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Spire Inc. reports developments for a regulated natural gas utility company centered on gas distribution businesses in Missouri, Alabama, Mississippi and Tennessee. Its recurring news includes quarterly operating results, earnings guidance, common stock dividends, infrastructure and utility investment themes, and capital actions tied to its public securities.
Company updates also cover Spire's portfolio shift toward regulated gas utility operations, including the completed acquisition of the Piedmont Natural Gas Tennessee business and the completed sale of Spire Marketing. Spire reports its natural gas utilities in a Gas Utility segment, with remaining operations such as Spire MoGas Pipeline reported outside that segment.
Origin Holdings has announced a $20,000 donation to Spire's DollarHelp program, which assists limited-income customers with energy bills. This contribution is made through Origin's LillieMon Foundation. Origin supports Spire, a consulting client, in initiatives that provide essential services to communities, particularly during the ongoing challenges of the Coronavirus pandemic. Spire's DollarHelp program, in operation since 1982, allows customers to contribute to helping others maintain access to affordable and reliable natural gas. This partnership underscores the commitment to community support in times of need.
Spire Inc. (NYSE: SR) announced the pricing of a public offering of 3.2 million equity units, totaling $160 million, up from 3.0 million units. Each unit, priced at $50, consists of a common stock purchase contract and a beneficial interest in a senior note due 2026. The offering will close on February 16, 2021. The annual distribution is set at 7.50%, and proceeds will be used for corporate purposes and to repay short-term debt, estimated at $154 million, increasing to $168.5 million if additional units are purchased.
Spire Inc. (NYSE: SR) announced a planned public offering of $150 million in equity units. Each unit, priced at $50, comprises a future common stock purchase contract and a 5% interest in a senior note due 2026. The company may offer an additional $15 million for overallotments. Proceeds are intended for general corporate purposes and to repay short-term debts. This move follows filing under an effective shelf registration statement with the SEC.
Spire Inc. (NYSE: SR) reported a strong fiscal Q1 2021, with net income rising to $88.9 million ($1.65 per diluted share), compared to $67.0 million ($1.24 per share) last year. Net economic earnings increased to $76.9 million ($1.42 per share) from $71.8 million ($1.33 per share), driven by higher Gas Utility earnings. Operating expenses fell by $5.6 million to $103.0 million. The company reaffirmed its long-term targets for earnings growth and capital expenditures of $3.0 billion through fiscal 2025. A quarterly dividend of $0.65 per share was declared for April 2021.
Spire (NYSE: SR) has joined the ONE Future Coalition, a collective of 37 energy companies aimed at reducing methane emissions to 1% or less by 2025. The company aims for carbon neutrality by midcentury, having reduced methane emissions by over 39% since 2005, with projections of nearly 54% by 2025. Spire appointed its first Head of Environmental Commitment, strengthening its sustainability initiatives. This partnership will help Spire measure its environmental impact and strategies, fostering collaboration in reducing emissions across the natural gas industry.
Spire has announced the appointment of Nick Popielski as its first Head of Environmental Commitment on February 1, 2021. This position aims to enhance the company's environmental strategies, including achieving carbon neutrality by 2050. In the previous year, Spire saw a 19.2% reduction in methane emissions through infrastructure upgrades and has already reduced emissions by over 39% since 2005, targeting a 54% reduction by 2025. The company received accolades, being named one of America's Most Responsible Companies by Newsweek for two consecutive years.
Spire Inc. (NYSE: SR) will hold a conference call on February 4, 2021, at 8:00 a.m. CT to discuss its fiscal 2021 Q1 financial results. The earnings news release will be available prior to the market opening that day on their website. Investors can access the call via a dial-in number or listen to a webcast on Spire's investor site. A replay will be available after the call until March 5, 2021. Spire serves approximately 1.7 million customers across several states, focusing on organic growth and infrastructure investment.
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On November 18, 2020, Spire Inc. (NYSE: SR) announced an increase in its quarterly common stock dividend from $0.6225 to $0.65 per share, marking the 18th consecutive year of annual dividend increases. This $0.11 increase brings the annualized dividend to $2.60 per share. The dividend will be payable on January 5, 2021, to shareholders of record by December 11, 2020. The board also declared a regular quarterly dividend of $0.36875 per depositary share on its Series A Preferred Stock, payable on February 15, 2021.
Spire Inc. (NYSE: SR) reported a net income of $88.6 million ($1.44 per diluted share) for fiscal 2020, a decrease from $184.6 million ($3.52 per share) in 2019, largely due to impairment charges. However, net economic earnings rose to $207.8 million ($3.76 per share), driven by strong performance in the Gas Utility segment. The company aims for long-term NEE per share growth of 5-7% and projects fiscal 2021 NEE per share between $4.00 and $4.20. Capital expenditures will increase to $590 million for fiscal 2021, focusing on infrastructure upgrades and sustainability initiatives.