Spire Reports Fiscal 2024 Results
Rhea-AI Summary
Spire Inc. (NYSE: SR) reported fiscal 2024 net income of $250.9 million ($4.19 per share), up from $217.5 million ($3.85 per share) in 2023. Adjusted earnings reached $247.4 million ($4.13 per share) compared to $228.1 million ($4.05 per share) last year. Gas Utility earnings improved due to new rates and lower operation costs, while Midstream earnings grew from new storage capacity and acquisitions. The company reaffirmed its long-term adjusted EPS growth target of 5-7% and issued fiscal 2025 EPS guidance of $4.40 to $4.60. Capital expenditures for fiscal 2025 are expected to be $790 million, with a 10-year investment target of $7.4 billion through fiscal 2034.
Positive
- Net income increased to $250.9M ($4.19/share) from $217.5M ($3.85/share)
- Gas Utility earnings grew to $220.8M from $200.5M
- Midstream earnings increased to $33.5M from $14.1M
- Operation and maintenance expenses decreased by 2.9%
- 10-year capital investment target set at $7.4B through 2034
Negative
- Gas Marketing earnings declined to $23.4M from $47.6M
- Higher interest and depreciation expenses
- Lower weather-driven usage at Spire Missouri
- Increased weighted-average shares outstanding due to equity issuance
- Depreciation and amortization expense increased by $19.2M
Insights
The fiscal 2024 results show solid performance despite challenging conditions. Net income increased to
- Gas Utility segment improved by
$20.3 million through new rates and cost management - Midstream earnings more than doubled to
$33.5 million driven by storage expansion - Gas Marketing declined but still delivered
$23.4 million in earnings
The FY2025 guidance of
The company's strategic positioning appears strong with several positive indicators. The successful navigation of higher interest rates and weather challenges while delivering earnings growth demonstrates operational resilience. The infrastructure investment strategy is particularly noteworthy:
- Planned
$790 million capital expenditure for FY2025 - Focus on regulated utility operations provides earnings stability
- Storage business expansion driving significant midstream growth
The recent equity issuance has strengthened the balance sheet, though it did create some dilution impact. The combination of rate base growth and operational improvements positions the company well for meeting its long-term targets.
Affirms long-term growth target; issues fiscal 2025 earnings guidance
- Fiscal 2024 net income of
$250.9 million $4.19 $217.5 million $3.85 - Adjusted earnings* of
$247.4 million $4.13 $228.1 million $4.05 - Reaffirms long-term adjusted earnings per share (EPS) growth target of 5–
7% and launches fiscal 2025 adjusted EPS guidance of$4.40 $4.60
For fiscal 2024, Spire reported consolidated adjusted earnings per share of
"During fiscal 2024, despite the impacts of warm winter weather and rising interest expense, our team delivered solid financial and operating performance while providing affordable, reliable and safe energy to our customers," said Steve Lindsey, president and chief executive officer of Spire. "Significant infrastructure investments and improved operational efficiency drove growth in our gas utilities during the year. In addition, Gas Marketing and Midstream continued to deliver solid results. We remain focused on continued execution of our strategy committed to capital-driven growth and operational excellence."
Fiscal Year Results | Year Ended September 30, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
Adjusted Earnings (Loss)* by Segment | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Gas Utility | $ | 220.8 | $ | 200.5 | ||||||||||||
Gas Marketing | 23.4 | 47.6 | ||||||||||||||
Midstream | 33.5 | 14.1 | ||||||||||||||
Other | (30.3) | (34.1) | ||||||||||||||
Total | $ | 247.4 | $ | 228.1 | $ | 4.13 | $ | 4.05 | ||||||||
All adjustments, including tax effects | 3.5 | (10.6) | 0.06 | (0.20) | ||||||||||||
Net Income | $ | 250.9 | $ | 217.5 | $ | 4.19 | $ | 3.85 | ||||||||
Weighted Average Diluted Shares Outstanding | 56.3 | 52.6 | ||||||||||||||
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
The earnings per share comparison reflects higher weighted-average shares outstanding resulting from the issuance of 2.7 million shares in March 2024 related to the conversion of the equity units and 1.7 million shares in December 2023 related to the settlement of forward shares under the at-the-market equity program.
Adjusted earnings excludes 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 other non-recurring or unusual items such as impairments and certain regulatory, legislative, or GAAP standard-setting actions.
Gas Utility
Gas Utility fiscal 2024 adjusted earnings were
Contribution margin increased
After adjusting for a charge related to the launch of Spire's customer affordability initiative, pension reclass and removal of bad debt expense, operation and maintenance expense was
Depreciation and amortization expense increased
Gas Marketing
Gas Marketing fiscal 2024 adjusted earnings were
Midstream
Midstream fiscal 2024 adjusted earnings were
Other
Spire's other activities reported a loss on an adjusted basis of
Guidance and Outlook
Spire's long-term adjusted earnings per share growth target remains 5–
Our 10-year capital investment target of
Fourth Quarter Results | Three Months Ended September 30, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
Adjusted (Loss) Earnings* by Segment | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Gas Utility | $ | (32.0) | $ | (34.0) | ||||||||||||
Gas Marketing | (0.3) | 2.6 | ||||||||||||||
Midstream | 13.4 | 2.5 | ||||||||||||||
Other | (8.7) | (8.7) | ||||||||||||||
Total | $ | (27.6) | $ | (37.6) | $ | (0.54) | $ | (0.78) | ||||||||
All adjustments, including tax effects | 1.7 | 6.5 | 0.03 | 0.12 | ||||||||||||
Net Loss | $ | (25.9) | $ | (31.1) | $ | (0.51) | $ | (0.66) | ||||||||
Weighted Average Diluted Shares Outstanding | 57.7 | 52.5 | ||||||||||||||
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
Due to the seasonal nature of natural gas demand and the timing of regulatory recovery in our gas utility business, we typically incur a loss in our fiscal fourth quarter ended September 30. For fiscal 2024 fourth quarter, Spire reported a consolidated net loss of
Gas Utility
Gas Utility reported a loss on an adjusted earnings basis during the quarter of
Gas Marketing
Gas Marketing reported a loss on an adjusted earnings basis during fiscal 2024 fourth quarter of
Midstream
Midstream fiscal 2024 fourth quarter adjusted earnings were
Other
Spire's other activities reported a loss on an adjusted basis of
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2024 fourth quarter and full-year financial results. To access the call, please dial the applicable number approximately 5-10 minutes prior to the start time.
Date and Time: | Wednesday, November 20 | ||
8 a.m. CT (9 a.m. ET) | |||
Phone Numbers: | 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 webcast will be available for one year beginning approximately one hour after the close of the call.
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 companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving
Cautionary Statements on Forward-Looking Information and Non-GAAP Measures
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Spire's future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company's control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with acquisitions. More complete descriptions and listings of these uncertainties and risk factors can be found in the Company's annual (Form 10-K) filing with the Securities and Exchange Commission.
This news release includes the non-GAAP financial measures of "adjusted earnings," "adjusted earnings per share," and "contribution margin." Management also uses these non-GAAP measures internally when evaluating the Company's performance and results of operations. Adjusted 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 | Year Ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating Revenues | $ | 293.8 | $ | 310.4 | $ | 2,593.0 | $ | 2,666.3 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 54.6 | 85.3 | 1,103.3 | 1,260.8 | ||||||||||||
Operation and maintenance | 112.2 | 127.9 | 507.4 | 517.6 | ||||||||||||
Depreciation and amortization | 71.1 | 65.8 | 278.4 | 254.8 | ||||||||||||
Taxes, other than income taxes | 36.1 | 35.3 | 215.6 | 214.5 | ||||||||||||
Total Operating Expenses | 274.0 | 314.3 | 2,104.7 | 2,247.7 | ||||||||||||
Operating Income (Loss) | 19.8 | (3.9) | 488.3 | 418.6 | ||||||||||||
Interest Expense | 49.5 | 48.2 | 201.1 | 185.7 | ||||||||||||
Other (Expense) Income, Net | (4.8) | 4.1 | 22.4 | 23.4 | ||||||||||||
(Loss) Income Before Income Taxes | (34.5) | (48.0) | 309.6 | 256.3 | ||||||||||||
Income Tax (Benefit) Expense | (8.6) | (16.9) | 58.7 | 38.8 | ||||||||||||
Net (Loss) Income | (25.9) | (31.1) | 250.9 | 217.5 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 14.8 | 14.8 | ||||||||||||
(Loss) income allocated to participating securities | — | (0.1) | 0.3 | 0.3 | ||||||||||||
Net (Loss) Income Available to Common Shareholders | $ | (29.6) | $ | (34.7) | $ | 235.8 | $ | 202.4 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 57.7 | 52.5 | 56.1 | 52.5 | ||||||||||||
Diluted | 57.7 | 52.5 | 56.3 | 52.6 | ||||||||||||
Basic (Loss) Earnings Per Share | $ | (0.51) | $ | (0.66) | $ | 4.20 | $ | 3.86 | ||||||||
Diluted (Loss) Earnings Per Share | (0.51) | (0.66) | 4.19 | 3.85 | ||||||||||||
Dividends Declared Per Common Share | 0.755 | 0.72 | 3.02 | 2.88 | ||||||||||||
Condensed Consolidated Balance Sheets – Unaudited | ||||||||
(In millions) | September 30, | September 30, | ||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Utility Plant | $ | 8,779.1 | $ | 8,210.1 | ||||
Less: Accumulated depreciation and amortization | 2,535.8 | 2,431.2 | ||||||
Net Utility Plant | 6,243.3 | 5,778.9 | ||||||
Other Property and Investments | 1,070.6 | 731.1 | ||||||
Current Assets: | ||||||||
Cash and cash equivalents | 4.5 | 5.6 | ||||||
Accounts receivable, net | 277.4 | 288.5 | ||||||
Inventories | 263.9 | 279.5 | ||||||
Other | 225.5 | 503.3 | ||||||
Total Current Assets | 771.3 | 1,076.9 | ||||||
Deferred Charges and Other Assets: | ||||||||
Goodwill | 1,171.6 | 1,171.6 | ||||||
Other deferred charges and other assets | 1,603.9 | 1,555.1 | ||||||
Total Deferred Charges and Other Assets | 2,775.5 | 2,726.7 | ||||||
Total Assets | $ | 10,860.7 | $ | 10,313.6 | ||||
CAPITALIZATION AND LIABILITIES | ||||||||
Capitalization: | ||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | ||||
Common stock and paid-in capital | 1,959.9 | 1,669.7 | ||||||
Retained earnings | 1,018.7 | 958.0 | ||||||
Accumulated other comprehensive income | 12.1 | 47.6 | ||||||
Total Shareholders' Equity | 3,232.7 | 2,917.3 | ||||||
Temporary equity | 8.6 | 16.5 | ||||||
Long-term debt (less current portion) | 3,704.4 | 3,554.0 | ||||||
Total Capitalization | 6,945.7 | 6,487.8 | ||||||
Current Liabilities: | ||||||||
Current portion of long-term debt | 42.0 | 156.6 | ||||||
Notes payable | 947.0 | 955.5 | ||||||
Accounts payable | 237.2 | 253.1 | ||||||
Accrued liabilities and other | 477.7 | 390.2 | ||||||
Total Current Liabilities | 1,703.9 | 1,755.4 | ||||||
Deferred Credits and Other Liabilities: | ||||||||
Deferred income taxes | 808.4 | 743.7 | ||||||
Other deferred credits and other liabilities | 1,402.7 | 1,326.7 | ||||||
Total Deferred Credits and Other Liabilities | 2,211.1 | 2,070.4 | ||||||
Total Capitalization and Liabilities | $ | 10,860.7 | $ | 10,313.6 | ||||
Condensed Consolidated Statements of Cash Flows – Unaudited | ||||||||
(In millions) | Year Ended September 30, | |||||||
2024 | 2023 | |||||||
Operating Activities: | ||||||||
Net income | $ | 250.9 | $ | 217.5 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 278.4 | 254.8 | ||||||
Deferred income taxes and investment tax credits | 57.0 | 36.9 | ||||||
Changes in assets and liabilities | 317.8 | (82.0) | ||||||
Other | 8.3 | 13.0 | ||||||
Net cash provided by operating activities | 912.4 | 440.2 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (861.3) | (662.5) | ||||||
Business acquisition, net of cash acquired | (175.9) | (37.0) | ||||||
Other | 10.0 | 4.0 | ||||||
Net cash used in investing activities | (1,027.2) | (695.5) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | 495.0 | 755.0 | ||||||
Repayment of long-term debt | (456.6) | (281.2) | ||||||
Repayment of short-term debt, net | (8.5) | (82.0) | ||||||
Issuance of common stock | 287.0 | 41.9 | ||||||
Dividends paid on common stock | (167.1) | (150.7) | ||||||
Dividends paid on preferred stock | (14.8) | (14.8) | ||||||
Other | (11.1) | (7.6) | ||||||
Net cash provided by financing activities | 123.9 | 260.6 | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 9.1 | 5.3 | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 25.8 | 20.5 | ||||||
Cash, Cash Equivalents, and Restricted Cash at End of Year | $ | 34.9 | $ | 25.8 | ||||
Adjusted Earnings and Reconciliation to GAAP | ||||||||||||||||||||||||
(In millions, except per share amounts) | Gas | Gas | Midstream | Other | Total | Per Diluted | ||||||||||||||||||
Three Months Ended September 30, 2024 | ||||||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (32.4) | $ | 2.0 | $ | 13.2 | $ | (8.7) | $ | (25.9) | $ | (0.51) | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | (0.1) | (3.1) | — | — | (3.2) | (0.06) | ||||||||||||||||||
Acquisition and restructuring activities | 0.6 | — | 0.2 | 0.1 | 0.9 | 0.02 | ||||||||||||||||||
Income tax effect of adjustments (1) | (0.1) | 0.8 | — | (0.1) | 0.6 | 0.01 | ||||||||||||||||||
Adjusted (Loss) Earnings [Non-GAAP] | $ | (32.0) | $ | (0.3) | $ | 13.4 | $ | (8.7) | $ | (27.6) | $ | (0.54) | ||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (33.5) | $ | 10.2 | $ | 0.9 | $ | (8.7) | $ | (31.1) | $ | (0.66) | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | (0.7) | (10.1) | — | — | (10.8) | (0.20) | ||||||||||||||||||
Acquisition activities | — | — | 2.0 | — | 2.0 | 0.04 | ||||||||||||||||||
Income tax effect of adjustments (1) | 0.2 | 2.5 | (0.4) | — | 2.3 | 0.04 | ||||||||||||||||||
Adjusted (Loss) Earnings [Non-GAAP] | $ | (34.0) | $ | 2.6 | $ | 2.5 | $ | (8.7) | $ | (37.6) | $ | (0.78) | ||||||||||||
Year Ended September 30, 2024 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 217.0 | $ | 32.7 | $ | 31.7 | $ | (30.5) | $ | 250.9 | $ | 4.19 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | (12.4) | — | — | (12.4) | (0.22) | ||||||||||||||||||
Acquisition and restructuring activities | 5.0 | — | 2.3 | 0.3 | 7.6 | 0.14 | ||||||||||||||||||
Income tax effect of adjustments (1) | (1.2) | 3.1 | (0.5) | (0.1) | 1.3 | 0.02 | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 220.8 | $ | 23.4 | $ | 33.5 | $ | (30.3) | $ | 247.4 | $ | 4.13 | ||||||||||||
Year Ended September 30, 2023 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 200.5 | $ | 39.1 | $ | 12.0 | $ | (34.1) | $ | 217.5 | $ | 3.85 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | 11.4 | — | — | 11.4 | 0.21 | ||||||||||||||||||
Acquisition activities | — | — | 2.5 | — | 2.5 | 0.05 | ||||||||||||||||||
Income tax effect of adjustments (1) | — | (2.9) | (0.4) | — | (3.3) | (0.06) | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 200.5 | $ | 47.6 | $ | 14.1 | $ | (34.1) | $ | 228.1 | $ | 4.05 | ||||||||||||
(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. |
(2) Adjusted earnings (formerly known as net economic earnings) per share is calculated by replacing consolidated net income with consolidated adjusted 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 | Gas | Midstream | Other | Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended September 30, 2024 | ||||||||||||||||||||||||
Operating (Loss) Income [GAAP] | $ | (0.5) | $ | 1.7 | $ | 18.7 | $ | (0.1) | $ | — | $ | 19.8 | ||||||||||||
Operation and maintenance expenses | 100.1 | 3.3 | 8.7 | 4.5 | (4.4) | 112.2 | ||||||||||||||||||
Depreciation and amortization | 67.3 | 0.4 | 3.3 | 0.1 | — | 71.1 | ||||||||||||||||||
Taxes, other than income taxes | 34.8 | 0.3 | 0.9 | 0.1 | — | 36.1 | ||||||||||||||||||
Less: Gross receipts tax expense | (14.7) | — | — | — | — | (14.7) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | $ | 187.0 | $ | 5.7 | $ | 31.6 | $ | 4.6 | $ | (4.4) | $ | 224.5 | ||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||
Operating (Loss) Income [GAAP] | $ | (16.3) | $ | 12.6 | $ | 3.2 | $ | (3.4) | $ | — | $ | (3.9) | ||||||||||||
Operation and maintenance expenses | 110.9 | 3.2 | 10.4 | 7.5 | (4.1) | 127.9 | ||||||||||||||||||
Depreciation and amortization | 62.8 | 0.5 | 2.4 | 0.1 | — | 65.8 | ||||||||||||||||||
Taxes, other than income taxes | 34.1 | 0.1 | 1.0 | 0.1 | — | 35.3 | ||||||||||||||||||
Less: Gross receipts tax expense | (15.1) | (0.1) | — | — | — | (15.2) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | $ | 176.4 | $ | 16.3 | $ | 17.0 | $ | 4.3 | $ | (4.1) | $ | 209.9 | ||||||||||||
Year Ended September 30, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 400.6 | $ | 41.2 | $ | 48.2 | $ | (1.7) | $ | — | $ | 488.3 | ||||||||||||
Operation and maintenance expenses | 452.8 | 18.2 | 34.7 | 18.7 | (17.0) | 507.4 | ||||||||||||||||||
Depreciation and amortization | 263.6 | 1.5 | 12.8 | 0.5 | — | 278.4 | ||||||||||||||||||
Taxes, other than income taxes | 210.2 | 1.4 | 3.9 | 0.1 | — | 215.6 | ||||||||||||||||||
Less: Gross receipts tax expense | (128.0) | (0.2) | — | — | — | (128.2) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 1,199.2 | 62.1 | 99.6 | 17.6 | (17.0) | 1,361.5 | ||||||||||||||||||
Natural gas costs | 1,110.7 | 36.9 | 1.1 | — | (45.4) | 1,103.3 | ||||||||||||||||||
Gross receipts tax expense | 128.0 | 0.2 | — | — | — | 128.2 | ||||||||||||||||||
Operating Revenues | $ | 2,437.9 | $ | 99.2 | $ | 100.7 | $ | 17.6 | $ | (62.4) | $ | 2,593.0 | ||||||||||||
Year Ended September 30, 2023 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 350.8 | $ | 49.3 | $ | 24.3 | $ | (5.8) | $ | — | $ | 418.6 | ||||||||||||
Operation and maintenance expenses | 461.8 | 19.4 | 30.5 | 21.9 | (16.0) | 517.6 | ||||||||||||||||||
Depreciation and amortization | 244.4 | 1.5 | 8.4 | 0.5 | — | 254.8 | ||||||||||||||||||
Taxes, other than income taxes | 210.3 | 1.2 | 2.9 | 0.1 | — | 214.5 | ||||||||||||||||||
Less: Gross receipts tax expense | (131.5) | (0.3) | — | — | — | (131.8) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 1,135.8 | 71.1 | 66.1 | 16.7 | (16.0) | 1,273.7 | ||||||||||||||||||
Natural gas costs | 1,189.6 | 107.7 | — | — | (36.5) | 1,260.8 | ||||||||||||||||||
Gross receipts tax expense | 131.5 | 0.3 | — | — | — | 131.8 | ||||||||||||||||||
Operating Revenues | $ | 2,456.9 | $ | 179.1 | $ | 66.1 | $ | 16.7 | $ | (52.5) | $ | 2,666.3 | ||||||||||||
Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com
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SOURCE Spire Inc.
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