ST. LOUIS, Feb. 2, 2022 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal 2022 first quarter
ended December 31. Highlights
include:
- Net income of $55.7 million
($1.01 per diluted share) compared to
$88.9 million, or $1.65 per share in the first quarter a year
ago
- Net economic earnings* of $62.6
million, or $1.14 per share,
down from $76.9 million, or
$1.42 per share a year ago,
reflecting warm weather and higher expenses
- Spire STL Pipeline received a temporary certificate to continue
operation through winter and beyond
- Earnings expectations for 2022 remain unchanged at $3.70 - $4.00 per
share
"During the quarter, we gained certainty on the continued
operation of the Spire STL Pipeline as the FERC granted a temporary
certificate in December. At the same time, we received a final
order in our Missouri rate review
that was inconsistent with the precedent established in previous
rate cases. As a result, we have filed a 60-day notice of our
intent to file a new general rate case in Missouri," said Suzanne Sitherwood, president and chief
executive officer of Spire. "As we are addressing these challenges,
we are continuing our capital investment in infrastructure upgrades
to strengthen the safety and integrity of our gas operations and
enhance our sustainability while remaining focused on serving our
customers, supporting our communities and delivering results for
our shareholders."
First Quarter
Results
|
|
Three Months Ended
December 31,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
67.2
|
|
|
$
|
76.4
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
0.5
|
|
|
|
3.3
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(5.1)
|
|
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
62.6
|
|
|
$
|
76.9
|
|
|
$
|
1.14
|
|
|
$
|
1.42
|
|
Other net economic
earnings adjustments, pre-tax
|
|
|
(3.7)
|
|
|
|
16.0
|
|
|
|
(0.07)
|
|
|
|
0.31
|
|
Income tax
adjustments
|
|
|
(3.2)
|
|
|
|
(4.0)
|
|
|
|
(0.06)
|
|
|
|
(0.08)
|
|
Net
Income
|
|
$
|
55.7
|
|
|
$
|
88.9
|
|
|
$
|
1.01
|
|
|
$
|
1.65
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
51.7
|
|
|
|
51.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
|
|
|
|
We reported a consolidated net income of $55.7 million ($1.01 per diluted share), compared to a prior
year net income of $88.9 million
($1.65 per share). Current year net
economic earnings (NEE) were $62.6
million ($1.14 per share),
compared to $76.9 million
($1.42 per share) last year. The
decrease reflects warm weather that impacted both the Gas Utility
and Gas Marketing segments, and higher expenses.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. Gas Utility reported NEE of
$67.2 million, compared to
$76.4 million in the prior year. The
$9.2 million decrease was primarily a
result of weather that was 26% warmer than normal and 19% warmer
than a year ago across all our utilities.
Contribution margin decreased $0.6
million from the prior year, as weather and the related
off–system sales decline were partially offset by a rate adjustment
under the Rate Stabilization and Equalization (RSE) mechanism for
Spire Alabama and higher Infrastructure System Replacement
Surcharge (ISRS) revenues for Spire Missouri.
Depreciation and amortization expense increased by $6.0 million from last year, reflecting our
capital investments.
Operation and maintenance (O&M) expenses of $107.3 million were up $4.3 million from last year, reflecting both a
$1.7 million nonservice cost transfer
to other income (no earnings impact) and a $1.0 million increase in non-operating
overhead costs that were capitalized in the prior year (as
discussed in the Regulatory update that follows). Net of these
items, O&M costs were up $1.6
million reflecting higher employee-related costs offset by
lower bad debt expenses.
Gas Marketing
The Gas Marketing segment includes the results of Spire
Marketing, which provides natural gas marketing services throughout
the United States. NEE was
$0.5 million, compared to NEE of
$3.3 million in the prior year.
Performance in the current-year period reflects less favorable
market conditions partially offset by lower employee-related
costs.
Other
Other gas-related operations and corporate costs totaled
$5.1 million this quarter, compared
to $2.8 million in the
prior-year quarter. The increase was primarily attributable to
higher corporate costs and timing.
Regulatory update
Missouri
For Spire Missouri's rate case filed in December 2020, new rates became effective on
Dec. 23, 2021, following the issuance
of an amended order by the Missouri Public Service Commission
(MoPSC) on Nov. 12, 2021.
The order departed from a long-standing precedence regarding
capital structure, by including short-term debt for the first time,
and by halting capitalization of prudently incurred non-operational
overhead costs pending the outcome of an audit of Spire Missouri's
compliance with Federal Energy Regulatory Commission (FERC)
accounting rules. Spire Missouri
is working with the MoPSC staff to facilitate the audit on an
expedited basis. This includes quantification of the overheads
subject to the order and confirming what portion of these costs may
be deferred into a regulatory asset (rather than being expensed)
until capitalization resumes.
While we expect full recovery of these prudently incurred
overhead costs, until we obtain specific assurance on recovery,
these costs incurred are expensed, with an annual pre-tax impact
estimated to be in the range of $20 million to $30 million. Overhead costs incurred in our first
quarter of fiscal 2022 totaled $1.0
million since the Dec. 23,
2021 effective date. These expenses will increase materially
in our second quarter until the regulatory recovery of these
overhead costs is clarified.
On Jan. 5, 2022, Spire Missouri
filed a 60-day notice of intent to file a new general rate case.
This new case will include the capital structure and overhead
issues, as well as updates for the cost of service and new capital
deployed.
On Dec. 23, 2021, Spire Missouri
filed a new ISRS case, seeking recovery of $11.3 million in annual revenues for investments
in infrastructure upgrades to replace distribution pipes with newer
materials. We expect new ISRS rates to be effective in our fiscal
2022 third quarter.
Alabama
In October 2021, Spire Alabama and
Spire Gulf filed their annual RSE rate with the Alabama Public
Service Commission (APSC), presenting the utilities' budgets for
the fiscal year ending Sept. 30,
2022, including net income and a calculation of allowed
return on average common equity. The filings were approved by the
APSC and new rates went into effect in early January
2022.
Spire STL Pipeline
On Dec. 3, 2021, the FERC issued a
new temporary certificate authorizing the continued operation of
Spire STL Pipeline while the FERC reviews permanent long-term
approval of the pipeline under a court-ordered remand. As part of
the remand process now underway, the FERC issued a notice of intent
to prepare a supplemental Environmental Impact Statement for Spire
STL Pipeline. Based on the FERC issuances to date, we expect the
remand process to continue into 2023.
Guidance and Outlook
We remain confident in our long-term ability to grow NEE per
share 5-7% given our growth strategy, expectations of reasonable
regulatory outcomes, and planned capital investment in
infrastructure upgrades, innovation and new business. Our targeted
capital investment for the 5-year period through fiscal 2026
remains $3.1 billion, and this level
of investments is anticipated to drive 7-8% rate base growth for
our utilities. Capital expenditures for fiscal 2022 are targeted at
$570 million.
Our fiscal 2022 NEE is expected to fall in the range of
$3.70 to $4.00 per share, reflecting the Missouri rate order and the uncertainty
surrounding recovery of overhead costs as noted above.
Balance Sheets and Cash Flow
For the first quarter of fiscal 2022, we maintained a solid
capital structure and ample liquidity. Short-term borrowings
outstanding at Dec. 31, 2021, were
$846.0 million, up from $672.0 million at fiscal 2021 year-end and from
$696.1 million a year ago, reflecting
higher seasonal borrowing levels and deferred gas cost balances
offset by the timing of long-term debt financing. We retain
capacity in our revolving credit facility and related commercial
paper program to meet our liquidity needs. Spire had approximately
$379 million of available short-term financing at Dec. 31, 2021.
Net cash used in operating activities was $229.9 million for the three months ended
Dec. 31, 2021, compared to net cash
provided by operating activities of $7.6
million for the three months ended Dec. 31, 2020. The
decrease was largely driven by fluctuations in working capital
balances, primarily timing from recoverability of regulatory
assets.
Capital expenditures for 2021 were $145.7
million, down from $163.6 million in the prior year due to
decreases in investment for the Spire STL Pipeline and Spire
Storage, and lower expenditures for our gas utilities primarily as
a result of the timing of capital projects.
For additional details on Spire's results for the first quarter
of fiscal 2022, please see the accompanying unaudited Condensed
Consolidated Statements of Income, Balance Sheets, and Statements
of Cash Flows.
Dividends
The Spire board of directors has declared a quarterly common
stock dividend of $0.685 per share,
payable April 4, 2022, to
shareholders of record on March 11,
2022. We have continuously paid a cash common stock dividend
since 1946, with 2022 marking the 19th 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% Series A Cumulative Redeemable Preferred Stock
payable May 16, 2022, to holders of
record on April 25, 2022.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2022 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:
|
|
Wednesday, Feb.
2
|
|
|
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. 2 until
Mar. 2, 2022, by dialing 877-344-7529
(U.S.), 855-669-9658 (Canada), or
412-317-0088 (international). The replay access code is
8093061.
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, 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
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
Operating
Revenues
|
|
$
|
555.4
|
|
|
$
|
512.6
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Natural gas
|
|
|
249.2
|
|
|
|
181.2
|
|
Operation and
maintenance
|
|
|
116.4
|
|
|
|
111.6
|
|
Depreciation and
amortization
|
|
|
56.9
|
|
|
|
50.8
|
|
Taxes, other than
income taxes
|
|
|
37.6
|
|
|
|
36.1
|
|
Total Operating
Expenses
|
|
|
460.1
|
|
|
|
379.7
|
|
Operating
Income
|
|
|
95.3
|
|
|
|
132.9
|
|
Interest Expense,
Net
|
|
|
28.6
|
|
|
|
25.7
|
|
Other Income,
Net
|
|
|
7.4
|
|
|
|
4.3
|
|
Income Before Income
Taxes
|
|
|
74.1
|
|
|
|
111.5
|
|
Income Tax
Expense
|
|
|
18.4
|
|
|
|
22.6
|
|
Net Income
|
|
|
55.7
|
|
|
|
88.9
|
|
Provision for
preferred dividends
|
|
|
3.7
|
|
|
|
3.7
|
|
Income allocated to
participating securities
|
|
|
0.1
|
|
|
|
0.1
|
|
Net Income Available
to Common Shareholders
|
|
$
|
51.9
|
|
|
$
|
85.1
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
51.6
|
|
|
|
51.5
|
|
Diluted
|
|
|
51.7
|
|
|
|
51.6
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
|
$
|
1.01
|
|
|
$
|
1.65
|
|
Diluted Earnings Per
Common Share
|
|
$
|
1.01
|
|
|
$
|
1.65
|
|
Dividends Declared
Per Common Share
|
|
$
|
0.685
|
|
|
$
|
0.65
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
(In
Millions)
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
7,329.2
|
|
|
$
|
7,225.0
|
|
|
$
|
6,860.2
|
|
Less:
Accumulated depreciation and amortization
|
|
|
2,204.4
|
|
|
|
2,169.3
|
|
|
|
2,113.3
|
|
Net Utility
Plant
|
|
|
5,124.8
|
|
|
|
5,055.7
|
|
|
|
4,746.9
|
|
Non-utility
Property
|
|
|
474.2
|
|
|
|
471.1
|
|
|
|
448.7
|
|
Other
Investments
|
|
|
90.4
|
|
|
|
83.1
|
|
|
|
74.8
|
|
Total Other Property
and Investments
|
|
|
564.6
|
|
|
|
554.2
|
|
|
|
523.5
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
8.2
|
|
|
|
4.3
|
|
|
|
3.5
|
|
Accounts receivable,
net
|
|
|
749.0
|
|
|
|
596.3
|
|
|
|
423.0
|
|
Inventories
|
|
|
325.6
|
|
|
|
305.0
|
|
|
|
184.5
|
|
Other
|
|
|
352.5
|
|
|
|
410.9
|
|
|
|
159.0
|
|
Total Current
Assets
|
|
|
1,435.3
|
|
|
|
1,316.5
|
|
|
|
770.0
|
|
Deferred Charges and
Other Assets
|
|
|
2,525.8
|
|
|
|
2,430.0
|
|
|
|
2,475.2
|
|
Total
Assets
|
|
$
|
9,650.5
|
|
|
$
|
9,356.4
|
|
|
$
|
8,515.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
|
$
|
242.0
|
|
Common stock and
paid-in capital
|
|
|
1,568.6
|
|
|
|
1,569.6
|
|
|
|
1,601.7
|
|
Retained
earnings
|
|
|
859.5
|
|
|
|
843.0
|
|
|
|
771.2
|
|
Accumulated other
comprehensive (loss) income
|
|
|
(0.3)
|
|
|
|
3.6
|
|
|
|
(28.1)
|
|
Total Shareholders'
Equity
|
|
|
2,669.8
|
|
|
|
2,658.2
|
|
|
|
2,586.8
|
|
Temporary
equity
|
|
|
9.8
|
|
|
|
9.8
|
|
|
|
5.3
|
|
Long-term debt (less
current portion)
|
|
|
3,206.8
|
|
|
|
2,939.1
|
|
|
|
2,517.6
|
|
Total
Capitalization
|
|
|
5,886.4
|
|
|
|
5,607.1
|
|
|
|
5,109.7
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
31.2
|
|
|
|
55.8
|
|
|
|
110.8
|
|
Notes
payable
|
|
|
846.0
|
|
|
|
672.0
|
|
|
|
696.1
|
|
Accounts
payable
|
|
|
427.5
|
|
|
|
409.9
|
|
|
|
260.8
|
|
Accrued liabilities
and other
|
|
|
416.0
|
|
|
|
470.6
|
|
|
|
479.0
|
|
Total Current
Liabilities
|
|
|
1,720.7
|
|
|
|
1,608.3
|
|
|
|
1,546.7
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
615.6
|
|
|
|
612.3
|
|
|
|
541.9
|
|
Pension and
postretirement benefit costs
|
|
|
222.5
|
|
|
|
235.9
|
|
|
|
289.2
|
|
Asset retirement
obligations
|
|
|
524.8
|
|
|
|
519.6
|
|
|
|
545.6
|
|
Regulatory
liabilities
|
|
|
531.8
|
|
|
|
620.9
|
|
|
|
357.3
|
|
Other
|
|
|
148.7
|
|
|
|
152.3
|
|
|
|
125.2
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
2,043.4
|
|
|
|
2,141.0
|
|
|
|
1,859.2
|
|
Total Capitalization
and Liabilities
|
|
$
|
9,650.5
|
|
|
$
|
9,356.4
|
|
|
$
|
8,515.6
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
(In
Millions)
|
|
Three Months
Ended
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
55.7
|
|
|
$
|
88.9
|
|
Adjustments to
reconcile net income to net cash (used in) provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
56.9
|
|
|
|
50.8
|
|
Deferred income taxes
and investment tax credits
|
|
|
18.4
|
|
|
|
21.8
|
|
Changes in assets and
liabilities
|
|
|
(361.6)
|
|
|
|
(156.4)
|
|
Other
|
|
|
0.7
|
|
|
|
2.5
|
|
Net cash (used in)
provided by operating activities
|
|
|
(229.9)
|
|
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(145.7)
|
|
|
|
(163.6)
|
|
Other
|
|
|
2.6
|
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(143.1)
|
|
|
|
(163.6)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt
|
|
|
300.0
|
|
|
|
150.0
|
|
Repayment of long-term
debt
|
|
|
(55.8)
|
|
|
|
(5.4)
|
|
Issuance of short-term
debt, net
|
|
|
174.0
|
|
|
|
48.1
|
|
Issuance of common
stock
|
|
|
0.4
|
|
|
|
0.4
|
|
Dividends paid on
common stock
|
|
|
(34.6)
|
|
|
|
(32.2)
|
|
Dividends paid on
preferred stock
|
|
|
(3.7)
|
|
|
|
(3.7)
|
|
Other
|
|
|
(3.4)
|
|
|
|
(1.8)
|
|
Net cash provided by
financing activities
|
|
|
376.9
|
|
|
|
155.4
|
|
|
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents, and Restricted
Cash
|
|
|
3.9
|
|
|
|
(0.6)
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Period
|
|
|
11.3
|
|
|
|
4.1
|
|
Cash, Cash
Equivalents, and Restricted Cash at End of Period
|
|
$
|
15.2
|
|
|
$
|
3.5
|
|
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, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
|
$
|
63.1
|
|
|
$
|
(2.3)
|
|
|
$
|
(5.1)
|
|
|
$
|
55.7
|
|
|
$
|
1.01
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value and timing
adjustments
|
|
|
—
|
|
|
|
3.7
|
|
|
|
—
|
|
|
|
3.7
|
|
|
|
0.07
|
|
Income tax adjustments
(1)
|
|
|
4.1
|
|
|
|
(0.9)
|
|
|
|
—
|
|
|
|
3.2
|
|
|
|
0.06
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
67.2
|
|
|
$
|
0.5
|
|
|
$
|
(5.1)
|
|
|
$
|
62.6
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 adjustments
(1)
|
|
|
—
|
|
|
|
4.0
|
|
|
|
—
|
|
|
|
4.0
|
|
|
|
0.08
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
|
$
|
76.4
|
|
|
$
|
3.3
|
|
|
$
|
(2.8)
|
|
|
$
|
76.9
|
|
|
$
|
1.42
|
|
|
(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, and for fiscal 2022,
include a Spire Missouri regulatory adjustment.
|
|
(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, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
|
$
|
94.4
|
|
|
$
|
(3.1)
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
95.3
|
|
Operation and
maintenance expenses
|
|
|
107.3
|
|
|
|
2.7
|
|
|
|
10.0
|
|
|
|
(3.6)
|
|
|
|
116.4
|
|
Depreciation and
amortization
|
|
|
54.6
|
|
|
|
0.3
|
|
|
|
2.0
|
|
|
|
—
|
|
|
|
56.9
|
|
Taxes, other than
income taxes
|
|
|
37.0
|
|
|
|
—
|
|
|
|
0.6
|
|
|
|
—
|
|
|
|
37.6
|
|
Less: Gross receipts
tax expense
|
|
|
(21.7)
|
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(21.9)
|
|
Contribution Margin
[Non-GAAP]
|
|
|
271.6
|
|
|
|
(0.3)
|
|
|
|
16.6
|
|
|
|
(3.6)
|
|
|
|
284.3
|
|
Natural gas
costs
|
|
|
210.2
|
|
|
|
48.0
|
|
|
|
—
|
|
|
|
(9.0)
|
|
|
|
249.2
|
|
Gross receipts tax
expense
|
|
|
21.7
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21.9
|
|
Operating
Revenues
|
|
$
|
503.5
|
|
|
$
|
47.9
|
|
|
$
|
16.6
|
|
|
$
|
(12.6)
|
|
|
$
|
555.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/spire-reports-fy22-1st-quarter-results-301473395.html
SOURCE Spire Inc.