ST.
LOUIS, Feb. 1, 2023 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal 2023 first quarter
ended December 31. Highlights
include:
- Net income of $91.0 million
($1.66 per diluted share) compared to
net income of $55.7 million, or
$1.01 per share in the prior year
- Net economic earnings* of $85.1
million, or $1.55 per share,
up from $62.6 million, or
$1.14 per share a year ago, due to
strong Gas Marketing results
- Fiscal 2023 net economic earnings guidance raised $0.10 to $4.15–$4.35 per share
"The core focus for our utilities is ensuring safe and reliable
service to the homes and business that rely on Spire, especially
during the winter," said Suzanne
Sitherwood, president and chief executive officer of Spire.
"We understand the significant impact that higher natural gas
prices are having on our customer bills and that's why we are
committed to managing our operating expenses and minimizing
commodity costs while enhancing financial assistance programs for
our customers most impacted during these challenging financial
times. When looking at our consolidated earnings, we posted strong
first quarter earnings as our gas marketing business was able to
capitalize on very favorable market conditions."
First Quarter Results
|
|
Three Months Ended
December 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
62.9
|
|
|
$
|
67.2
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
25.7
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
Midstream
|
|
|
3.8
|
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(7.3)
|
|
|
|
(7.6)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
85.1
|
|
|
$
|
62.6
|
|
|
$
|
1.55
|
|
|
$
|
1.14
|
|
Fair value and timing
adjustments, pre-tax
|
|
|
7.8
|
|
|
|
(3.7)
|
|
|
|
0.15
|
|
|
|
(0.07)
|
|
Income tax
adjustments
|
|
|
(1.9)
|
|
|
|
(3.2)
|
|
|
|
(0.04)
|
|
|
|
(0.06)
|
|
Net
Income
|
|
$
|
91.0
|
|
|
$
|
55.7
|
|
|
$
|
1.66
|
|
|
$
|
1.01
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
52.6
|
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
|
For the quarter ended December 31,
2022, we reported consolidated net income of $91.0 million ($1.66 per diluted share), compared to prior year
net income of $55.7 million
($1.01 per share). Net economic
earnings (NEE) were $85.1 million
($1.55 per share), up from
$62.6 million ($1.14 per share) last year, as Gas Marketing
delivered strong results that were partially offset by lower
earnings from our Gas Utility operations.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. For the first quarter of fiscal
2023, Gas Utility reported NEE of $62.9
million, down $4.3 million from last year as higher
contribution margins were more than offset by the timing of
regulatory recovery and higher costs.
Contribution margin increased $29.4
million from the prior year, with higher rates in Spire
Missouri, effective a year ago, adding $18.4
million and new rates in Spire Alabama contributing
$1.4 million. In addition, utility
margin benefitted by $6.6 million due
to higher usage in Missouri, as
weather was closer to normal and last year featured a warm start to
the winter.
Operation and maintenance (O&M) expenses of $119.9 million were $12.6
million higher (or $14.6
million higher after consideration of a $2.0 million benefit from non-service costs which
is offset in other income) than a year ago. The higher costs
include approximately $6 million in
Spire Missouri of general overhead costs that were expensed in the
current year, pursuant to the 2022 Missouri rate order, compared to
being deferred in the prior year. The Gas Utilities also saw higher
non-employee operations expense and increases in bad debt
expense.
Depreciation and amortization expense increased by $5.1 million from last year, and property taxes
increased by $4.0 million, both
mainly due to recent capital investment.
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
$25.7 million, compared to
$0.5 million in the prior year. The
significant increase in year-over-year performance was driven by
market conditions that created opportunities to optimize storage
and transportation positions.
Midstream
NEE for midstream operations, which include Spire STL Pipeline
and Spire Storage, totaled $3.8
million this quarter, as Storage was able to optimize
operational and withdrawal commitments. Our storage expansion
remains on track, and the project had no earnings impact
in the quarter.
Other
Corporate costs, primarily interest expense on corporate
borrowings, on a NEE basis totaled $7.3
million this quarter, compared to $7.6 million a year ago.
Regulatory Update
Missouri
As previously reported, Spire Missouri was granted a
$78 million revenue increase by the
Missouri Public Service Commission (MoPSC) including $19 million of Infrastructure System Replacement
Surcharge (ISRS) revenues being collected that are now reflected in
base rates. New rates went into effect on December 26, 2022.
As part of the rate order, Spire Missouri was allowed to expand
eligibility and increase funding for various customer assistance
programs and to provide greater support for more customers in
need.
On December 27, 2022, Spire
Missouri filed with the MoPSC a request for $8.8 million in ISRS revenues, reflecting
infrastructure upgrade investments made October 2022 – February
2023. A recommendation from the staff of the MoPSC is due by
March 27, 2023.
Alabama
In October 2022, Spire Alabama and
Spire Gulf submitted their annual rate filings with the Alabama
Public Service Commission (APSC), presenting the utilities' budgets
for the 2023 fiscal year. The APSC approved new rates for Spire
Alabama and Spire Gulf effective January 1,
2023.
Gas Cost Recovery
Spire's utilities purchase the natural gas to be delivered to
its customers and typically defers the recovery of this expense
thereby lessening the immediate impact on customer bills.
Spire Missouri filed Purchase Gas
Adjustment changes to its tariff which were approved and became
effective November 29, 2022 and
January 19, 2023. Similarly, Spire
Alabama received adjustments to its Gas Supply Adjustment rider on
December 1, 2022 and January 1, 2023. As a result, we anticipate these
deferred gas balances to be recovered over the next 12-18
months.
Spire STL Pipeline
Spire STL Pipeline was issued a new permanent operating
certificate in December 2022 by the
Federal Energy Regulatory Commission (FERC), following completion
of a court-ordered remand. As part of the remand, FERC issued a
positive Environmental Impact Statement on Spire STL Pipeline in
October 2022.
Balance Sheets and Cash Flow
For the first quarter of fiscal 2023, we maintained a balanced
capital structure and ample liquidity. Short-term borrowings
outstanding at December 31, 2022,
were $1,227.0 million, up from
$1,037.5 million at the end of fiscal
2022 and $846.0 million a year ago,
reflecting higher seasonal borrowing levels and deferred gas cost
balances. On January 5, 2023, Spire
Missouri entered into a short-term loan agreement providing
$250 million to support funding of
gas costs. We have sufficient liquidity to meet our cash needs.
Net cash used in operating activities was $170.8 million for the three months ended
December 31, 2022, down from
$229.9 million for the comparable
period a year ago. The decrease reflects higher net income from
Spire Marketing in the current year, combined with higher
recovery of deferred gas costs.
Capital expenditures for the first quarter of fiscal 2023 were
$154.8 million, compared to
$145.7 million last year.
For additional details on Spire's results for the first quarter
of fiscal 2023, 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 and planned capital
investment in infrastructure upgrades, innovation and new
business. The base year for this growth is the midpoint of our
original fiscal 2023 earnings guidance.
Reflecting the outperformance of Spire Marketing in the first
quarter, we are raising our fiscal 2023 NEE per share guidance by
$0.10 to $4.15–$4.35.
Our targeted capital investment for the 10-year period through
fiscal 2032 remains $7 billion, and
this level of investments is anticipated to drive 7–8% rate base
growth for our utilities. Expected capital expenditures for fiscal
2023 remain $700 million.
Dividends
The Spire board of directors has declared a quarterly common stock
dividend of $0.72 per share, payable
April 4, 2023, to shareholders of record on March 10, 2023. We have continuously paid a cash
common stock dividend since 1946, with 2023 marking the 20th
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 May 15, 2023, to holders of
record on April 25, 2023.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2023 first quarter financial results. To access the
call, please dial the applicable number approximately 5-10 minutes
in advance.
Date and
Time:
|
|
Wednesday,
February 1
|
|
|
8 a.m. CT (9 a.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 10
a.m. CT (11 a.m. ET) on February 1 until
March 1, 2023, by dialing
877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The
replay access code is 9462673.
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 one of the 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
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
Operating
Revenues
|
|
$
|
814.0
|
|
|
$
|
555.4
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Natural gas
|
|
|
419.2
|
|
|
|
249.2
|
|
Operation and
maintenance
|
|
|
132.1
|
|
|
|
116.4
|
|
Depreciation and
amortization
|
|
|
62.1
|
|
|
|
56.9
|
|
Taxes, other than
income taxes
|
|
|
50.4
|
|
|
|
37.6
|
|
Total Operating
Expenses
|
|
|
663.8
|
|
|
|
460.1
|
|
Operating
Income
|
|
|
150.2
|
|
|
|
95.3
|
|
Interest Expense,
Net
|
|
|
43.6
|
|
|
|
28.6
|
|
Other Income,
Net
|
|
|
6.0
|
|
|
|
7.4
|
|
Income Before Income
Taxes
|
|
|
112.6
|
|
|
|
74.1
|
|
Income Tax
Expense
|
|
|
21.6
|
|
|
|
18.4
|
|
Net Income
|
|
|
91.0
|
|
|
|
55.7
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
3.7
|
|
Income allocated to
participating securities
|
|
|
0.1
|
|
|
|
0.1
|
|
Net Income Available to
Common Shareholders
|
|
$
|
87.2
|
|
|
$
|
51.9
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
52.4
|
|
|
|
51.6
|
|
Diluted
|
|
|
52.6
|
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
|
$
|
1.66
|
|
|
$
|
1.01
|
|
Diluted Earnings Per
Common Share
|
|
$
|
1.66
|
|
|
$
|
1.01
|
|
Dividends Declared Per
Common Share
|
|
$
|
0.72
|
|
|
$
|
0.685
|
|
Condensed Consolidated Balance Sheets –
Unaudited
|
|
(In
Millions)
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
7,769.4
|
|
|
$
|
7,664.9
|
|
|
$
|
7,329.2
|
|
Less: Accumulated
depreciation and amortization
|
|
|
2,326.5
|
|
|
|
2,294.5
|
|
|
|
2,204.4
|
|
Net Utility
Plant
|
|
|
5,442.9
|
|
|
|
5,370.4
|
|
|
|
5,124.8
|
|
Non-utility
Property
|
|
|
508.9
|
|
|
|
491.4
|
|
|
|
474.2
|
|
Other
Investments
|
|
|
93.5
|
|
|
|
87.8
|
|
|
|
90.4
|
|
Total Other Property
and Investments
|
|
|
602.4
|
|
|
|
579.2
|
|
|
|
564.6
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
4.8
|
|
|
|
6.5
|
|
|
|
8.2
|
|
Accounts receivable,
net
|
|
|
779.6
|
|
|
|
622.7
|
|
|
|
749.0
|
|
Inventories
|
|
|
372.7
|
|
|
|
422.3
|
|
|
|
325.6
|
|
Other
|
|
|
472.6
|
|
|
|
540.5
|
|
|
|
352.5
|
|
Total Current
Assets
|
|
|
1,629.7
|
|
|
|
1,592.0
|
|
|
|
1,435.3
|
|
Deferred Charges and
Other Assets
|
|
|
2,652.7
|
|
|
|
2,542.1
|
|
|
|
2,525.8
|
|
Total Assets
|
|
$
|
10,327.7
|
|
|
$
|
10,083.7
|
|
|
$
|
9,650.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
Common stock and
paid-in capital
|
|
|
1,624.3
|
|
|
|
1,623.8
|
|
|
|
1,568.6
|
|
Retained
earnings
|
|
|
953.0
|
|
|
|
905.5
|
|
|
|
859.5
|
|
Accumulated other
comprehensive income
|
|
|
44.8
|
|
|
|
47.2
|
|
|
|
(0.3)
|
|
Total Shareholders'
Equity
|
|
|
2,864.1
|
|
|
|
2,818.5
|
|
|
|
2,669.8
|
|
Temporary
equity
|
|
|
16.2
|
|
|
|
13.1
|
|
|
|
9.8
|
|
Long-term debt (less
current portion)
|
|
|
3,156.3
|
|
|
|
2,958.5
|
|
|
|
3,206.8
|
|
Total
Capitalization
|
|
|
6,036.6
|
|
|
|
5,790.1
|
|
|
|
5,886.4
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
256.6
|
|
|
|
281.2
|
|
|
|
31.2
|
|
Notes
payable
|
|
|
1,227.0
|
|
|
|
1,037.5
|
|
|
|
846.0
|
|
Accounts
payable
|
|
|
506.8
|
|
|
|
617.4
|
|
|
|
427.5
|
|
Accrued liabilities
and other
|
|
|
414.3
|
|
|
|
417.5
|
|
|
|
416.0
|
|
Total Current
Liabilities
|
|
|
2,404.7
|
|
|
|
2,353.6
|
|
|
|
1,720.7
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
699.4
|
|
|
|
675.1
|
|
|
|
615.6
|
|
Pension and
postretirement benefit costs
|
|
|
159.3
|
|
|
|
163.0
|
|
|
|
222.5
|
|
Asset retirement
obligations
|
|
|
526.2
|
|
|
|
520.9
|
|
|
|
524.8
|
|
Regulatory
liabilities
|
|
|
344.9
|
|
|
|
418.2
|
|
|
|
531.8
|
|
Other
|
|
|
156.6
|
|
|
|
162.8
|
|
|
|
148.7
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,886.4
|
|
|
|
1,940.0
|
|
|
|
2,043.4
|
|
Total Capitalization
and Liabilities
|
|
$
|
10,327.7
|
|
|
$
|
10,083.7
|
|
|
$
|
9,650.5
|
|
Condensed
Consolidated Statements of Cash Flows –
Unaudited
|
|
(In
Millions)
|
|
Three Months Ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
91.0
|
|
|
$
|
55.7
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
62.1
|
|
|
|
56.9
|
|
Deferred income taxes
and investment tax credits
|
|
|
21.6
|
|
|
|
18.4
|
|
Changes in assets and
liabilities
|
|
|
(348.9)
|
|
|
|
(361.6)
|
|
Other
|
|
|
3.4
|
|
|
|
0.7
|
|
Net cash used in
operating activities
|
|
|
(170.8)
|
|
|
|
(229.9)
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(154.8)
|
|
|
|
(145.7)
|
|
Other
|
|
|
3.1
|
|
|
|
2.6
|
|
Net cash used in
investing activities
|
|
|
(151.7)
|
|
|
|
(143.1)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
205.0
|
|
|
|
300.0
|
|
Repayment of long-term
debt
|
|
|
(31.2)
|
|
|
|
(55.8)
|
|
Issuance (repayment)
of short-term debt, net
|
|
|
189.5
|
|
|
|
174.0
|
|
Issuance of common
stock
|
|
|
0.4
|
|
|
|
0.4
|
|
Dividends paid on
common stock
|
|
|
(36.3)
|
|
|
|
(34.6)
|
|
Dividends paid on
preferred stock
|
|
|
(3.7)
|
|
|
|
(3.7)
|
|
Other
|
|
|
(2.7)
|
|
|
|
(3.4)
|
|
Net cash provided by
financing activities
|
|
|
321.0
|
|
|
|
376.9
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase
in Cash, Cash Equivalents, and Restricted Cash
|
|
|
(1.5)
|
|
|
|
3.9
|
|
Cash, Cash Equivalents,
and Restricted Cash at Beginning of Period
|
|
|
20.5
|
|
|
|
11.3
|
|
Cash, Cash Equivalents,
and Restricted Cash at End of Period
|
|
$
|
19.0
|
|
|
$
|
15.2
|
|
Net Economic
Earnings and Reconciliation to GAAP
|
|
(In Millions, except
per share amounts)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Midstream
|
|
|
Other
|
|
|
Total
|
|
|
Per Diluted
Common
Share (2)
|
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
62.9
|
|
|
$
|
31.6
|
|
|
$
|
3.8
|
|
|
$
|
(7.3)
|
|
|
$
|
91.0
|
|
|
$
|
1.66
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
(7.8)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7.8)
|
|
|
|
(0.15)
|
|
Income tax
adjustments (1)
|
|
|
—
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.9
|
|
|
|
0.04
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
62.9
|
|
|
$
|
25.7
|
|
|
$
|
3.8
|
|
|
$
|
(7.3)
|
|
|
$
|
85.1
|
|
|
$
|
1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
63.1
|
|
|
$
|
(2.3)
|
|
|
$
|
2.5
|
|
|
$
|
(7.6)
|
|
|
$
|
55.7
|
|
|
$
|
1.01
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
3.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3.7
|
|
|
|
0.07
|
|
Income tax
adjustments (1)
|
|
|
4.1
|
|
|
|
(0.9)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3.2
|
|
|
|
0.06
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
67.2
|
|
|
$
|
0.5
|
|
|
$
|
2.5
|
|
|
$
|
(7.6)
|
|
|
$
|
62.6
|
|
|
$
|
1.14
|
|
|
(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 the three
months ended December 31, 2021, 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
|
|
|
Midstream
|
|
|
Other
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
101.9
|
|
|
$
|
41.4
|
|
|
$
|
7.1
|
|
|
$
|
(0.2)
|
|
|
$
|
—
|
|
|
$
|
150.2
|
|
Operation and
maintenance expenses
|
|
|
119.9
|
|
|
|
6.3
|
|
|
|
5.8
|
|
|
|
4.0
|
|
|
|
(3.9)
|
|
|
|
132.1
|
|
Depreciation and
amortization
|
|
|
59.7
|
|
|
|
0.3
|
|
|
|
1.9
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
62.1
|
|
Taxes, other than
income taxes
|
|
|
49.9
|
|
|
|
0.1
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
50.4
|
|
Less: Gross receipts
tax expense
|
|
|
(30.4)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(30.4)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
301.0
|
|
|
|
48.1
|
|
|
|
15.2
|
|
|
|
4.0
|
|
|
|
(3.9)
|
|
|
|
364.4
|
|
Natural gas
costs
|
|
|
401.6
|
|
|
|
26.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8.4)
|
|
|
|
419.2
|
|
Gross receipts tax
expense
|
|
|
30.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.4
|
|
Operating
Revenues
|
|
$
|
733.0
|
|
|
$
|
74.1
|
|
|
$
|
15.2
|
|
|
$
|
4.0
|
|
|
$
|
(12.3)
|
|
|
$
|
814.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
94.4
|
|
|
$
|
(3.1)
|
|
|
$
|
4.6
|
|
|
$
|
(0.6)
|
|
|
$
|
—
|
|
|
$
|
95.3
|
|
Operation and
maintenance expenses
|
|
|
107.3
|
|
|
|
2.7
|
|
|
|
5.8
|
|
|
|
4.2
|
|
|
|
(3.6)
|
|
|
|
116.4
|
|
Depreciation and
amortization
|
|
|
54.6
|
|
|
|
0.3
|
|
|
|
1.9
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
56.9
|
|
Taxes, other than
income taxes
|
|
|
37.0
|
|
|
|
—
|
|
|
|
0.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
37.6
|
|
Less: Gross receipts
tax expense
|
|
|
(21.7)
|
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(21.9)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
271.6
|
|
|
|
(0.3)
|
|
|
|
12.9
|
|
|
|
3.7
|
|
|
|
(3.6)
|
|
|
|
284.3
|
|
Natural gas
costs
|
|
|
210.2
|
|
|
|
48.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9.0)
|
|
|
|
249.2
|
|
Gross receipts tax
expense
|
|
|
21.7
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21.9
|
|
Operating
Revenues
|
|
$
|
503.5
|
|
|
$
|
47.9
|
|
|
$
|
12.9
|
|
|
$
|
3.7
|
|
|
$
|
(12.6)
|
|
|
$
|
555.4
|
|
|
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.