receipts tax
expense
|
|
|
96.8
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97.1
|
|
Operating Revenues
|
|
$
|
1,698.3
|
|
|
$
|
171.4
|
|
|
$
|
53.4
|
|
|
$
|
(38.8)
|
|
|
$
|
1,884.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income [GAAP]
|
|
$
|
366.4
|
|
|
$
|
43.2
|
|
|
$
|
13.9
|
|
|
$
|
—
|
|
|
$
|
423.5
|
|
Operation and
maintenance expenses
|
|
|
310.2
|
|
|
|
13.6
|
|
|
|
28.9
|
|
|
|
(10.1)
|
|
|
|
342.6
|
|
Depreciation and
amortization
|
|
|
149.0
|
|
|
|
0.9
|
|
|
|
5.5
|
|
|
|
—
|
|
|
|
155.4
|
|
Taxes, other than
income taxes
|
|
|
124.0
|
|
|
|
0.9
|
|
|
|
1.7
|
|
|
|
—
|
|
|
|
126.6
|
|
Less: Gross receipts
tax expense
|
|
|
(81.7)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(81.8)
|
|
Contribution Margin [Non-GAAP]
|
|
|
867.9
|
|
|
|
58.5
|
|
|
|
50.0
|
|
|
|
(10.1)
|
|
|
|
966.3
|
|
Natural gas
costs
|
|
|
908.4
|
|
|
|
14.7
|
|
|
|
0.1
|
|
|
|
(26.0)
|
|
|
|
897.2
|
|
Gross receipts tax
expense
|
|
|
81.7
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
81.8
|
|
Operating Revenues
|
|
$
|
1,858.0
|
|
|
$
|
73.3
|
|
|
$
|
50.1
|
|
|
$
|
(36.1)
|
|
|
$
|
1,945.3
|
|
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:https://www.prnewswire.com/news-releases/spire-reports-fy22-third-quarter-results-301599539.html
SOURCE Spire Inc.