Spire reports FY25 second quarter results
Spire reported strong fiscal 2025 second quarter results with adjusted earnings of $214.4 million ($3.60 per share), up from $196.6 million ($3.45 per share) last year. The company's Gas Utility segment saw earnings growth to $195.2 million, while Midstream operations significantly improved to $15.8 million due to enhanced storage capacity and higher contract rates.
Key financial highlights:
- Net income reached $209.3 million ($3.51 per share)
- Gas Marketing earnings slightly decreased to $14.8 million
- Company reaffirmed fiscal 2025 guidance of $4.40-$4.60 per share
Spire's growth strategy includes a $7.4 billion capital investment plan through 2034, with fiscal 2025 capital expenditures increased to $840 million. The company expects 5-7% long-term adjusted earnings growth, supported by 7-8% rate base growth at Spire Missouri and 6% equity growth at Spire Alabama and Gulf operations.
Spire ha riportato solidi risultati nel secondo trimestre fiscale 2025 con utili rettificati pari a 214,4 milioni di dollari (3,60 dollari per azione), in aumento rispetto ai 196,6 milioni di dollari (3,45 dollari per azione) dell'anno precedente. Il segmento Gas Utility dell'azienda ha registrato una crescita degli utili a 195,2 milioni di dollari, mentre le operazioni Midstream sono notevolmente migliorate a 15,8 milioni di dollari grazie a una maggiore capacità di stoccaggio e a tariffe contrattuali più elevate.
Punti finanziari chiave:
- Il reddito netto ha raggiunto 209,3 milioni di dollari (3,51 dollari per azione)
- Gli utili del Gas Marketing sono leggermente diminuiti a 14,8 milioni di dollari
- L'azienda ha confermato le previsioni per il 2025 fiscale tra 4,40 e 4,60 dollari per azione
La strategia di crescita di Spire prevede un piano di investimenti in capitale da 7,4 miliardi di dollari fino al 2034, con una spesa in conto capitale aumentata a 840 milioni di dollari per il 2025 fiscale. L'azienda prevede una crescita degli utili rettificati a lungo termine del 5-7%, supportata da una crescita della base tariffaria del 7-8% per Spire Missouri e una crescita del capitale proprio del 6% per le operazioni di Spire Alabama e Gulf.
Spire reportó sólidos resultados en el segundo trimestre fiscal de 2025 con ganancias ajustadas de 214,4 millones de dólares (3,60 dólares por acción), frente a 196,6 millones de dólares (3,45 dólares por acción) del año anterior. El segmento de Gas Utility de la compañía experimentó un crecimiento en las ganancias hasta 195,2 millones de dólares, mientras que las operaciones de Midstream mejoraron significativamente a 15,8 millones de dólares debido a una mayor capacidad de almacenamiento y tarifas contractuales más altas.
Puntos financieros clave:
- El ingreso neto alcanzó 209,3 millones de dólares (3,51 dólares por acción)
- Las ganancias de Gas Marketing disminuyeron ligeramente a 14,8 millones de dólares
- La empresa reafirmó su guía fiscal para 2025 de 4,40 a 4,60 dólares por acción
La estrategia de crecimiento de Spire incluye un plan de inversión de capital de 7,4 mil millones de dólares hasta 2034, con gastos de capital aumentados a 840 millones de dólares para el año fiscal 2025. La compañía espera un crecimiento a largo plazo de las ganancias ajustadas del 5-7%, respaldado por un crecimiento de la base tarifaria del 7-8% en Spire Missouri y un crecimiento del capital del 6% en las operaciones de Spire Alabama y Gulf.
Spire는 2025 회계연도 2분기에 조정 순이익 2억 1,440만 달러(주당 3.60달러)를 기록하며 전년 1억 9,660만 달러(주당 3.45달러) 대비 증가한 강력한 실적을 보고했습니다. 회사의 가스 유틸리티 부문은 1억 9,520만 달러로 수익이 증가했으며, 미드스트림 사업은 저장 용량 확대와 계약 요율 상승으로 인해 1,580만 달러로 크게 개선되었습니다.
주요 재무 하이라이트:
- 순이익은 2억 930만 달러(주당 3.51달러)에 도달
- 가스 마케팅 수익은 소폭 감소하여 1,480만 달러 기록
- 회사는 2025 회계연도 가이던스인 주당 4.40~4.60달러를 재확인
Spire의 성장 전략에는 2034년까지 74억 달러의 자본 투자 계획이 포함되어 있으며, 2025 회계연도 자본 지출은 8억 4,000만 달러로 증가했습니다. 회사는 Spire Missouri의 요율 기반 7-8% 성장과 Spire Alabama 및 Gulf 사업의 6% 자본 성장에 힘입어 장기적으로 조정 순이익이 5-7% 성장할 것으로 기대하고 있습니다.
Spire a annoncé de solides résultats pour le deuxième trimestre de l'exercice 2025 avec un bénéfice ajusté de 214,4 millions de dollars (3,60 dollars par action), en hausse par rapport à 196,6 millions de dollars (3,45 dollars par action) l'année précédente. Le segment Gas Utility de la société a vu ses bénéfices croître à 195,2 millions de dollars, tandis que les opérations Midstream ont nettement progressé à 15,8 millions de dollars grâce à une capacité de stockage accrue et à des tarifs contractuels plus élevés.
Points financiers clés :
- Le revenu net a atteint 209,3 millions de dollars (3,51 dollars par action)
- Les bénéfices du Gas Marketing ont légèrement diminué à 14,8 millions de dollars
- La société a confirmé ses prévisions pour l'exercice 2025 entre 4,40 et 4,60 dollars par action
La stratégie de croissance de Spire comprend un plan d'investissement en capital de 7,4 milliards de dollars jusqu'en 2034, avec des dépenses d'investissement portées à 840 millions de dollars pour l'exercice 2025. La société prévoit une croissance à long terme des bénéfices ajustés de 5 à 7 %, soutenue par une croissance de la base tarifaire de 7 à 8 % chez Spire Missouri et une croissance des capitaux propres de 6 % chez Spire Alabama et Gulf.
Spire meldete starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 mit bereinigten Gewinnen von 214,4 Millionen US-Dollar (3,60 US-Dollar pro Aktie), gegenüber 196,6 Millionen US-Dollar (3,45 US-Dollar pro Aktie) im Vorjahr. Der Gas Utility-Bereich des Unternehmens verzeichnete ein Gewinnwachstum auf 195,2 Millionen US-Dollar, während die Midstream-Aktivitäten dank erhöhter Speicherkapazität und höherer Vertragsraten deutlich auf 15,8 Millionen US-Dollar zulegten.
Wichtige finanzielle Highlights:
- Der Nettogewinn erreichte 209,3 Millionen US-Dollar (3,51 US-Dollar pro Aktie)
- Die Gewinne im Gas-Marketing gingen leicht auf 14,8 Millionen US-Dollar zurück
- Das Unternehmen bestätigte die Prognose für das Geschäftsjahr 2025 von 4,40 bis 4,60 US-Dollar pro Aktie
Die Wachstumsstrategie von Spire umfasst einen Kapitalinvestitionsplan von 7,4 Milliarden US-Dollar bis 2034, wobei die Investitionsausgaben für das Geschäftsjahr 2025 auf 840 Millionen US-Dollar erhöht wurden. Das Unternehmen erwartet ein langfristiges bereinigtes Gewinnwachstum von 5-7 %, unterstützt durch ein Wachstum der Bemessungsgrundlage von 7-8 % bei Spire Missouri und ein Eigenkapitalwachstum von 6 % bei den Spire Alabama und Gulf Betrieben.
- Q2 adjusted earnings increased to $3.60 per share from $3.45 year-over-year
- Gas Utility earnings grew to $195.2M from $188.0M due to new rates and higher usage
- Midstream earnings surged to $15.8M from $3.8M driven by higher storage capacity and rates
- Company reaffirmed FY2025 earnings guidance of $4.40-$4.60 per share
- Robust $7.4B 10-year capital investment plan through 2034
- FY2025 capital expenditure target increased from $790M to $840M
- Interest expense decreased $4.5M due to lower rates and reduced short-term debt
- Q2 net income per share declined to $3.51 from $3.58 year-over-year
- Gas Marketing earnings decreased to $14.8M from $15.5M due to reduced market volatility
- Other segment losses increased to $11.4M from $10.7M due to higher interest expense
- Year-to-date diluted EPS dropped to $4.86 from $5.14 in previous year
- Higher depreciation expense of $4.1M due to increased capital investment
Insights
Spire posts mixed Q2 results with adjusted EPS growth despite dilution; reaffirms 2025 guidance while increasing capex plans.
Spire Inc.'s Q2 fiscal 2025 results show growth in adjusted earnings while maintaining their full-year outlook. The company reported Q2 adjusted earnings of
Segment performance reveals important trends: Gas Utility adjusted earnings grew modestly from
For the first half of fiscal 2025, adjusted earnings reached
Management has reaffirmed its fiscal 2025 adjusted earnings guidance range of
The results demonstrate Spire's continued execution of its regulated utility business model, with infrastructure investments supporting their
- Second quarter net income of
$209.3 million $3.51 $204.3 million $3.58 - Second quarter adjusted earnings* of
$214.4 million $3.60 $196.6 million $3.45 - Reaffirm fiscal 2025 adjusted earnings guidance range of
$4 $4.60
For fiscal 2025 second quarter, Spire reported adjusted earnings per share of
"Our solid second quarter results reflect our continued commitment to operational excellence and disciplined execution of our strategy. We remain focused on safely delivering reliable energy to our customers while advancing key infrastructure investments enhancing our growth profile," said Scott Doyle, president and chief executive officer of Spire. "As we move forward, our strategy remains unchanged, and we are confident in our ability to create long-term value for our customers, communities and shareholders. We continue to expect our fiscal 2025 earnings to be in the range of
Second Quarter Results | Three Months Ended March 31, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Adjusted Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 195.2 | $ | 188.0 | ||||||||||||
Gas Marketing | 14.8 | 15.5 | ||||||||||||||
Midstream | 15.8 | 3.8 | ||||||||||||||
Other | (11.4) | (10.7) | ||||||||||||||
Total | $ | 214.4 | $ | 196.6 | $ | 3.60 | $ | 3.45 | ||||||||
Fair value and timing adjustments, pre-tax | (6.9) | 10.2 | (0.12) | 0.17 | ||||||||||||
Income tax effect of adjustments | 1.8 | (2.5) | 0.03 | (0.04) | ||||||||||||
Net Income | $ | 209.3 | $ | 204.3 | $ | 3.51 | $ | 3.58 | ||||||||
Weighted Average Diluted Shares Outstanding | 58.5 | 55.9 | ||||||||||||||
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
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 2025 second quarter adjusted earnings were
Contribution margin was
After adjusting for the impact of a pension reclass and bad debt expense, operation and maintenance expense was
Depreciation expense increased
Gas Marketing
Gas Marketing fiscal 2025 second quarter adjusted earnings were
Midstream
Midstream fiscal 2025 second quarter adjusted earnings were
Other
Spire's other activities reported an adjusted loss of
Year-to-Date Results | Six Months Ended March 31, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Adjusted Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 273.0 | $ | 263.8 | ||||||||||||
Gas Marketing | 17.0 | 22.7 | ||||||||||||||
Midstream | 27.8 | 6.2 | ||||||||||||||
Other | (22.3) | (13.4) | ||||||||||||||
Total | $ | 295.5 | $ | 279.3 | $ | 4.95 | $ | 4.96 | ||||||||
Fair value and timing adjustments, pre-tax | (6.6) | 15.4 | (0.12) | 0.27 | ||||||||||||
Acquisition and restructuring activities, pre-tax | — | (1.9) | — | (0.03) | ||||||||||||
Income tax effect of adjustments | 1.7 | (3.4) | 0.03 | (0.06) | ||||||||||||
Net Income | $ | 290.6 | $ | 289.4 | $ | 4.86 | $ | 5.14 | ||||||||
Weighted Average Diluted Shares Outstanding | 58.2 | 54.7 | ||||||||||||||
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
For the first six months of fiscal 2025, Spire reported consolidated net income of
Gas Utility results reflect a solid performance across all utilities. Earnings increased due to new rates and Spire Missouri usage net of weather mitigation. These items were offset, in part, by unfavorable usage net of impact of weather mitigation at Spire Alabama and higher depreciation costs.
Gas Marketing adjusted earnings were lower compared to a year ago due to market conditions.
Midstream adjusted earnings improved driven by additional storage capacity, contract renewals at higher rates, asset optimization and the acquisition of MoGas.
Spire's other activities reflect higher interest expense in the current year and the absence of a prior-year benefit of an interest rate hedge.
Guidance and Outlook
Spire continues to expect fiscal 2025 adjusted earnings to be in the range of
Our 10-year
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2025 second quarter financial results. To access the call, please dial the applicable number approximately 5–10 minutes in advance.
Date and Time: | Wednesday, April 30 | |||
9 a.m. CT (10 a.m. ET) | ||||
Phone Numbers: | 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 approximately one hour following the call until May 7, 2025, by dialing 877-344-7529 (
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
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) and quarterly (Form 10-Q) filings 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 | Six Months Ended | ||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Operating Revenues | $ | 1,051.3 | $ | 1,128.5 | $ | 1,720.4 | $ | 1,885.1 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 454.9 | 540.8 | 724.9 | 907.8 | ||||||||||||
Operation and maintenance | 139.4 | 137.8 | 268.7 | 268.5 | ||||||||||||
Depreciation and amortization | 73.7 | 68.9 | 146.0 | 135.9 | ||||||||||||
Taxes, other than income taxes | 76.9 | 82.4 | 125.6 | 135.1 | ||||||||||||
Total Operating Expenses | 744.9 | 829.9 | 1,265.2 | 1,447.3 | ||||||||||||
Operating Income | 306.4 | 298.6 | 455.2 | 437.8 | ||||||||||||
Interest Expense, Net | 47.4 | 52.2 | 95.4 | 102.8 | ||||||||||||
Other Income, Net | 3.0 | 7.3 | 3.6 | 24.8 | ||||||||||||
Income Before Income Taxes | 262.0 | 253.7 | 363.4 | 359.8 | ||||||||||||
Income Tax Expense | 52.7 | 49.4 | 72.8 | 70.4 | ||||||||||||
Net Income | 209.3 | 204.3 | 290.6 | 289.4 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 7.4 | 7.4 | ||||||||||||
Income allocated to participating securities | 0.3 | 0.3 | 0.4 | 0.4 | ||||||||||||
Net Income Available to Common Shareholders | $ | 205.3 | $ | 200.3 | $ | 282.8 | $ | 281.6 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 58.3 | 55.8 | 58.0 | 54.6 | ||||||||||||
Diluted | 58.5 | 55.9 | 58.2 | 54.7 | ||||||||||||
Basic Earnings Per Common Share | $ | 3.52 | $ | 3.59 | $ | 4.88 | $ | 5.16 | ||||||||
Diluted Earnings Per Common Share | $ | 3.51 | $ | 3.58 | $ | 4.86 | $ | 5.14 | ||||||||
Dividends Declared Per Common Share | $ | 0.785 | $ | 0.755 | $ | 1.570 | $ | 1.510 | ||||||||
Condensed Consolidated Balance Sheets – Unaudited | ||||||||||||
(In Millions) | March 31, | September 30, | March 31, | |||||||||
2025 | 2024 | 2024 | ||||||||||
ASSETS | ||||||||||||
Utility Plant | $ | 9,080.6 | $ | 8,779.1 | $ | 8,480.3 | ||||||
Less: Accumulated depreciation and amortization | 2,575.1 | 2,535.8 | 2,509.3 | |||||||||
Net Utility Plant | 6,505.5 | 6,243.3 | 5,971.0 | |||||||||
Non-utility Property | 1,005.7 | 955.3 | 886.2 | |||||||||
Other Investments | 117.9 | 115.3 | 105.3 | |||||||||
Total Other Property and Investments | 1,123.6 | 1,070.6 | 991.5 | |||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | 15.2 | 4.5 | 25.6 | |||||||||
Accounts receivable, net | 529.9 | 277.4 | 466.7 | |||||||||
Inventories | 179.1 | 263.9 | 214.8 | |||||||||
Other | 183.6 | 225.5 | 298.6 | |||||||||
Total Current Assets | 907.8 | 771.3 | 1,005.7 | |||||||||
Deferred Charges and Other Assets | 2,809.8 | 2,775.5 | 2,743.2 | |||||||||
Total Assets | $ | 11,346.7 | $ | 10,860.7 | $ | 10,711.4 | ||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||
Capitalization: | ||||||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | $ | 242.0 | ||||||
Common stock and paid-in capital | 2,036.4 | 1,959.9 | 1,957.4 | |||||||||
Retained earnings | 1,207.6 | 1,018.7 | 1,155.3 | |||||||||
Accumulated other comprehensive income | 22.7 | 12.1 | 35.6 | |||||||||
Total Shareholders' Equity | 3,508.7 | 3,232.7 | 3,390.3 | |||||||||
Temporary equity | 9.3 | 8.6 | 10.3 | |||||||||
Long-term debt (less current portion) | 3,348.5 | 3,704.4 | 3,421.4 | |||||||||
Total Capitalization | 6,866.5 | 6,945.7 | 6,822.0 | |||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt | 392.5 | 42.0 | 307.0 | |||||||||
Notes payable | 1,015.0 | 947.0 | 786.0 | |||||||||
Accounts payable | 283.5 | 237.2 | 193.4 | |||||||||
Accrued liabilities and other | 421.5 | 477.7 | 363.9 | |||||||||
Total Current Liabilities | 2,112.5 | 1,703.9 | 1,650.3 | |||||||||
Deferred Credits and Other Liabilities: | ||||||||||||
Deferred income taxes | 890.7 | 808.4 | 816.6 | |||||||||
Pension and postretirement benefit costs | 110.8 | 146.7 | 130.0 | |||||||||
Asset retirement obligations | 592.3 | 579.9 | 589.7 | |||||||||
Regulatory liabilities | 637.0 | 535.5 | 557.7 | |||||||||
Other | 136.9 | 140.6 | 145.1 | |||||||||
Total Deferred Credits and Other Liabilities | 2,367.7 | 2,211.1 | 2,239.1 | |||||||||
Total Capitalization and Liabilities | $ | 11,346.7 | $ | 10,860.7 | $ | 10,711.4 | ||||||
Condensed Consolidated Statements of Cash Flows – Unaudited | ||||||||
(In Millions) | Six Months Ended | |||||||
2025 | 2024 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 290.6 | $ | 289.4 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 146.0 | 135.9 | ||||||
Deferred income taxes and investment tax credits | 71.8 | 69.5 | ||||||
Changes in assets and liabilities | (59.5) | 61.5 | ||||||
Other | 4.9 | 3.1 | ||||||
Net cash provided by operating activities | 453.8 | 559.4 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (479.2) | (409.3) | ||||||
Business acquisitions, net of cash acquired | — | (177.4) | ||||||
Other | 1.9 | 2.8 | ||||||
Net cash used in investing activities | (477.3) | (583.9) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | — | 175.0 | ||||||
Repayment of long-term debt | (7.0) | (156.6) | ||||||
Issuance (repayment) of short-term debt, net | 68.0 | (169.5) | ||||||
Issuance of common stock | 75.6 | 286.8 | ||||||
Dividends paid on common stock | (90.0) | (80.5) | ||||||
Dividends paid on preferred stock | (7.4) | (7.4) | ||||||
Other | (4.6) | (2.7) | ||||||
Net cash provided by financing activities | 34.6 | 45.1 | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 11.1 | 20.6 | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 34.9 | 25.8 | ||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 46.0 | $ | 46.4 | ||||
Adjusted Earnings and Reconciliation to GAAP | ||||||||||||||||||||||||
(In Millions, except per share amounts) | Gas | Gas | Midstream | Other | Total | Per | ||||||||||||||||||
Three Months Ended March 31, 2025 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 195.2 | $ | 9.7 | $ | 15.8 | $ | (11.4) | $ | 209.3 | $ | 3.51 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | 6.9 | — | — | 6.9 | 0.12 | ||||||||||||||||||
Income tax effect of adjustments (1) | — | (1.8) | — | — | (1.8) | (0.03) | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 195.2 | $ | 14.8 | $ | 15.8 | $ | (11.4) | $ | 214.4 | $ | 3.60 | ||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 188.3 | $ | 22.9 | $ | 3.8 | $ | (10.7) | $ | 204.3 | $ | 3.58 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | (0.4) | (9.8) | — | — | (10.2) | (0.17) | ||||||||||||||||||
Income tax effect of adjustments (1) | 0.1 | 2.4 | — | — | 2.5 | 0.04 | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 188.0 | $ | 15.5 | $ | 3.8 | $ | (10.7) | $ | 196.6 | $ | 3.45 | ||||||||||||
Gas | Gas | Midstream | Other | Total | Per | |||||||||||||||||||
Six Months Ended March 31, 2025 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 273.0 | $ | 12.1 | $ | 27.8 | $ | (22.3) | $ | 290.6 | $ | 4.86 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | 6.6 | — | — | 6.6 | 0.12 | ||||||||||||||||||
Income tax effect of adjustments (1) | — | (1.7) | — | — | (1.7) | (0.03) | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 273.0 | $ | 17.0 | $ | 27.8 | $ | (22.3) | $ | 295.5 | $ | 4.95 | ||||||||||||
Six Months Ended March 31, 2024 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 263.8 | $ | 34.3 | $ | 4.7 | $ | (13.4) | $ | 289.4 | $ | 5.14 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | (15.4) | — | — | (15.4) | (0.27) | ||||||||||||||||||
Acquisition activities | — | — | 1.9 | — | 1.9 | 0.03 | ||||||||||||||||||
Income tax effect of adjustments (1) | — | 3.8 | (0.4) | — | 3.4 | 0.06 | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 263.8 | $ | 22.7 | $ | 6.2 | $ | (13.4) | $ | 279.3 | $ | 4.96 | ||||||||||||
(1) Income tax adjustments include amounts calculated by applying federal, state, and local income tax rates applicable to ordinary |
(2) Adjusted earnings per share is calculated by replacing consolidated net income with consolidated adjusted earnings in the GAAP |
Contribution Margin and Reconciliation to GAAP | ||||||||||||||||||||||||
(In Millions) | Gas | Gas | Midstream | Other | Elimi- | Consoli- | ||||||||||||||||||
Three Months Ended March 31, 2025 | ||||||||||||||||||||||||
Operating Income [GAAP] | $ | 272.0 | $ | 12.4 | $ | 21.8 | $ | 0.2 | $ | — | $ | 306.4 | ||||||||||||
Operation and maintenance expenses | 122.8 | 6.7 | 9.8 | 4.6 | (4.5) | 139.4 | ||||||||||||||||||
Depreciation and amortization | 69.5 | 0.3 | 3.8 | 0.1 | — | 73.7 | ||||||||||||||||||
Taxes, other than income taxes | 75.1 | 0.7 | 1.1 | — | — | 76.9 | ||||||||||||||||||
Less: Gross receipts tax expense | (55.1) | (0.1) | — | — | — | (55.2) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 484.3 | 20.0 | 36.5 | 4.9 | (4.5) | 541.2 | ||||||||||||||||||
Natural gas costs | 430.8 | 33.5 | 1.9 | — | (11.3) | 454.9 | ||||||||||||||||||
Gross receipts tax expense | 55.1 | 0.1 | — | — | — | 55.2 | ||||||||||||||||||
Operating Revenues | $ | 970.2 | $ | 53.6 | $ | 38.4 | $ | 4.9 | $ | (15.8) | $ | 1,051.3 | ||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 261.8 | $ | 30.0 | $ | 7.4 | $ | (0.6) | $ | — | $ | 298.6 | ||||||||||||
Operation and maintenance expenses | 121.6 | 6.2 | 9.4 | 4.7 | (4.1) | 137.8 | ||||||||||||||||||
Depreciation and amortization | 65.4 | 0.4 | 3.0 | 0.1 | — | 68.9 | ||||||||||||||||||
Taxes, other than income taxes | 80.7 | 0.5 | 1.1 | (0.1) | 0.2 | 82.4 | ||||||||||||||||||
Less: Gross receipts tax expense | (59.9) | (0.1) | — | — | — | (60.0) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 469.6 | 37.0 | 20.9 | 4.1 | (3.9) | 527.7 | ||||||||||||||||||
Natural gas costs | 543.2 | 8.9 | 0.6 | — | (11.9) | 540.8 | ||||||||||||||||||
Gross receipts tax expense | 59.9 | 0.1 | — | — | — | 60.0 | ||||||||||||||||||
Operating Revenues | $ | 1,072.7 | $ | 46.0 | $ | 21.5 | $ | 4.1 | $ | (15.8) | $ | 1,128.5 | ||||||||||||
Six Months Ended March 31, 2025 | ||||||||||||||||||||||||
Operating Income [GAAP] | $ | 399.8 | $ | 15.1 | $ | 39.1 | $ | 1.2 | $ | — | $ | 455.2 | ||||||||||||
Operation and maintenance expenses | 237.8 | 10.7 | 20.8 | 8.2 | (8.8) | 268.7 | ||||||||||||||||||
Depreciation and amortization | 137.6 | 0.7 | 7.5 | 0.2 | — | 146.0 | ||||||||||||||||||
Taxes, other than income taxes | 123.1 | 0.6 | 1.9 | — | — | 125.6 | ||||||||||||||||||
Less: Gross receipts tax expense | (81.8) | (0.2) | — | — | — | (82.0) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 816.5 | 26.9 | 69.3 | 9.6 | (8.8) | 913.5 | ||||||||||||||||||
Natural gas costs | 685.4 | 59.5 | 2.6 | — | (22.6) | 724.9 | ||||||||||||||||||
Gross receipts tax expense | 81.8 | 0.2 | — | — | — | 82.0 | ||||||||||||||||||
Operating Revenues | $ | 1,583.7 | $ | 86.6 | $ | 71.9 | $ | 9.6 | $ | (31.4) | $ | 1,720.4 | ||||||||||||
Six Months Ended March 31, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 384.1 | $ | 44.7 | $ | 10.7 | $ | (1.7) | $ | — | $ | 437.8 | ||||||||||||
Operation and maintenance expenses | 238.3 | 10.6 | 18.0 | 9.7 | (8.1) | 268.5 | ||||||||||||||||||
Depreciation and amortization | 129.6 | 0.8 | 5.3 | 0.2 | — | 135.9 | ||||||||||||||||||
Taxes, other than income taxes | 132.3 | 0.8 | 1.8 | — | 0.2 | 135.1 | ||||||||||||||||||
Less: Gross receipts tax expense | (90.9) | (0.2) | — | — | — | (91.1) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 793.4 | 56.7 | 35.8 | 8.2 | (7.9) | 886.2 | ||||||||||||||||||
Natural gas costs | 903.6 | 25.4 | 0.6 | — | (21.8) | 907.8 | ||||||||||||||||||
Gross receipts tax expense | 90.9 | 0.2 | — | — | — | 91.1 | ||||||||||||||||||
Operating Revenues | $ | 1,787.9 | $ | 82.3 | $ | 36.4 | $ | 8.2 | $ | (29.7) | $ | 1,885.1 | ||||||||||||
Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/spire-reports-fy25-second-quarter-results-302441726.html
SOURCE Spire Inc.
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