ST. LOUIS, May 8, 2020 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal second quarter
ended March 31, 2020. Highlights
include:
- Net income of $133.6 million
($2.54 per diluted share), compared
to $154.6 million ($3.04 per share) in the prior year
- Net economic earnings* of $144.0
million ($2.75 per share),
down from $147.9 million
($2.90 per share) a year ago,
reflecting warmer than normal weather
- Increased our FY20 capital expenditures plan to $640 million and launched our 5-year capital plan
through 2024 totaling $2.8
billion
"Our second quarter results were below our plans, largely driven
by lower margins from warmer weather across our footprint. Heading
into the second half of our fiscal year, we're focused on
continuing to safely and reliably serve our customers and support
our communities, while upgrading our infrastructure and operating
efficiently," said Suzanne
Sitherwood, president and chief executive officer of Spire.
"Beginning in March, we set in motion a broad range of proactive
steps to address the coronavirus health crisis and its economic
impact on our customers, while passionately protecting the health
and safety of our employees and communities. We've worked with our
regulators to find supportive solutions for customers whose income
has been interrupted, including suspending service disconnections
and late payment fees. I'm especially proud of our DollarHelp
program and how our employees and customers are rallying to support
one another. It's truly about people helping people."
Second Quarter
Results
|
|
Three Months Ended
March 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
144.3
|
|
|
$
|
146.7
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
5.1
|
|
|
|
6.2
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(5.4)
|
|
|
|
(5.0)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
144.0
|
|
|
$
|
147.9
|
|
|
$
|
2.75
|
|
|
$
|
2.90
|
|
Net economic earnings
adjustments, pre-tax
|
|
|
(13.8)
|
|
|
|
9.1
|
|
|
|
(0.27)
|
|
|
|
0.18
|
|
Income tax effect of
pre-tax adjustments
|
|
|
3.4
|
|
|
|
(2.4)
|
|
|
|
0.06
|
|
|
|
(0.04)
|
|
Net
Income
|
|
$
|
133.6
|
|
|
$
|
154.6
|
|
|
$
|
2.54
|
|
|
$
|
3.04
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
51.1
|
|
|
|
50.8
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
Consolidated net income for the three months ended March 31, 2020, the second quarter of our fiscal
year, was $133.6 million
($2.54 per diluted share), down from
$154.6 million ($3.04 per share) a year ago.
Net economic earnings (NEE) for the second quarter of fiscal
2020 was $144.0 million ($2.75 per share) down from $147.9 million ($2.90 per share) last year. The earnings decrease
reflects lower Gas Utility earnings primarily due to the impact of
warmer weather, a decrease in the value of investments in certain
benefit plans, slightly higher operating and maintenance expenses,
combined with lower results from Gas Marketing. The lower net
economic earnings per share reflects lower earnings as well as the
impact of preferred and common stock issued over the last twelve
months of $0.08 per share.
NEE excludes from net income 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 certain regulatory,
legislative, or GAAP standard-setting actions. Beginning with the
fourth quarter of fiscal 2019, NEE excludes the provisions
established for the appeals court rulings regarding Missouri
Infrastructure System Replacement Surcharge (ISRS) revenues.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. Second quarter NEE was $144.3 million, down from $146.7 million in the prior year, primarily due
to the impact of warmer weather on margins in Missouri that was not fully mitigated and a
decrease in the value of investments associated with non-qualified
employee benefit plans.
Contribution margin increased $3.1
million, reflecting higher ISRS revenues of $3.7 million, net of provisions for ISRS
rulings, and a $2.7 million increase
due to the annual rate renewal under the Rate Stabilization and
Equalization (RSE) mechanism at Spire Alabama. These positive
impacts were primarily offset by lower volumetric margins at Spire
Missouri of $5.9 million, as degree
days were 19 percent warmer than last year and 11 percent warmer
than normal. Residential volumetric contribution margins were
approximately $5.0 million below what
was anticipated under normal weather conditions at our Missouri utilities as a result of the
ineffectiveness of the Weather Normalization Adjustment Rider
(WNAR), a weather mitigation tool that was established in our last
rate proceeding. In addition, commercial and industrial
margins, which are not weather mitigated, were lower by
approximately $2.0 million.
Operation and maintenance (O&M) expenses of $93.1 million for the quarter were down
$16.4 million from last year,
including a $19.1 million
year-over-year net decrease in benefit costs recorded in O&M
primarily due to a pension settlement charge at Spire Missouri
recorded in Other Expense (Income). Excluding this adjustment,
which had no bottom-line impact, O&M expenses were up
$2.7 million driven by higher
operations and employee-related costs. Depreciation and
amortization expenses increased $2.6
million from last year, reflecting higher capital
investment. Taxes other than income taxes decreased
$5.7 million mainly due to lower
volume-driven gross receipts taxes. Other expense, net of the
pension adjustment noted above, had an unfavorable variance of
$3.6 million due to a decrease in the
value of investments for non-qualified benefit plans.
Gas Marketing
The Gas Marketing segment includes the results of Spire
Marketing, which provides natural gas marketing services across the
central and southern United
States. Second quarter NEE was $5.1
million, down from $6.2
million in the prior year, reflecting higher volumes that
were more than offset by less favorable market conditions and
higher costs.
Other
Other operations and corporate costs on a NEE basis were
$5.4 million in fiscal 2020, up
marginally from the prior year, as higher earnings from Spire STL
Pipeline, a smaller loss from Spire Storage, and lower interest
expense were more than offset by higher corporate costs. On
an EBITDA basis, Spire Storage incurred a loss of $2.3 million in the current quarter compared
to a loss of $4.5 million in the
prior year.
Year-to-Date
Results
|
|
Six Months Ended
March 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
213.4
|
|
|
$
|
213.1
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
11.2
|
|
|
|
14.5
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(8.8)
|
|
|
|
(13.8)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
215.8
|
|
|
$
|
213.8
|
|
|
$
|
4.06
|
|
|
$
|
4.20
|
|
Net economic earnings
adjustments, pre-tax
|
|
|
(20.1)
|
|
|
|
10.9
|
|
|
|
(0.39)
|
|
|
|
0.21
|
|
Income tax effect of
pre-tax adjustments
|
|
|
4.9
|
|
|
|
(2.8)
|
|
|
|
0.10
|
|
|
|
(0.05)
|
|
Net
Income
|
|
$
|
200.6
|
|
|
$
|
221.9
|
|
|
$
|
3.77
|
|
|
$
|
4.36
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
51.1
|
|
|
|
50.8
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
For the first six months of fiscal 2020, we reported
consolidated net income of $200.6
million ($3.77 per diluted
share) compared to $221.9 million
($4.36 per share) for the prior
year.
NEE for the six months ended March 31,
2020 was $215.8 million
($4.06 per share), compared to
$213.8 million ($4.20 per share) a year ago. The increase in NEE
reflects comparable Gas Utility earnings and improved performance
at Spire Storage and higher earnings from Spire STL Pipeline,
partially offset by lower Gas Marketing earnings. The lower net
economic earnings per share reflects the impact of preferred and
common stock issued over the last twelve months of $0.17 per share.
Gas Utility
For the first six months of fiscal 2020, the Gas Utility segment
reported NEE of $213.4 million, up
slightly from $213.1 million a year
ago. This increase reflects a higher contribution margin, including
the weather impacts in the second quarter. After adjusting for the
pension settlement charge, higher operating and maintenance
expenses and the decrease in the value of investments mentioned
above also contributed to the variance.
Year-to-date segment contribution margin increased by
$10.2 million reflecting an increase
of $11.8 million at Spire Alabama
primarily due to the annual rate renewal and change in net RSE
giveback, and a $5.9 million increase
in ISRS revenues (net of the ISRS ruling provision) for our
Missouri utilities. These positive
factors were partially offset by lower volumetric margins at Spire
Missouri of $8.6 million as degree
days were 13 percent warmer than last year and 5 percent warmer
than normal. Spire Missouri
volumetric margins on a year-to-date basis were approximately
$7.0 million below what was
anticipated under normal weather conditions due to the impacts
discussed above for the second quarter.
O&M expenses decreased by $12.9
million compared to the prior-year period, reflecting the
pension adjustment described earlier. Excluding this adjustment,
O&M expenses were higher by $5.6
million largely due to higher operations and
employee-related costs. Depreciation and amortization rose by
$5.3 million reflecting increased
capital investment across our utilities.
Gas Marketing
NEE, which excludes mark-to-market and fair value adjustments,
was $11.2 million in the first half
of fiscal 2020, down from $14.5 million in the prior-year period. The
benefit of higher volumes was more than offset by less favorable
market conditions and higher operating expenses including
transportation costs.
Other
On a NEE basis, year-to-date other operations and corporate
costs were $8.8 million, down from
$13.8 million in the prior-year
period. The improvement was driven by a $3.1
million increase in earnings from Spire STL Pipeline and a
smaller loss from Spire Storage. On an EBITDA basis, Spire Storage
incurred a loss of $2.9 million in
the current period, down from $7.2
million a year ago.
Regulatory Matters
Missouri
In January 2020, legislation was
introduced in both the Missouri House and Senate to clarify
language in the statute governing the ISRS mechanism. Specifically,
the bills seek to ensure we can continue to upgrade our
infrastructure, enhance its safety and reliability, and secure
timely recovery of costs incurred. Senate Bill 618 was passed by
the Missouri Senate in early
March. On May 6, 2020, the House
passed a substitution of Senate Bill 618. Given that different
versions passed each chamber, the matter will now go to conference
to reconcile the differences between the House and Senate
versions.
On February 3, 2020, Spire
Missouri filed a request with the MoPSC for additional ISRS
revenues to recover new investments, plus revenues for previously
disallowed investments. Spire, the staff of the MoPSC and the OPC
recently entered into a Unanimous Stipulation and Agreement, which
would result in an annualized ISRS revenue increase of $11.1 million, subject to MoPSC
approval.
As previously reported, the Missouri Western District Court of
Appeals issued rulings determining that certain Spire Missouri
expenditures for infrastructure upgrades approved by the Missouri
Public Service Commission (MoPSC) were not eligible for recovery
under ISRS. The rulings upheld several prior-year appeals by the
Missouri Office of Public Counsel (OPC) and ordered refunds for:
- Expenditures in 2016 and 2017 for intermittent plastic
materials used for repairs, with impacted revenues of $4.2 million
- Previously MoPSC-authorized ISRS revenues related to our
June 2018 filing of $8.0 million
Based on the rulings, we have accrued a total provision
(regulatory liability) of $16.9
million through our second quarter of fiscal 2020 ended
March 31, for the above amounts
subject to the Appeals Court ruling. The provision consists
of 2018 case amounts of $8.0 million
in fiscal 2019 and $4.2 million
year-to-date in fiscal 2020, plus $0.3
million in interest. The provision for the plastics (2016
and 2017 cases) consists of $4.2
million in fiscal 2019 plus $0.3
million in cumulative interest. These provisions, net of
tax, are included in net income and earnings per share but are
excluded from net economic earnings measures.
Spire Missouri applied for
transfer of these cases to the Missouri Supreme Court, which was
denied on March 17, 2020. The cases
have been remanded to the MoPSC, which must render a decision by
July 16, 2020.
Our current approved annual run rate for ISRS revenues is
$29.2 million, including the latest
approved increase effective November 16,
2019 for $8.8 million
annualized. Spire Missouri will
continue to collect and record these authorized revenues.
Alabama
During the second quarter of fiscal 2020, Spire Alabama
continued to implement an off-system sales and capacity release
program, which went into effect on December
1, 2019. The program is designed to create value from the
sale of excess natural gas supply and pipeline capacity not needed
to serve customers. Under the program, 75 percent of any value
created is used to lower Alabama
customer rates.
Under the Accelerated Infrastructure Modernization (AIM)
program, Spire Alabama completed the replacement of the requisite
number of pipeline miles in 2019 in order to qualify for a 10
basis-point increase in its allowed return on equity to 10.5
percent in 2020. Spire Alabama is
on track to earn the AIM incentive again next year, based on
pipeline miles being replaced this year.
Balance Sheets and Cash Flow
We maintain a balanced capital structure with ample liquidity.
At March 31, 2020, our adjusted
long-term capitalization was 49.4 percent equity, compared to 51.9
percent equity at September 30, 2019,
our fiscal year-end. The slight decrease in our equity ratio is due
to the completion of $410 million in
net debt financings during the first quarter of fiscal 2020.
Short-term borrowings outstanding at March 31, 2020, were $560.6 million, down from $743.2 million at September 30, 2019, reflecting stronger cash flow
and the use of the long-term debt financing noted above to pay down
short-term borrowings. Our working capital needs are seasonal in
nature and typically peak during the winter. We retain significant
capacity in our $975 million
revolving credit facility and related commercial paper program to
meet our liquidity needs. We further enhanced our liquidity with
the funding of a 364-day, $150
million term loan on March 26,
2020. Spire had $661 million
of available liquidity at quarter end.
Net cash provided by operating activities was $321.7 million for the six months ended
March 31, 2020, compared to
$297.5 million for the first half of
fiscal 2019. The increase was largely driven by fluctuations in
working capital balances.
Capital expenditures for the first half of fiscal 2020 were
$346.1 million, down from
$376.8 million in the prior year.
Investment in our gas utilities was $279
million, up $24 million over
last year, reflecting increased spend focused on infrastructure
upgrades and new business development.
For additional details on Spire's results for the second quarter
and first six months of fiscal 2020, please see the accompanying
unaudited Condensed Consolidated Statements of Income, unaudited
Condensed Consolidated Balance Sheets, and unaudited Condensed
Consolidated Statements of Cash Flows.
Dividends
The Spire board of directors has declared a quarterly common
stock dividend of $0.6225 per share,
payable July 2, 2020, to shareholders
of record on June 11, 2020. We have
continuously paid a cash common stock dividend since 1946, with
2020 marking the 17th 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 percent Series A Cumulative Redeemable Preferred
Stock payable August 17, 2020, to
holders of record on July 24,
2020.
Guidance and Outlook
We have updated our expected fiscal 2020 capital investment,
increasing it by $30 million to
$640 million, with $560 million earmarked for our gas utilities and
$80 million for our gas-related
businesses. We have also updated our 5-year capital
expenditure plan to now include 2024, with total investment
expected to be $2.8 billion and
supporting utility rate base growth of 7-8 percent over that time
period.
We affirm our annual long-term NEE per share growth target of
4-7 percent. At this time, we are not providing fiscal 2020
earnings guidance due to the uncertainty over the resolution of
ISRS cases in Missouri.
While we have seen limited financial impact from the coronavirus
during the first half of our fiscal year, we do anticipate that the
combination of higher costs, lower demand and the economic slowdown
resulting from the health crisis could adversely impact us for the
remainder of calendar 2020. We have taken many actions to ensure
our team, customers and communities are both safe and positioned to
begin to recover successfully. We are monitoring the potential
impacts of the coronavirus, including lower demand and fees and
higher bad debts and other operating costs, and we are pursuing
operational efficiencies and potential regulatory mechanisms to
offset those impacts. We will share our latest view on our earnings
call noted below.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2020 second quarter financial results. To access the
call, please dial the applicable number approximately 5-10 minutes
prior to the start time.
Date and
Time:
|
|
Friday, May 8
|
|
|
8 a.m. CT (9 a.m.
ET)
|
|
|
|
|
Phone
Numbers:
|
|
U.S. and
Canada:
|
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 call will be available at 10 a.m. CT (11 a.m.
ET) on May 8 until
June 9, 2020 by dialing 877-344-7529
(U.S.), 855-669-9658 (Canada), or
412-317-0088 (international). The replay access code is
10140913.
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 the fifth 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.
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, the COVID-19
health crisis, 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 also includes the non-GAAP financial measures
of "net economic earnings," "net economic earnings per share,"
"adjusted long-term capitalization," "contribution margin," and
"EBITDA." Management uses these non-GAAP measures internally when
evaluating the Company's performance and results of operations. Net
economic earnings exclude from net income the after-tax 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 certain
regulatory, legislative, or GAAP standard-setting actions.
Beginning with the fourth quarter of fiscal 2019 and continuing
into fiscal 2020, these items include provisions related to the
ISRS rulings. 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 is defined as operating revenues less natural
and propane gas costs and gross receipts taxes expense, which are
directly passed on to customers and collected through revenues.
Adjusted long-term capitalization treats preferred stock as 50%
debt and 50% equity, as rating agencies would treat preferred
stock. EBITDA is earnings before interest, income taxes,
depreciation and amortization. Management believes EBITDA provides
a helpful additional measure of core results of Spire Storage.
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.
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
Condensed
Consolidated Statements of Income – Unaudited
|
|
(In
Millions, except per share amounts)
|
|
Three Months
Ended
March
31,
|
|
|
Six Months
Ended
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Operating
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
679.1
|
|
|
$
|
776.7
|
|
|
$
|
1,209.7
|
|
|
$
|
1,350.5
|
|
Gas Marketing and
other
|
|
|
36.4
|
|
|
|
26.8
|
|
|
|
72.7
|
|
|
|
55.0
|
|
Total Operating
Revenues
|
|
|
715.5
|
|
|
|
803.5
|
|
|
|
1,282.4
|
|
|
|
1,405.5
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural and propane
gas
|
|
|
249.0
|
|
|
|
337.4
|
|
|
|
463.6
|
|
|
|
589.1
|
|
Operation and
maintenance
|
|
|
93.1
|
|
|
|
109.5
|
|
|
|
199.1
|
|
|
|
212.0
|
|
Depreciation and
amortization
|
|
|
47.0
|
|
|
|
44.4
|
|
|
|
93.4
|
|
|
|
88.1
|
|
Taxes, other than
income taxes
|
|
|
51.7
|
|
|
|
57.4
|
|
|
|
89.6
|
|
|
|
96.6
|
|
Total Gas Utility
Operating Expenses
|
|
|
440.8
|
|
|
|
548.7
|
|
|
|
845.7
|
|
|
|
985.8
|
|
Gas Marketing and
other
|
|
|
64.2
|
|
|
|
45.3
|
|
|
|
123.9
|
|
|
|
105.1
|
|
Total Operating
Expenses
|
|
|
505.0
|
|
|
|
594.0
|
|
|
|
969.6
|
|
|
|
1,090.9
|
|
Operating
Income
|
|
|
210.5
|
|
|
|
209.5
|
|
|
|
312.8
|
|
|
|
314.6
|
|
Interest Expense,
Net
|
|
|
27.2
|
|
|
|
27.6
|
|
|
|
53.9
|
|
|
|
53.5
|
|
Other (Expense)
Income, Net
|
|
|
(19.5)
|
|
|
|
6.1
|
|
|
|
(13.8)
|
|
|
|
8.9
|
|
Income Before Income
Taxes
|
|
|
163.8
|
|
|
|
188.0
|
|
|
|
245.1
|
|
|
|
270.0
|
|
Income Tax
Expense
|
|
|
30.2
|
|
|
|
33.4
|
|
|
|
44.5
|
|
|
|
48.1
|
|
Net Income
|
|
|
133.6
|
|
|
|
154.6
|
|
|
|
200.6
|
|
|
|
221.9
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
—
|
|
|
|
7.4
|
|
|
|
—
|
|
Income allocated to
participating securities
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.5
|
|
Net Income Available
to Common Shareholders
|
|
$
|
129.7
|
|
|
$
|
154.3
|
|
|
$
|
192.9
|
|
|
$
|
221.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
51.0
|
|
|
|
50.6
|
|
|
|
51.0
|
|
|
|
50.6
|
|
Diluted
|
|
|
51.1
|
|
|
|
50.8
|
|
|
|
51.1
|
|
|
|
50.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
|
$
|
2.55
|
|
|
$
|
3.05
|
|
|
$
|
3.78
|
|
|
$
|
4.37
|
|
Diluted Earnings Per
Common Share
|
|
$
|
2.54
|
|
|
$
|
3.04
|
|
|
$
|
3.77
|
|
|
$
|
4.36
|
|
Dividends Declared
Per Common Share
|
|
$
|
0.6225
|
|
|
$
|
0.5925
|
|
|
$
|
1.245
|
|
|
$
|
1.185
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
(In
Millions)
|
|
March
31,
|
|
|
September
30,
|
|
|
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
6,369.4
|
|
|
$
|
6,146.5
|
|
|
$
|
5,856.8
|
|
Less:
Accumulated depreciation and amortization
|
|
|
1,848.4
|
|
|
|
1,794.5
|
|
|
|
1,738.5
|
|
Net Utility
Plant
|
|
|
4,521.0
|
|
|
|
4,352.0
|
|
|
|
4,118.3
|
|
Non-utility
Property
|
|
|
547.4
|
|
|
|
477.8
|
|
|
|
329.1
|
|
Other
Investments
|
|
|
68.1
|
|
|
|
72.3
|
|
|
|
68.4
|
|
Total Other Property
and Investments
|
|
|
615.5
|
|
|
|
550.1
|
|
|
|
397.5
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
108.4
|
|
|
|
5.8
|
|
|
|
11.1
|
|
Accounts receivable,
net
|
|
|
353.0
|
|
|
|
289.6
|
|
|
|
487.0
|
|
Inventories
|
|
|
127.1
|
|
|
|
196.6
|
|
|
|
126.3
|
|
Other
|
|
|
130.3
|
|
|
|
122.5
|
|
|
|
169.2
|
|
Total Current
Assets
|
|
|
718.8
|
|
|
|
614.5
|
|
|
|
793.6
|
|
Deferred Charges and
Other Assets
|
|
|
2,162.7
|
|
|
|
2,102.6
|
|
|
|
1,964.2
|
|
Total
Assets
|
|
$
|
8,018.0
|
|
|
$
|
7,619.2
|
|
|
$
|
7,273.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
—
|
|
Common stock and
paid-in capital
|
|
|
1,571.9
|
|
|
|
1,556.8
|
|
|
|
1,536.3
|
|
Retained
earnings
|
|
|
902.3
|
|
|
|
775.5
|
|
|
|
877.5
|
|
Accumulated other
comprehensive loss
|
|
|
(50.6)
|
|
|
|
(31.3)
|
|
|
|
(7.8)
|
|
Total Shareholders'
Equity
|
|
|
2,665.6
|
|
|
|
2,543.0
|
|
|
|
2,406.0
|
|
Temporary
equity
|
|
|
3.9
|
|
|
|
3.4
|
|
|
|
—
|
|
Long-term debt (less
current portion)
|
|
|
2,484.8
|
|
|
|
2,082.6
|
|
|
|
2,041.9
|
|
Total
Capitalization
|
|
|
5,154.3
|
|
|
|
4,629.0
|
|
|
|
4,447.9
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
5.4
|
|
|
|
40.0
|
|
|
|
215.0
|
|
Notes
payable
|
|
|
560.6
|
|
|
|
743.2
|
|
|
|
512.0
|
|
Accounts
payable
|
|
|
221.4
|
|
|
|
301.5
|
|
|
|
324.8
|
|
Accrued liabilities
and other
|
|
|
365.1
|
|
|
|
384.1
|
|
|
|
284.9
|
|
Total Current
Liabilities
|
|
|
1,152.5
|
|
|
|
1,468.8
|
|
|
|
1,336.7
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
498.1
|
|
|
|
451.4
|
|
|
|
490.2
|
|
Pension and
postretirement benefit costs
|
|
|
272.1
|
|
|
|
264.8
|
|
|
|
178.3
|
|
Asset retirement
obligations
|
|
|
344.7
|
|
|
|
337.6
|
|
|
|
325.5
|
|
Regulatory
liabilities
|
|
|
472.3
|
|
|
|
399.0
|
|
|
|
431.3
|
|
Other
|
|
|
124.0
|
|
|
|
68.6
|
|
|
|
63.7
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,711.2
|
|
|
|
1,521.4
|
|
|
|
1,489.0
|
|
Total Capitalization
and Liabilities
|
|
$
|
8,018.0
|
|
|
$
|
7,619.2
|
|
|
$
|
7,273.6
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
(In
Millions)
|
|
Six Months
Ended
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
200.6
|
|
|
$
|
221.9
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
96.7
|
|
|
|
89.1
|
|
Deferred income taxes
and investment tax credits
|
|
|
42.8
|
|
|
|
45.5
|
|
Changes in assets and
liabilities
|
|
|
(18.3)
|
|
|
|
(57.6)
|
|
Other
|
|
|
(0.1)
|
|
|
|
(1.4)
|
|
Net cash provided by
operating activities
|
|
|
321.7
|
|
|
|
297.5
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(346.1)
|
|
|
|
(376.8)
|
|
Business
acquisitions
|
|
|
—
|
|
|
|
(7.9)
|
|
Other
|
|
|
1.5
|
|
|
|
(1.9)
|
|
Net cash used in
investing activities
|
|
|
(344.6)
|
|
|
|
(386.6)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
510.0
|
|
|
|
190.0
|
|
Repayment of long-term
debt
|
|
|
(140.0)
|
|
|
|
(9.1)
|
|
Repayment of
short-term debt, net
|
|
|
(182.6)
|
|
|
|
(41.6)
|
|
Issuance of common
stock
|
|
|
15.2
|
|
|
|
1.0
|
|
Dividends paid on
common stock
|
|
|
(63.8)
|
|
|
|
(58.8)
|
|
Dividends paid on
preferred stock
|
|
|
(7.4)
|
|
|
|
—
|
|
Other
|
|
|
(5.9)
|
|
|
|
(2.7)
|
|
Net cash provided by
financing activities
|
|
|
125.5
|
|
|
|
78.8
|
|
|
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents, and Restricted
Cash
|
|
|
102.6
|
|
|
|
(10.3)
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Period
|
|
|
5.8
|
|
|
|
21.4
|
|
Cash, Cash
Equivalents, and Restricted Cash at End of Period
|
|
$
|
108.4
|
|
|
$
|
11.1
|
|
Net Economic
Earnings and Reconciliation to GAAP
|
|
(In
Millions, except per share amounts)
|
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Total
|
|
|
Per
Diluted
Common
Share (2)
|
|
Three Months Ended
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
142.3
|
|
|
$
|
(3.3)
|
|
|
$
|
(5.4)
|
|
|
$
|
133.6
|
|
|
$
|
2.54
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
ISRS rulings
|
|
|
2.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.2
|
|
|
|
0.04
|
|
Unrealized loss
on energy-related derivatives
|
|
|
0.4
|
|
|
|
11.2
|
|
|
|
—
|
|
|
|
11.6
|
|
|
|
0.23
|
|
Income tax effect of
adjustments (1)
|
|
|
(0.6)
|
|
|
|
(2.8)
|
|
|
|
—
|
|
|
|
(3.4)
|
|
|
|
(0.06)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
144.3
|
|
|
$
|
5.1
|
|
|
$
|
(5.4)
|
|
|
$
|
144.0
|
|
|
$
|
2.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
146.7
|
|
|
$
|
12.9
|
|
|
$
|
(5.0)
|
|
|
$
|
154.6
|
|
|
$
|
3.04
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain
on energy-related derivatives
|
|
|
—
|
|
|
|
(9.1)
|
|
|
|
—
|
|
|
|
(9.1)
|
|
|
|
(0.18)
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
2.4
|
|
|
|
—
|
|
|
|
2.4
|
|
|
|
0.04
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
146.7
|
|
|
$
|
6.2
|
|
|
$
|
(5.0)
|
|
|
$
|
147.9
|
|
|
$
|
2.90
|
|
Six Months Ended
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
209.4
|
|
|
$
|
—
|
|
|
$
|
(8.8)
|
|
|
$
|
200.6
|
|
|
$
|
3.77
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
ISRS rulings
|
|
|
4.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4.8
|
|
|
|
0.09
|
|
Unrealized gain
on energy-related derivatives
|
|
|
0.4
|
|
|
|
14.9
|
|
|
|
—
|
|
|
|
15.3
|
|
|
|
0.30
|
|
Income tax effect of
adjustments (1)
|
|
|
(1.2)
|
|
|
|
(3.7)
|
|
|
|
—
|
|
|
|
(4.9)
|
|
|
|
(0.10)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
213.4
|
|
|
$
|
11.2
|
|
|
$
|
(8.8)
|
|
|
$
|
215.8
|
|
|
$
|
4.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
213.1
|
|
|
$
|
22.9
|
|
|
$
|
(14.1)
|
|
|
$
|
221.9
|
|
|
$
|
4.36
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain
on energy-related derivatives
|
|
|
—
|
|
|
|
(11.3)
|
|
|
|
—
|
|
|
|
(11.3)
|
|
|
|
(0.22)
|
|
Acquisition,
divestiture and restructuring activities
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.01
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
2.9
|
|
|
|
(0.1)
|
|
|
|
2.8
|
|
|
|
0.05
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
213.1
|
|
|
$
|
14.5
|
|
|
$
|
(13.8)
|
|
|
$
|
213.8
|
|
|
$
|
4.20
|
|
|
|
(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 and then adding any estimated effects of enacted
state or local income tax laws for periods before the related
effective date.
|
(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
|
|
|
Other
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Three Months Ended
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
212.9
|
|
|
$
|
(4.4)
|
|
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
210.5
|
|
Operation and
maintenance expenses
|
|
|
95.8
|
|
|
|
3.6
|
|
|
|
9.6
|
|
|
|
(3.3)
|
|
|
|
105.7
|
|
Depreciation and
amortization
|
|
|
47.0
|
|
|
|
0.1
|
|
|
|
2.1
|
|
|
|
—
|
|
|
|
49.2
|
|
Taxes, other than
income taxes
|
|
|
51.7
|
|
|
|
0.4
|
|
|
|
0.9
|
|
|
|
—
|
|
|
|
53.0
|
|
Less: Gross receipts
tax expense
|
|
|
(37.6)
|
|
|
|
(0.2)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(37.9)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
369.8
|
|
|
|
(0.5)
|
|
|
|
14.5
|
|
|
|
(3.3)
|
|
|
|
380.5
|
|
Natural and propane
gas costs
|
|
|
271.6
|
|
|
|
33.6
|
|
|
|
0.1
|
|
|
|
(8.2)
|
|
|
|
297.1
|
|
Gross receipts tax
expense
|
|
|
37.6
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
37.9
|
|
Operating
Revenues
|
|
$
|
679.0
|
|
|
$
|
33.3
|
|
|
$
|
14.7
|
|
|
$
|
(11.5)
|
|
|
$
|
715.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
196.3
|
|
|
$
|
16.8
|
|
|
$
|
(3.6)
|
|
|
$
|
—
|
|
|
$
|
209.5
|
|
Operation and
maintenance expenses
|
|
|
112.0
|
|
|
|
2.7
|
|
|
|
6.5
|
|
|
|
(2.9)
|
|
|
|
118.3
|
|
Depreciation and
amortization
|
|
|
44.4
|
|
|
|
—
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
44.9
|
|
Taxes, other than
income taxes
|
|
|
57.4
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
58.1
|
|
Less: Gross receipts
tax expense
|
|
|
(43.4)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(43.5)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
366.7
|
|
|
|
19.7
|
|
|
|
3.8
|
|
|
|
(2.9)
|
|
|
|
387.3
|
|
Natural and propane
gas costs
|
|
|
366.7
|
|
|
|
5.7
|
|
|
|
0.5
|
|
|
|
(0.2)
|
|
|
|
372.7
|
|
Gross receipts tax
expense
|
|
|
43.4
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43.5
|
|
Operating
Revenues
|
|
$
|
776.8
|
|
|
$
|
25.5
|
|
|
$
|
4.3
|
|
|
$
|
(3.1)
|
|
|
$
|
803.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
[GAAP]
|
|
$
|
309.2
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
|
$
|
—
|
|
|
$
|
312.8
|
|
Operation and
maintenance expenses
|
|
|
204.4
|
|
|
|
6.7
|
|
|
|
17.5
|
|
|
|
(6.3)
|
|
|
|
222.3
|
|
Depreciation and
amortization
|
|
|
93.4
|
|
|
|
0.1
|
|
|
|
3.2
|
|
|
|
—
|
|
|
|
96.7
|
|
Taxes, other than
income taxes
|
|
|
89.6
|
|
|
|
0.7
|
|
|
|
1.3
|
|
|
|
—
|
|
|
|
91.6
|
|
Less: Gross receipts
tax expense
|
|
|
(62.2)
|
|
|
|
(0.2)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(62.5)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
634.4
|
|
|
|
7.3
|
|
|
|
25.5
|
|
|
|
(6.3)
|
|
|
|
660.9
|
|
Natural and propane
gas costs
|
|
|
513.1
|
|
|
|
58.1
|
|
|
|
0.2
|
|
|
|
(12.4)
|
|
|
|
559.0
|
|
Gross receipts tax
expense
|
|
|
62.2
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
62.5
|
|
Operating
Revenues
|
|
$
|
1,209.7
|
|
|
$
|
65.6
|
|
|
$
|
25.8
|
|
|
$
|
(18.7)
|
|
|
$
|
1,282.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
291.9
|
|
|
$
|
29.3
|
|
|
$
|
(6.6)
|
|
|
$
|
—
|
|
|
$
|
314.6
|
|
Operation and
maintenance expenses
|
|
|
216.9
|
|
|
|
5.3
|
|
|
|
13.9
|
|
|
|
(5.6)
|
|
|
|
230.5
|
|
Depreciation and
amortization
|
|
|
88.1
|
|
|
|
—
|
|
|
|
1.0
|
|
|
|
—
|
|
|
|
89.1
|
|
Taxes, other than
income taxes
|
|
|
96.6
|
|
|
|
0.5
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
97.9
|
|
Less: Gross receipts
tax expense
|
|
|
(69.3)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(69.4)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
624.2
|
|
|
|
35.0
|
|
|
|
9.1
|
|
|
|
(5.6)
|
|
|
|
662.7
|
|
Natural and propane
gas costs
|
|
|
658.5
|
|
|
|
16.2
|
|
|
|
0.6
|
|
|
|
(1.9)
|
|
|
|
673.4
|
|
Gross receipts tax
expense
|
|
|
69.3
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
69.4
|
|
Operating
Revenues
|
|
$
|
1,352.0
|
|
|
$
|
51.3
|
|
|
$
|
9.7
|
|
|
$
|
(7.5)
|
|
|
$
|
1,405.5
|
|
Spire Storage
EBITDA1 Reconciliation to GAAP
|
|
(In
Millions)
|
Three Months
Ended
March
31,
|
|
|
Six Months
Ended
March
31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Loss
[GAAP]
|
$
|
(3.3)
|
|
|
$
|
(4.9)
|
|
|
$
|
(5.2)
|
|
|
$
|
(7.8)
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
charges
|
|
1.3
|
|
|
|
1.3
|
|
|
|
2.6
|
|
|
|
1.9
|
|
Income tax
benefit
|
|
(0.9)
|
|
|
|
(1.3)
|
|
|
|
(1.4)
|
|
|
|
(2.1)
|
|
Depreciation and
amortization
|
|
0.6
|
|
|
|
0.4
|
|
|
|
1.1
|
|
|
|
0.8
|
|
EBITDA
[Non-GAAP]
|
$
|
(2.3)
|
|
|
$
|
(4.5)
|
|
|
$
|
(2.9)
|
|
|
$
|
(7.2)
|
|
|
1
EBITDA is earnings before interest, income taxes, depreciation
and amortization.
|
Adjusted Long-Term
Capitalization Reconciliation to GAAP
|
|
(In
Millions)
|
March 31,
2020
|
|
|
September 30,
2019
|
|
|
Equity2
|
|
|
Debt
|
|
|
Total
|
|
|
Equity2
|
|
|
Debt
|
|
|
Total
|
|
Capitalization
|
$
|
2,669.5
|
|
|
$
|
2,484.8
|
|
|
$
|
5,154.3
|
|
|
$
|
2,546.4
|
|
|
$
|
2,082.6
|
|
|
$
|
4,629.0
|
|
Current portion of
long-term debt
|
|
—
|
|
|
|
5.4
|
|
|
|
5.4
|
|
|
|
—
|
|
|
|
40.0
|
|
|
|
40.0
|
|
Long-term
Capitalization [GAAP]
|
|
2,669.5
|
|
|
|
2,490.2
|
|
|
|
5,159.7
|
|
|
|
2,546.4
|
|
|
|
2,122.6
|
|
|
|
4,669.0
|
|
Reclassify 50% of
preferred stock
|
|
(121.0)
|
|
|
|
121.0
|
|
|
|
—
|
|
|
|
(121.0)
|
|
|
|
121.0
|
|
|
|
—
|
|
Adjusted Long-term
Capitalization [Non-GAAP]
|
$
|
2,548.5
|
|
|
$
|
2,611.2
|
|
|
$
|
5,159.7
|
|
|
$
|
2,425.4
|
|
|
$
|
2,243.6
|
|
|
$
|
4,669.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of adjusted
long-term capitalization
|
49.4%
|
|
|
50.6%
|
|
|
100.0%
|
|
|
51.9%
|
|
|
48.1%
|
|
|
100.0%
|
|
|
2
Temporary equity of $3.9 and $3.4 is included
in equity as of March 31, 2020 and September 30, 2019,
respectively.
|
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SOURCE Spire Inc.