ST. LOUIS, Feb. 4, 2021 /PRNewswire/ -- Spire Inc. (NYSE:
SR) today reported results for its fiscal first quarter ended
December 31, 2020. Highlights
include:
- First quarter fiscal 2021 net income of $88.9 million ($1.65 per diluted share), compared to
$67.0 million ($1.24 per share) in the prior year
- Net economic earnings* of $76.9
million ($1.42 per share), up
from $71.8 million ($1.33 per share) a year ago
- We remain on track with our capital investment program, and
reaffirm our long-term earnings growth and ESG targets
"We're stepping forward in fiscal 2021, building on last year's
momentum to deliver on our growth-focused strategic priorities.
Thanks to our remarkable Spire employees, we're off to a good start
in our first quarter with higher earnings and solid operating
performance. We're doing this while continuing to support our
customers and communities, and doing our best to keep everyone
healthy and safe," said Suzanne
Sitherwood, president and chief executive officer of Spire.
"At the same time, we continued our investment in infrastructure
upgrades and innovation to drive even stronger safety, reliability,
and customer service levels. We're remaining focused on our ESG
goals including our commitment to being a carbon neutral company by
midcentury."
First Quarter
Results
|
|
Three Months Ended
December 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Economic
Earnings* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
76.4
|
|
|
$
|
69.1
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
3.3
|
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(2.8)
|
|
|
|
(3.4)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
76.9
|
|
|
$
|
71.8
|
|
|
$
|
1.42
|
|
|
$
|
1.33
|
|
Net economic earnings
adjustments, pre-tax
|
|
|
16.0
|
|
|
|
(6.3)
|
|
|
|
0.31
|
|
|
|
(0.12)
|
|
Income tax effect of
pre-tax adjustments
|
|
|
(4.0)
|
|
|
|
1.5
|
|
|
|
(0.08)
|
|
|
|
0.03
|
|
Net
Income
|
|
$
|
88.9
|
|
|
$
|
67.0
|
|
|
$
|
1.65
|
|
|
$
|
1.24
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
51.6
|
|
|
|
51.1
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
Consolidated net income for the three months ended December 31, 2020, the first quarter of our
fiscal year, was $88.9 million
($1.65 per diluted share), up from
$67.0 million ($1.24 per share) a year ago.
Net economic earnings (NEE) for the first quarter of fiscal 2021
was $76.9 million ($1.42 per share) up from $71.8 million ($1.33 per share) last year, reflecting higher Gas
Utility earnings as well as lower corporate costs and improved
Spire Storage performance. These positive impacts were partially
offset by lower earnings from Spire Marketing reflecting market
conditions and net costs of incremental storage positions.
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
impairments and other non-recurring or unusual items such as
certain regulatory, legislative, or GAAP standard-setting
actions.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. First quarter NEE was $76.4 million, up from $69.1 million in the prior year, reflecting a
higher contribution margin and lower expenses.
Contribution margin increased $7.6
million, reflecting higher Infrastructure System Replacement
Surcharge (ISRS) revenues of $6.5
million, a $1.1 million
benefit from usage and weather (net of weather mitigation) and
customer growth. These positive impacts were partially offset by
net regulatory adjustments in Spire Alabama of $1.3 million.
Operation and maintenance expenses of $103.0 million for the quarter were down
$5.6 million from the same period a
year ago, driven by lower operation, administrative and
employee-related expenses, due in part to the timing of expenses we
expect to occur later this year compared to last year. Depreciation
and amortization expenses increased $2.2
million from last year, reflecting incremental capital
investment. Taxes other than income taxes decreased $2.4 million due to a reduction in gross receipts
taxes as a result of lower gas cost recoveries.
Gas Marketing
The Gas Marketing segment includes the results of Spire
Marketing, which provides natural gas marketing services across
most of the United States. First
quarter NEE was $3.3 million, down
from $6.1 million in the prior
year, reflecting the costs of incremental storage capacity and
transportation fees, partially offset by value realized from
storage withdrawals.
Other
Other gas-related operations and corporate costs on an NEE basis
for the first quarter were $2.8
million in fiscal 2021, compared to $3.4 million a year ago. The improvement reflects
higher earnings from Spire Storage and lower corporate costs.
Balance Sheets and Cash Flow
In the first quarter of fiscal 2021, we maintained a solid
capital structure and ample liquidity. Short-term borrowings
outstanding at December 31, 2020,
were $696.1 million, up from
$518.9 million at December 31, 2019, reflecting lower cash flow
from operations, seasonal working capital needs that typically peak
during the winter, and timing of permanent financing in the prior
year. We retain significant capacity in our revolving credit
facility and related commercial paper program to meet our liquidity
needs.
On December 15, 2020, Spire
Alabama issued and sold $150 million
of 2.04% Senior Notes due December 15,
2030, in a private placement. Proceeds were used to repay
short-term debt.
Net cash provided by operating activities was $7.6 million for the quarter ended December 31, 2020, down from $64.5 million for the first quarter of fiscal
2020, largely due to fluctuations in working capital balances.
Capital expenditures for the first quarter of fiscal 2021 were
$163.6 million, down from
$192.3 million in the prior year
mainly due to decreased investment in Spire STL Pipeline that was
placed into service in late 2019. Capital expenditures for our gas
utilities were down $2.6 million,
primarily due to timing of our infrastructure upgrade projects.
For additional details on Spire's results for the first quarter
of fiscal 2021, please see the accompanying unaudited Condensed
Consolidated Statements of Income, Balance Sheets, and Statements
of Cash Flows.
Regulatory Matters
Missouri rate review
On December 11, 2020, Spire
Missouri filed a rate review with the Missouri Public Service
Commission. The filing seeks recovery of costs and more than
$850 million in capital investments
since 2018 to make our system safer, more reliable and cleaner for
our customers and communities. Our investment includes modernizing
our gas infrastructure and implementing customer service
enhancements.
The filing proposes new programs and options for our customers,
including a voluntary carbon neutral program and renewable
natural gas (RNG), that will also help us achieve carbon neutrality
by midcentury. In addition, we are seeking to combine our two
Missouri utilities into one to
ensure all customers can benefit from our programs and services,
regardless of location.
The filing requests a net base rate increase of $64.2 million, which is in addition to
$47.3 million in annualized ISRS
already being collected, representing a 5.6% increase in the
average residential customer bill. The request is based upon a rate
base of $2.78 billion, a common
equity ratio of 54.25%, and a return on equity of 9.95%.
Alabama annual rate
setting
New rates for Spire Alabama and Spire Gulf were approved by the
Alabama Public Service Commission (APSC), effective December 1, 2020. These rates are established
under Alabama's annual
rate-setting process and are based on the utilities' budgets for
the fiscal year ended September 30,
2021, after prudence review by the APSC. The rates include
net income and a calculation of allowed return on average common
equity (ROE) ranging from 10.5% for Spire Alabama and 10.7% for
Spire Gulf. Spire Alabama's ROE
includes a 10 basis-point increase, as the utility exceeded the
threshold miles of pipeline replaced to be eligible for the
Accelerated Infrastructure Modernization incentive.
Dividends
The Spire board of directors has declared a quarterly common
stock dividend of $0.65 per share,
payable April 2, 2021, to
shareholders of record on March 11,
2021. We have continuously paid a cash common stock dividend
since 1946, with 2021 marking the 18th 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 May 17, 2021, to
holders of record on April 26,
2021.
Guidance and Outlook
We affirm our 5-year capital expenditures outlook through fiscal
2025 of $3.0 billion. Our expected
fiscal 2021 investment remains $590
million, with $560 million
earmarked for our gas utilities.
We also affirm our fiscal 2021 NEE per share expectation of
$4.00 - $4.20, as well as our annual long-term NEE per
share growth target of 5-7 percent, supported by expected annual
rate base growth of 7-8 percent. Our long-term targets reflect the
expectation of continued consistent growth of our gas utilities
focused on pipeline upgrades that enhance system reliability and
safety, and support further reductions in methane emissions, as
well as technology upgrades and new business.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2021 first quarter financial results. To access the
call, please dial the applicable number approximately 5-10 minutes
prior to the start time.
Date and
Time:
|
|
Thursday, Feb.
4
|
|
|
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 Feb. 4 until
March 5, 2021, by dialing
877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The
replay access code is 10151298.
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, economic
factors, the competitive environment, governmental and regulatory
policy and action, and risks associated with acquisitions. More
complete descriptions and listings of these uncertainties and risk
factors can be found in the Company's annual (Form 10-K) filing
with the Securities and Exchange Commission.
This news release includes the non-GAAP financial measures of
"net economic earnings," "net economic earnings per share," and
"contribution margin." Management also uses these non-GAAP measures
internally when evaluating the Company's performance and results of
operations. Net economic earnings exclude 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 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
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
Operating
Revenues
|
|
$
|
512.6
|
|
|
$
|
566.9
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Natural gas
|
|
|
181.2
|
|
|
|
261.9
|
|
Operation and
maintenance
|
|
|
111.6
|
|
|
|
116.6
|
|
Depreciation and
amortization
|
|
|
50.8
|
|
|
|
47.5
|
|
Taxes, other than
income taxes
|
|
|
36.1
|
|
|
|
38.6
|
|
Total Operating
Expenses
|
|
|
379.7
|
|
|
|
464.6
|
|
Operating
Income
|
|
|
132.9
|
|
|
|
102.3
|
|
Interest Expense,
Net
|
|
|
25.7
|
|
|
|
26.7
|
|
Other Income,
Net
|
|
|
4.3
|
|
|
|
5.7
|
|
Income Before Income
Taxes
|
|
|
111.5
|
|
|
|
81.3
|
|
Income Tax
Expense
|
|
|
22.6
|
|
|
|
14.3
|
|
Net Income
|
|
|
88.9
|
|
|
|
67.0
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
3.7
|
|
Income allocated to
participating securities
|
|
|
0.1
|
|
|
|
0.1
|
|
Net Income Available
to Common Shareholders
|
|
$
|
85.1
|
|
|
$
|
63.2
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
51.5
|
|
|
|
50.9
|
|
Diluted
|
|
|
51.6
|
|
|
|
51.1
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
|
$
|
1.65
|
|
|
$
|
1.24
|
|
Diluted Earnings Per
Common Share
|
|
$
|
1.65
|
|
|
$
|
1.24
|
|
Dividends Declared
Per Common Share
|
|
$
|
0.65
|
|
|
$
|
0.6225
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
(In
Millions)
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
6,860.2
|
|
|
$
|
6,766.3
|
|
|
$
|
6,256.1
|
|
Less:
Accumulated depreciation and amortization
|
|
|
2,113.3
|
|
|
|
2,086.2
|
|
|
|
1,823.8
|
|
Net Utility
Plant
|
|
|
4,746.9
|
|
|
|
4,680.1
|
|
|
|
4,432.3
|
|
Non-utility
Property
|
|
|
448.7
|
|
|
|
432.3
|
|
|
|
518.7
|
|
Other
Investments
|
|
|
74.8
|
|
|
|
71.7
|
|
|
|
74.7
|
|
Total Other Property
and Investments
|
|
|
523.5
|
|
|
|
504.0
|
|
|
|
593.4
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
3.5
|
|
|
|
4.1
|
|
|
|
21.5
|
|
Accounts receivable,
net
|
|
|
423.0
|
|
|
|
253.3
|
|
|
|
451.3
|
|
Inventories
|
|
|
184.5
|
|
|
|
191.5
|
|
|
|
185.6
|
|
Other
|
|
|
159.0
|
|
|
|
141.7
|
|
|
|
118.0
|
|
Total Current
Assets
|
|
|
770.0
|
|
|
|
590.6
|
|
|
|
776.4
|
|
Deferred Charges and
Other Assets
|
|
|
2,475.2
|
|
|
|
2,466.5
|
|
|
|
2,158.9
|
|
Total
Assets
|
|
$
|
8,515.6
|
|
|
$
|
8,241.2
|
|
|
$
|
7,961.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
Common stock and
paid-in capital
|
|
|
1,601.7
|
|
|
|
1,600.8
|
|
|
|
1,557.8
|
|
Retained
earnings
|
|
|
771.2
|
|
|
|
720.7
|
|
|
|
803.1
|
|
Accumulated other
comprehensive loss
|
|
|
(28.1)
|
|
|
|
(41.2)
|
|
|
|
(16.9)
|
|
Total Shareholders'
Equity
|
|
|
2,586.8
|
|
|
|
2,522.3
|
|
|
|
2,586.0
|
|
Temporary
equity
|
|
|
5.3
|
|
|
|
3.4
|
|
|
|
4.1
|
|
Long-term debt (less
current portion)
|
|
|
2,517.6
|
|
|
|
2,423.7
|
|
|
|
2,484.4
|
|
Total
Capitalization
|
|
|
5,109.7
|
|
|
|
4,949.4
|
|
|
|
5,074.5
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
110.8
|
|
|
|
60.4
|
|
|
|
45.3
|
|
Notes
payable
|
|
|
696.1
|
|
|
|
648.0
|
|
|
|
518.9
|
|
Accounts
payable
|
|
|
260.8
|
|
|
|
243.3
|
|
|
|
307.9
|
|
Accrued liabilities
and other
|
|
|
479.0
|
|
|
|
497.5
|
|
|
|
380.4
|
|
Total Current
Liabilities
|
|
|
1,546.7
|
|
|
|
1,449.2
|
|
|
|
1,252.5
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
541.9
|
|
|
|
511.4
|
|
|
|
475.3
|
|
Pension and
postretirement benefit costs
|
|
|
289.2
|
|
|
|
309.0
|
|
|
|
260.7
|
|
Asset retirement
obligations
|
|
|
545.6
|
|
|
|
540.1
|
|
|
|
340.9
|
|
Regulatory
liabilities
|
|
|
357.3
|
|
|
|
343.7
|
|
|
|
417.8
|
|
Other
|
|
|
125.2
|
|
|
|
138.4
|
|
|
|
139.3
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,859.2
|
|
|
|
1,842.6
|
|
|
|
1,634.0
|
|
Total Capitalization
and Liabilities
|
|
$
|
8,515.6
|
|
|
$
|
8,241.2
|
|
|
$
|
7,961.0
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
(In
Millions)
|
|
Three Months
Ended
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
88.9
|
|
|
$
|
67.0
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
50.8
|
|
|
|
47.5
|
|
Deferred income taxes
and investment tax credits
|
|
|
21.8
|
|
|
|
14.3
|
|
Changes in assets and
liabilities
|
|
|
(156.4)
|
|
|
|
(61.3)
|
|
Other
|
|
|
2.5
|
|
|
|
(3.0)
|
|
Net cash provided by
operating activities
|
|
|
7.6
|
|
|
|
64.5
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(163.6)
|
|
|
|
(192.3)
|
|
Other
|
|
|
—
|
|
|
|
(0.3)
|
|
Net cash used in
investing activities
|
|
|
(163.6)
|
|
|
|
(192.6)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
150.0
|
|
|
|
510.0
|
|
Repayment of long-term
debt
|
|
|
(5.4)
|
|
|
|
(100.0)
|
|
Issuance (repayment)
of short-term debt, net
|
|
|
48.1
|
|
|
|
(224.2)
|
|
Issuance of common
stock
|
|
|
0.4
|
|
|
|
2.3
|
|
Dividends paid on
common stock
|
|
|
(32.2)
|
|
|
|
(34.7)
|
|
Dividends paid on
preferred stock
|
|
|
(3.7)
|
|
|
|
(3.7)
|
|
Other
|
|
|
(1.8)
|
|
|
|
(5.9)
|
|
Net cash provided by
financing activities
|
|
|
155.4
|
|
|
|
143.8
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents, and Restricted Cash
|
|
|
(0.6)
|
|
|
|
15.7
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Period
|
|
|
4.1
|
|
|
|
5.8
|
|
Cash, Cash
Equivalents, and Restricted Cash at End of Period
|
|
$
|
3.5
|
|
|
$
|
21.5
|
|
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
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
76.5
|
|
|
$
|
15.2
|
|
|
$
|
(2.8)
|
|
|
$
|
88.9
|
|
|
$
|
1.65
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
(0.1)
|
|
|
|
(15.9)
|
|
|
|
—
|
|
|
|
(16.0)
|
|
|
|
(0.31)
|
|
Income tax effect of
adjustments (1)
|
|
|
—
|
|
|
|
4.0
|
|
|
|
—
|
|
|
|
4.0
|
|
|
|
0.08
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
76.4
|
|
|
$
|
3.3
|
|
|
$
|
(2.8)
|
|
|
$
|
76.9
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
67.1
|
|
|
$
|
3.3
|
|
|
$
|
(3.4)
|
|
|
$
|
67.0
|
|
|
$
|
1.24
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for ISRS
rulings
|
|
|
2.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.6
|
|
|
|
0.05
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
3.7
|
|
|
|
—
|
|
|
|
3.7
|
|
|
|
0.07
|
|
Income tax effect of
adjustments (1)
|
|
|
(0.6)
|
|
|
|
(0.9)
|
|
|
|
—
|
|
|
|
(1.5)
|
|
|
|
(0.03)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
69.1
|
|
|
$
|
6.1
|
|
|
$
|
(3.4)
|
|
|
$
|
71.8
|
|
|
$
|
1.33
|
|
|
|
(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
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
[GAAP]
|
|
$
|
106.8
|
|
|
$
|
20.3
|
|
|
$
|
5.8
|
|
|
$
|
—
|
|
|
$
|
132.9
|
|
Operation and
maintenance expenses
|
|
|
103.0
|
|
|
|
3.3
|
|
|
|
8.6
|
|
|
|
(3.3)
|
|
|
|
111.6
|
|
Depreciation and
amortization
|
|
|
48.6
|
|
|
|
0.3
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
50.8
|
|
Taxes, other than
income taxes
|
|
|
35.5
|
|
|
|
0.2
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
36.1
|
|
Less: Gross receipts
tax expense
|
|
|
(21.7)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(21.7)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
272.2
|
|
|
|
24.1
|
|
|
|
16.7
|
|
|
|
(3.3)
|
|
|
|
309.7
|
|
Natural gas
costs
|
|
|
204.3
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
(23.8)
|
|
|
|
181.2
|
|
Gross receipts tax
expense
|
|
|
21.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21.7
|
|
Operating
Revenues
|
|
$
|
498.2
|
|
|
$
|
24.8
|
|
|
$
|
16.7
|
|
|
$
|
(27.1)
|
|
|
$
|
512.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
[GAAP]
|
|
$
|
96.3
|
|
|
$
|
4.4
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
102.3
|
|
Operation and
maintenance expenses
|
|
|
108.6
|
|
|
|
3.1
|
|
|
|
7.9
|
|
|
|
(3.0)
|
|
|
|
116.6
|
|
Depreciation and
amortization
|
|
|
46.4
|
|
|
|
—
|
|
|
|
1.1
|
|
|
|
—
|
|
|
|
47.5
|
|
Taxes, other than
income taxes
|
|
|
37.9
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
38.6
|
|
Less: Gross receipts
tax expense
|
|
|
(24.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(24.6)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
264.6
|
|
|
|
7.8
|
|
|
|
11.0
|
|
|
|
(3.0)
|
|
|
|
280.4
|
|
Natural gas
costs
|
|
|
241.5
|
|
|
|
24.5
|
|
|
|
0.1
|
|
|
|
(4.2)
|
|
|
|
261.9
|
|
Gross receipts tax
expense
|
|
|
24.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24.6
|
|
Operating
Revenues
|
|
$
|
530.7
|
|
|
$
|
32.3
|
|
|
$
|
11.1
|
|
|
$
|
(7.2)
|
|
|
$
|
566.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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SOURCE Spire Inc.