Spire reports FY25 third quarter results
Spire Inc. (NYSE: SR) reported strong fiscal Q3 2025 results with net income of $20.9 million ($0.29 per share), compared to a loss of $12.6 million in the prior year. Adjusted earnings were $4.1 million ($0.01 per share), up from a loss of $4.3 million year-over-year.
The company announced a significant acquisition of Piedmont Natural Gas Tennessee from Duke Energy for $2.48 billion, expected to close in Q1 2026. Spire reaffirmed its FY2025 adjusted EPS guidance of $4.40-$4.60 and maintains its long-term adjusted EPS growth target of 5-7%.
The Gas Utility segment reduced losses, Gas Marketing earnings increased to $5.3 million, and Midstream earnings grew to $16.2 million. The company's 10-year capital investment plan targets $7.4 billion through fiscal 2034, with FY2025 capex increased to $875 million.
Spire Inc. (NYSE: SR) ha riportato solidi risultati nel terzo trimestre fiscale 2025 con un utile netto di 20,9 milioni di dollari (0,29 dollari per azione), rispetto a una perdita di 12,6 milioni di dollari nell'anno precedente. Gli utili rettificati sono stati di 4,1 milioni di dollari (0,01 dollari per azione), in aumento rispetto a una perdita di 4,3 milioni di dollari anno su anno.
L'azienda ha annunciato un'importante acquisizione di Piedmont Natural Gas Tennessee da Duke Energy per 2,48 miliardi di dollari, con chiusura prevista nel primo trimestre 2026. Spire ha confermato la guidance sugli utili rettificati per l'intero anno fiscale 2025 tra 4,40 e 4,60 dollari per azione e mantiene l'obiettivo di crescita a lungo termine degli utili rettificati per azione tra il 5 e il 7%.
Il segmento Gas Utility ha ridotto le perdite, gli utili del Gas Marketing sono saliti a 5,3 milioni di dollari e quelli del Midstream sono cresciuti a 16,2 milioni di dollari. Il piano di investimenti in capitale a 10 anni della società prevede 7,4 miliardi di dollari fino all'anno fiscale 2034, con una crescita della spesa in conto capitale per il 2025 a 875 milioni di dollari.
Spire Inc. (NYSE: SR) reportó sólidos resultados en el tercer trimestre fiscal de 2025 con un ingreso neto de 20,9 millones de dólares (0,29 dólares por acción), en comparación con una pérdida de 12,6 millones de dólares en el año anterior. Las ganancias ajustadas fueron de 4,1 millones de dólares (0,01 dólares por acción), mejorando desde una pérdida de 4,3 millones año con año.
La compañía anunció una adquisición significativa de Piedmont Natural Gas Tennessee de Duke Energy por 2,48 mil millones de dólares, con cierre esperado en el primer trimestre de 2026. Spire reafirmó su guía de ganancias ajustadas por acción para el año fiscal 2025 entre 4,40 y 4,60 dólares y mantiene su objetivo de crecimiento a largo plazo de las ganancias ajustadas por acción de 5-7%.
El segmento de Gas Utility redujo pérdidas, las ganancias de Gas Marketing aumentaron a 5,3 millones de dólares y las ganancias de Midstream crecieron a 16,2 millones de dólares. El plan de inversión de capital a 10 años de la empresa apunta a 7,4 mil millones de dólares hasta el año fiscal 2034, con un aumento del gasto de capital para 2025 a 875 millones de dólares.
Spire Inc. (NYSE: SR)는 2025 회계연도 3분기에 2090만 달러(주당 0.29달러)의 순이익을 보고했으며, 이는 전년도의 1260만 달러 손실에서 크게 개선된 수치입니다. 조정 순이익은 410만 달러(주당 0.01달러)로, 전년 대비 430만 달러 손실에서 흑자로 전환되었습니다.
회사는 24억 8천만 달러에 듀크 에너지로부터 Piedmont Natural Gas Tennessee를 인수하는 중대한 거래를 발표했으며, 2026년 1분기 완료될 예정입니다. Spire는 2025 회계연도 조정 주당순이익 가이던스를 4.40~4.60달러로 재확인했으며, 장기 조정 주당순이익 성장 목표를 5~7%로 유지하고 있습니다.
가스 유틸리티 부문은 손실을 줄였고, 가스 마케팅 수익은 530만 달러로 증가했으며, 미드스트림 수익은 1620만 달러로 성장했습니다. 회사의 10년 자본 투자 계획은 2034 회계연도까지 74억 달러를 목표로 하며, 2025 회계연도 자본 지출은 8억 7500만 달러로 상향 조정되었습니다.
Spire Inc. (NYSE: SR) a annoncé de solides résultats pour le troisième trimestre fiscal 2025 avec un bénéfice net de 20,9 millions de dollars (0,29 dollar par action), comparé à une perte de 12,6 millions l'année précédente. Les bénéfices ajustés se sont élevés à 4,1 millions de dollars (0,01 dollar par action), contre une perte de 4,3 millions d'une année sur l'autre.
L'entreprise a annoncé une acquisition importante de Piedmont Natural Gas Tennessee auprès de Duke Energy pour 2,48 milliards de dollars, dont la clôture est prévue au premier trimestre 2026. Spire a confirmé ses prévisions de BPA ajusté pour l'exercice 2025 entre 4,40 et 4,60 dollars et maintient son objectif de croissance à long terme du BPA ajusté de 5-7%.
Le segment des services publics de gaz a réduit ses pertes, les bénéfices du marketing du gaz ont augmenté à 5,3 millions de dollars, et les bénéfices du Midstream ont progressé à 16,2 millions de dollars. Le plan d'investissement en capital sur 10 ans de la société prévoit 7,4 milliards de dollars jusqu'à l'exercice 2034, avec une augmentation des dépenses d'investissement pour 2025 à 875 millions de dollars.
Spire Inc. (NYSE: SR) meldete starke Ergebnisse für das dritte Fiskalquartal 2025 mit einem Nettogewinn von 20,9 Millionen US-Dollar (0,29 US-Dollar je Aktie), verglichen mit einem Verlust von 12,6 Millionen US-Dollar im Vorjahr. Die bereinigten Gewinne beliefen sich auf 4,1 Millionen US-Dollar (0,01 US-Dollar je Aktie), im Vergleich zu einem Verlust von 4,3 Millionen US-Dollar im Jahresvergleich.
Das Unternehmen kündigte die bedeutende Übernahme von Piedmont Natural Gas Tennessee von Duke Energy für 2,48 Milliarden US-Dollar an, die voraussichtlich im ersten Quartal 2026 abgeschlossen wird. Spire bestätigte seine Prognose für das bereinigte Ergebnis je Aktie im Geschäftsjahr 2025 von 4,40 bis 4,60 US-Dollar und hält sein langfristiges Ziel für das Wachstum des bereinigten Ergebnisses je Aktie von 5-7% aufrecht.
Der Bereich Gasversorgung reduzierte Verluste, die Gewinne im Gasmarketing stiegen auf 5,3 Millionen US-Dollar und die Midstream-Gewinne wuchsen auf 16,2 Millionen US-Dollar. Der 10-Jahres-Kapitalinvestitionsplan des Unternehmens sieht 7,4 Milliarden US-Dollar bis zum Geschäftsjahr 2034 vor, wobei die Investitionsausgaben für 2025 auf 875 Millionen US-Dollar erhöht wurden.
- Significant acquisition of Piedmont Natural Gas Tennessee business for $2.48 billion, expanding regulated utility footprint
- Net income improved to $20.9 million from a loss of $12.6 million year-over-year
- Midstream earnings increased to $16.2 million from $13.9 million due to higher storage capacity
- Gas Marketing earnings grew to $5.3 million from $1.0 million
- Unanimous stipulation agreement reached in Spire Missouri rate case
- Maintained strong FY2025 adjusted EPS guidance of $4.40-$4.60
- Increased FY2025 capital expenditure target to $875 million from $840 million
- Gas Utility segment still reporting losses of $10.0 million, though improved from $11.0 million loss year-ago
- Higher operation and maintenance expenses across segments
- Increased depreciation expense due to capital investments
- Higher interest expense in Other segment due to increased short-term balances
Insights
Spire reports solid Q3 with improved results across all segments, reaffirms guidance, and announces $2.48B acquisition of Piedmont Natural Gas Tennessee.
Spire delivered a significant turnaround in Q3 FY25, posting net income of
The company's Gas Utility segment narrowed its seasonal loss to
Year-to-date performance remains strong with adjusted earnings of
The strategic acquisition of Piedmont Natural Gas Tennessee business from Duke Energy for
Additionally, the unanimous stipulation agreement filed in the Spire Missouri rate case (pending regulatory approval) signals positive regulatory momentum. The company has also increased its FY25 capital expenditure target to
- Third quarter net income of
$20.9 million $0.29 $12.6 million $(0.28) - Third quarter adjusted earnings* of
$4.1 million $0.01 $4.3 million $(0.14) - Reaffirm fiscal 2025 adjusted earnings guidance range of
$4 $4.60 - Entered into an agreement to acquire the Piedmont Natural Gas Tennessee business from Duke Energy for
$2.48 billion - Unanimous stipulation and agreement filed in Spire Missouri rate case, subject to approval by the Missouri Public Service Commission
For fiscal 2025 third quarter, Spire reported adjusted earnings per share of
"We delivered strong third quarter earnings, reflecting the consistent execution of our long-term strategy centered on investment in infrastructure and operational excellence," said Scott Doyle, president and chief executive officer of Spire. "As a result, we continue to expect to deliver 2025 adjusted earnings per share in a range of
"The acquisition of the Piedmont Natural Gas Tennessee business represents a compelling strategic fit for Spire—expanding our regulated utility footprint in a high-quality jurisdiction while delivering financial benefits. This transaction supports our long-term adjusted earnings per share growth of 5–
"The unanimous stipulation and agreement filed in the Spire Missouri rate case represents a constructive step forward for our customers and stakeholders. While it remains subject to approval by the Missouri Public Service Commission, we believe this outcome reflects a shared commitment to safely delivering reliable and affordable energy. We appreciate the collaborative engagement of all parties and look forward to the Commission's review," Doyle added.
Third Quarter Results | Three Months Ended June 30, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Adjusted (Loss) Earnings* by Segment | ||||||||||||||||
Gas Utility | $ | (10.0) | $ | (11.0) | ||||||||||||
Gas Marketing | 5.3 | 1.0 | ||||||||||||||
Midstream | 16.2 | 13.9 | ||||||||||||||
Other | (7.4) | (8.2) | ||||||||||||||
Total | $ | 4.1 | $ | (4.3) | $ | 0.01 | $ | (0.14) | ||||||||
Fair value and timing adjustments, pre-tax | 22.4 | (6.2) | 0.37 | (0.11) | ||||||||||||
Acquisition and restructuring activities, pre-tax | — | (4.8) | — | (0.08) | ||||||||||||
Income tax effect of adjustments | (5.6) | 2.7 | (0.09) | 0.05 | ||||||||||||
Net Income (Loss) | $ | 20.9 | $ | (12.6) | $ | 0.29 | $ | (0.28) | ||||||||
Weighted Average Diluted Shares Outstanding | 59.1 | 57.7 | ||||||||||||||
*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 reported a loss on an adjusted earnings basis of
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 third quarter adjusted earnings were
Midstream
Midstream fiscal 2025 third quarter adjusted earnings were
Other
Spire's other activities reported an adjusted loss of
Year-to-Date Results | Nine Months Ended June 30, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Adjusted Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 263.0 | $ | 252.8 | ||||||||||||
Gas Marketing | 22.3 | 23.7 | ||||||||||||||
Midstream | 44.0 | 20.1 | ||||||||||||||
Other | (29.7) | (21.6) | ||||||||||||||
Total | $ | 299.6 | $ | 275.0 | $ | 4.93 | $ | 4.73 | ||||||||
Fair value and timing adjustments, pre-tax | 15.8 | 9.2 | 0.27 | 0.16 | ||||||||||||
Acquisition and restructuring activities, pre-tax | — | (6.7) | — | (0.12) | ||||||||||||
Income tax effect of adjustments | (3.9) | (0.7) | (0.07) | (0.01) | ||||||||||||
Net Income | $ | 311.5 | $ | 276.8 | $ | 5.13 | $ | 4.76 | ||||||||
Weighted Average Diluted Shares Outstanding | 58.5 | 55.7 | ||||||||||||||
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP." |
For the first nine months of fiscal 2025, Spire reported consolidated net income of
Gas Utility results reflect higher earnings at Spire Missouri and Spire Alabama. Earnings increased due to new rates at Spire Alabama and Spire Missouri ISRS revenues. These items were offset, in part, by unfavorable usage net of impact of weather mitigation at Spire Alabama, higher operation and maintenance expenses and increased depreciation expense.
Gas Marketing adjusted earnings were lower compared to a year ago due to higher storage and transportation fees.
Midstream adjusted earnings increased driven by additional storage capacity, contract renewals at higher rates, asset optimization and the acquisition of MoGas. These items were offset, in part, by higher operation and maintenance expenses due to scale.
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 is reaffirming its fiscal 2025 adjusted earnings per share guidance range of
Our 10-year
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2025 third quarter financial results. To access the call, please dial the applicable number approximately 5–10 minutes in advance.
Date and Time: | Tuesday, August 5 | |||
10 a.m. CT (11 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 August 12, 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 | Nine Months Ended | ||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Operating Revenues | $ | 421.9 | $ | 414.1 | $ | 2,142.3 | $ | 2,299.2 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 103.2 | 140.9 | 828.1 | 1,048.7 | ||||||||||||
Operation and maintenance | 130.6 | 126.7 | 399.3 | 395.2 | ||||||||||||
Depreciation and amortization | 75.7 | 71.4 | 221.7 | 207.3 | ||||||||||||
Taxes, other than income taxes | 43.2 | 44.4 | 168.8 | 179.5 | ||||||||||||
Total Operating Expenses | 352.7 | 383.4 | 1,617.9 | 1,830.7 | ||||||||||||
Operating Income | 69.2 | 30.7 | 524.4 | 468.5 | ||||||||||||
Interest Expense, Net | 49.9 | 48.8 | 145.3 | 151.6 | ||||||||||||
Other Income, Net | 4.6 | 2.4 | 8.2 | 27.2 | ||||||||||||
Income (Loss) Before Income Taxes | 23.9 | (15.7) | 387.3 | 344.1 | ||||||||||||
Income Tax Expense (Benefit) | 3.0 | (3.1) | 75.8 | 67.3 | ||||||||||||
Net Income (Loss) | 20.9 | (12.6) | 311.5 | 276.8 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 11.1 | 11.1 | ||||||||||||
Income allocated to participating securities | — | — | 0.4 | 0.4 | ||||||||||||
Net Income (Loss) Available to Common Shareholders | $ | 17.2 | $ | (16.3) | $ | 300.0 | $ | 265.3 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 58.9 | 57.7 | 58.3 | 55.6 | ||||||||||||
Diluted | 59.1 | 57.7 | 58.5 | 55.7 | ||||||||||||
Basic Earnings (Loss) Per Common Share | $ | 0.29 | $ | (0.28) | $ | 5.14 | $ | 4.77 | ||||||||
Diluted Earnings (Loss) Per Common Share | $ | 0.29 | $ | (0.28) | $ | 5.13 | $ | 4.76 | ||||||||
Dividends Declared Per Common Share | $ | 0.785 | $ | 0.755 | $ | 2.355 | $ | 2.265 | ||||||||
Condensed Consolidated Balance Sheets – Unaudited | ||||||||||||
(In Millions) | June 30, | September 30, | June 30, | |||||||||
2025 | 2024 | 2024 | ||||||||||
ASSETS | ||||||||||||
Utility Plant | $ | 9,236.2 | $ | 8,779.1 | $ | 8,612.9 | ||||||
Less: Accumulated depreciation and amortization | 2,571.8 | 2,535.8 | 2,510.4 | |||||||||
Net Utility Plant | 6,664.4 | 6,243.3 | 6,102.5 | |||||||||
Non-utility Property | 1,011.2 | 955.3 | 917.9 | |||||||||
Other Investments | 125.4 | 115.3 | 112.1 | |||||||||
Total Other Property and Investments | 1,136.6 | 1,070.6 | 1,030.0 | |||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | 13.1 | 4.5 | 7.4 | |||||||||
Accounts receivable, net | 358.0 | 277.4 | 318.6 | |||||||||
Inventories | 224.9 | 263.9 | 230.1 | |||||||||
Other | 184.1 | 225.5 | 269.7 | |||||||||
Total Current Assets | 780.1 | 771.3 | 825.8 | |||||||||
Deferred Charges and Other Assets | 2,815.2 | 2,775.5 | 2,752.6 | |||||||||
Total Assets | $ | 11,396.3 | $ | 10,860.7 | $ | 10,710.9 | ||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||
Capitalization: | ||||||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | $ | 242.0 | ||||||
Common stock and paid-in capital | 2,038.2 | 1,959.9 | 1,959.2 | |||||||||
Retained earnings | 1,179.5 | 1,018.7 | 1,093.4 | |||||||||
Accumulated other comprehensive income | 20.5 | 12.1 | 38.6 | |||||||||
Total Shareholders' Equity | 3,480.2 | 3,232.7 | 3,333.2 | |||||||||
Temporary equity | 5.2 | 8.6 | 8.6 | |||||||||
Long-term debt (less current portion) | 3,498.4 | 3,704.4 | 3,422.3 | |||||||||
Total Capitalization | 6,983.8 | 6,945.7 | 6,764.1 | |||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt | 392.5 | 42.0 | 307.0 | |||||||||
Notes payable | 1,009.5 | 947.0 | 771.0 | |||||||||
Accounts payable | 240.2 | 237.2 | 205.2 | |||||||||
Accrued liabilities and other | 444.3 | 477.7 | 426.6 | |||||||||
Total Current Liabilities | 2,086.5 | 1,703.9 | 1,709.8 | |||||||||
Deferred Credits and Other Liabilities: | ||||||||||||
Deferred income taxes | 900.4 | 808.4 | 819.6 | |||||||||
Pension and postretirement benefit costs | 105.0 | 146.7 | 128.5 | |||||||||
Asset retirement obligations | 598.6 | 579.9 | 596.0 | |||||||||
Regulatory liabilities | 582.0 | 535.5 | 547.5 | |||||||||
Other | 140.0 | 140.6 | 145.4 | |||||||||
Total Deferred Credits and Other Liabilities | 2,326.0 | 2,211.1 | 2,237.0 | |||||||||
Total Capitalization and Liabilities | $ | 11,396.3 | $ | 10,860.7 | $ | 10,710.9 | ||||||
Condensed Consolidated Statements of Cash Flows – Unaudited | ||||||||
(In Millions) | Nine Months Ended | |||||||
2025 | 2024 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 311.5 | $ | 276.8 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 221.7 | 207.3 | ||||||
Deferred income taxes and investment tax credits | 73.5 | 66.4 | ||||||
Changes in assets and liabilities | (30.0) | 273.0 | ||||||
Other | 6.2 | 6.0 | ||||||
Net cash provided by operating activities | 582.9 | 829.5 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (699.7) | (631.5) | ||||||
Business acquisitions, net of cash acquired | — | (175.9) | ||||||
Other | 3.0 | 5.4 | ||||||
Net cash used in investing activities | (696.7) | (802.0) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | 150.0 | 175.0 | ||||||
Repayment of long-term debt | (7.0) | (156.6) | ||||||
Issuance (repayment) of short-term debt, net | 62.5 | (184.5) | ||||||
Issuance of common stock | 76.0 | 287.2 | ||||||
Dividends paid on common stock | (135.8) | (124.3) | ||||||
Dividends paid on preferred stock | (11.1) | (11.1) | ||||||
Other | (7.6) | (5.3) | ||||||
Net cash provided by (used in) financing activities | 127.0 | (19.6) | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 13.2 | 7.9 | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 34.9 | 25.8 | ||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 48.1 | $ | 33.7 | ||||
Adjusted Earnings and Reconciliation to GAAP | ||||||||||||||||||||||||
(In Millions, except per share amounts) | Gas | Gas | Midstream | Other | Total | Per | ||||||||||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (10.0) | $ | 22.1 | $ | 16.2 | $ | (7.4) | $ | 20.9 | $ | 0.29 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | (22.4) | — | — | (22.4) | (0.37) | ||||||||||||||||||
Income tax effect of adjustments (1) | — | 5.6 | — | — | 5.6 | 0.09 | ||||||||||||||||||
Adjusted (Loss) Earnings [Non-GAAP] | $ | (10.0) | $ | 5.3 | $ | 16.2 | $ | (7.4) | $ | 4.1 | $ | 0.01 | ||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (14.4) | $ | (3.6) | $ | 13.8 | $ | (8.4) | $ | (12.6) | $ | (0.28) | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | 0.1 | 6.1 | — | — | 6.2 | 0.11 | ||||||||||||||||||
Acquisition activities | 4.4 | — | 0.2 | 0.2 | 4.8 | 0.08 | ||||||||||||||||||
Income tax effect of adjustments (1) | (1.1) | (1.5) | (0.1) | — | (2.7) | (0.05) | ||||||||||||||||||
Adjusted (Loss) Earnings [Non-GAAP] | $ | (11.0) | $ | 1.0 | $ | 13.9 | $ | (8.2) | $ | (4.3) | $ | (0.14) | ||||||||||||
Gas | Gas | Midstream | Other | Total | Per | |||||||||||||||||||
Nine Months Ended June 30, 2025 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 263.0 | $ | 34.2 | $ | 44.0 | $ | (29.7) | $ | 311.5 | $ | 5.13 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | (15.8) | — | — | (15.8) | (0.27) | ||||||||||||||||||
Income tax effect of adjustments (1) | — | 3.9 | — | — | 3.9 | 0.07 | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 263.0 | $ | 22.3 | $ | 44.0 | $ | (29.7) | $ | 299.6 | $ | 4.93 | ||||||||||||
Nine Months Ended June 30, 2024 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 249.4 | $ | 30.7 | $ | 18.5 | $ | (21.8) | $ | 276.8 | $ | 4.76 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | 0.1 | (9.3) | — | — | (9.2) | (0.16) | ||||||||||||||||||
Acquisition activities | 4.4 | — | 2.1 | 0.2 | 6.7 | 0.12 | ||||||||||||||||||
Income tax effect of adjustments (1) | (1.1) | 2.3 | (0.5) | — | 0.7 | 0.01 | ||||||||||||||||||
Adjusted Earnings (Loss) [Non-GAAP] | $ | 252.8 | $ | 23.7 | $ | 20.1 | $ | (21.6) | $ | 275.0 | $ | 4.73 | ||||||||||||
(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. |
(2) Adjusted 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 | Elimi- | Consoli- | ||||||||||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||||||||||||
Operating Income [GAAP] | $ | 16.6 | $ | 28.7 | $ | 23.8 | $ | 0.1 | $ | — | $ | 69.2 | ||||||||||||
Operation and maintenance expenses | 114.1 | 4.1 | 11.4 | 5.5 | (4.5) | 130.6 | ||||||||||||||||||
Depreciation and amortization | 70.0 | 0.2 | 5.4 | 0.1 | — | 75.7 | ||||||||||||||||||
Taxes, other than income taxes | 41.9 | 0.3 | 1.1 | — | (0.1) | 43.2 | ||||||||||||||||||
Less: Gross receipts tax expense | (19.6) | — | — | — | — | (19.6) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 223.0 | 33.3 | 41.7 | 5.7 | (4.6) | 299.1 | ||||||||||||||||||
Natural gas costs | 104.9 | 9.8 | 0.5 | — | (12.0) | 103.2 | ||||||||||||||||||
Gross receipts tax expense | 19.6 | — | — | — | — | 19.6 | ||||||||||||||||||
Operating Revenues | $ | 347.5 | $ | 43.1 | $ | 42.2 | $ | 5.7 | $ | (16.6) | $ | 421.9 | ||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 17.0 | $ | (5.2) | $ | 18.8 | $ | 0.1 | $ | — | $ | 30.7 | ||||||||||||
Operation and maintenance expenses | 114.4 | 4.3 | 8.0 | 4.5 | (4.5) | 126.7 | ||||||||||||||||||
Depreciation and amortization | 66.7 | 0.3 | 4.2 | 0.2 | — | 71.4 | ||||||||||||||||||
Taxes, other than income taxes | 43.1 | 0.3 | 1.2 | — | (0.2) | 44.4 | ||||||||||||||||||
Less: Gross receipts tax expense | (22.4) | — | — | — | — | (22.4) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 218.8 | (0.3) | 32.2 | 4.8 | (4.7) | 250.8 | ||||||||||||||||||
Natural gas costs | 131.5 | 21.5 | 0.3 | — | (12.4) | 140.9 | ||||||||||||||||||
Gross receipts tax expense | 22.4 | — | — | — | — | 22.4 | ||||||||||||||||||
Operating Revenues | $ | 372.7 | $ | 21.2 | $ | 32.5 | $ | 4.8 | $ | (17.1) | $ | 414.1 | ||||||||||||
Nine Months Ended June 30, 2025 | ||||||||||||||||||||||||
Operating Income [GAAP] | $ | 416.4 | $ | 43.8 | $ | 62.9 | $ | 1.3 | $ | — | $ | 524.4 | ||||||||||||
Operation and maintenance expenses | 351.9 | 14.8 | 32.2 | 13.7 | (13.3) | 399.3 | ||||||||||||||||||
Depreciation and amortization | 207.6 | 0.9 | 12.9 | 0.3 | — | 221.7 | ||||||||||||||||||
Taxes, other than income taxes | 165.0 | 0.9 | 3.0 | — | (0.1) | 168.8 | ||||||||||||||||||
Less: Gross receipts tax expense | (101.4) | (0.2) | — | — | — | (101.6) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 1,039.5 | 60.2 | 111.0 | 15.3 | (13.4) | 1,212.6 | ||||||||||||||||||
Natural gas costs | 790.3 | 69.3 | 3.1 | — | (34.6) | 828.1 | ||||||||||||||||||
Gross receipts tax expense | 101.4 | 0.2 | — | — | — | 101.6 | ||||||||||||||||||
Operating Revenues | $ | 1,931.2 | $ | 129.7 | $ | 114.1 | $ | 15.3 | $ | (48.0) | $ | 2,142.3 | ||||||||||||
Nine Months Ended June 30, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 401.1 | $ | 39.5 | $ | 29.5 | $ | (1.6) | $ | — | $ | 468.5 | ||||||||||||
Operation and maintenance expenses | 352.7 | 14.9 | 26.0 | 14.2 | (12.6) | 395.2 | ||||||||||||||||||
Depreciation and amortization | 196.3 | 1.1 | 9.5 | 0.4 | — | 207.3 | ||||||||||||||||||
Taxes, other than income taxes | 175.4 | 1.1 | 3.0 | — | — | 179.5 | ||||||||||||||||||
Less: Gross receipts tax expense | (113.3) | (0.2) | — | — | — | (113.5) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 1,012.2 | 56.4 | 68.0 | 13.0 | (12.6) | 1,137.0 | ||||||||||||||||||
Natural gas costs | 1,035.1 | 46.9 | 0.9 | — | (34.2) | 1,048.7 | ||||||||||||||||||
Gross receipts tax expense | 113.3 | 0.2 | — | — | — | 113.5 | ||||||||||||||||||
Operating Revenues | $ | 2,160.6 | $ | 103.5 | $ | 68.9 | $ | 13.0 | $ | (46.8) | $ | 2,299.2 | ||||||||||||
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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