Spire Reports FY24 Second Quarter Results
Spire Inc. (NYSE: SR) reported its fiscal 2024 second-quarter results showing net income of $204.3 million ($3.58 per share), reaffirmed earnings guidance, and continued focus on growth and operational excellence. Gas Utility earnings grew, while Gas Marketing and Midstream earnings were solid despite the absence of favorable market conditions from the prior year.
Spire reported net income of $204.3 million ($3.58 per share) for the second quarter of fiscal 2024, showing growth compared to the previous year.
The company reaffirmed its fiscal 2024 net economic earnings guidance range of $4.25–$4.45 per share, indicating confidence in meeting full-year earnings targets.
Despite challenges like a warmer winter and higher interest costs, Spire remains focused on executing its growth strategy and providing safe, reliable, and affordable natural gas to customers.
Gas Marketing segment reported lower net economic earnings of $15.5 million in fiscal 2024 second quarter compared to $21.8 million in the prior year due to absence of very favorable market conditions.
Midstream segment's net economic earnings decreased to $3.8 million in fiscal 2024 second quarter from $4.2 million in the prior year, reflecting the absence of favorable market conditions that did not recur.
Spire's other activities reported a loss of $10.7 million on a net economic earnings basis, consistent with the previous year.
- Net income of
$204.3 million $3.58 $179.2 million $3.33 - Net economic earnings* (NEE) of
$196.6 million $3.45 $199.2 million $3.70 - Reaffirmed fiscal 2024 net economic earnings guidance range of
$4 $4.45 per share
For fiscal 2024 second quarter, Spire reported consolidated net economic earnings per share of
"Despite a warmer than normal winter and higher interest costs, we continue to expect to meet our full year earnings target," said Steve Lindsey, president and chief executive officer of Spire. "We are making progress on our robust capital expenditure plan, and looking ahead, we remain focused on execution of our growth strategy and operational excellence in all of our businesses. This positions us well to continue providing safe, reliable and affordable natural gas to our customers."
Second Quarter Results | Three Months Ended March 31, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net Economic Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 188.0 | $ | 183.9 | ||||||||||||
Gas Marketing | 15.5 | 21.8 | ||||||||||||||
Midstream | 3.8 | 4.2 | ||||||||||||||
Other | (10.7) | (10.7) | ||||||||||||||
Total | $ | 196.6 | $ | 199.2 | $ | 3.45 | $ | 3.70 | ||||||||
Fair value and timing adjustments, pre-tax | 10.2 | (26.6) | 0.17 | (0.50) | ||||||||||||
Income tax adjustments | (2.5) | 6.6 | (0.04) | 0.13 | ||||||||||||
Net Income | $ | 204.3 | $ | 179.2 | $ | 3.58 | $ | 3.33 | ||||||||
Weighted Average Diluted Shares Outstanding | 55.9 | 52.6 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
The earnings per share comparison includes higher weighted-average shares outstanding resulting from the issuance of 2.7 million shares in March 2024 related to the conversion of the equity units and 1.7 million shares in December 2023 related to the settlement of forward shares under the at-the-market equity program.
NEE 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
The Gas Utility segment reported fiscal 2024 second quarter NEE of
Contribution margin increased
Operation and maintenance expense of
Depreciation and amortization expense increased
Gas Marketing
The Gas Marketing segment reported fiscal 2024 second quarter NEE of
Midstream
The Midstream segment reported fiscal 2024 second quarter NEE of
Other
Spire's other activities reported a loss on an NEE basis of
Year-to-Date Results | Six Months Ended March 31, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net Economic Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 263.8 | $ | 246.8 | ||||||||||||
Gas Marketing | 22.7 | 47.5 | ||||||||||||||
Midstream | 6.2 | 8.0 | ||||||||||||||
Other | (13.4) | (18.0) | ||||||||||||||
Total | $ | 279.3 | $ | 284.3 | $ | 4.96 | $ | 5.26 | ||||||||
Fair value and timing adjustments, pre-tax | 15.4 | (18.8) | 0.27 | (0.36) | ||||||||||||
Acquisition activities, pre-tax | (1.9) | — | (0.03) | — | ||||||||||||
Income tax adjustments | (3.4) | 4.7 | (0.06) | 0.09 | ||||||||||||
Net Income | $ | 289.4 | $ | 270.2 | $ | 5.14 | $ | 4.99 | ||||||||
Weighted Average Diluted Shares Outstanding | 54.7 | 52.6 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
For the first six months of fiscal 2024, Spire reported consolidated net income of
Gas Utility
For the first six months of fiscal 2024, Gas Utility reported NEE of
Contribution margin increased
Operation and maintenance expense of
Depreciation and amortization expense increased
Gas Marketing
Gas Marketing NEE was
Midstream
Midstream NEE was
Other
Spire's other activities reported a loss on an NEE basis of
Guidance and Outlook
Spire continues to expect fiscal 2024 NEE to be in a range of
Our 10-year
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2024 second quarter financial results. To access the call, please dial the applicable number approximately 5–10 minutes in advance.
Date and Time: | Wednesday, May 1 | |||
8 a.m. CT (9 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 at 10 a.m. CT (11 a.m. ET) on May 1 until June 1, 2024, 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 "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 March | Six Months Ended March | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating Revenues | $ | 1,128.5 | $ | 1,123.4 | $ | 1,885.1 | $ | 1,937.4 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 540.8 | 586.5 | 907.8 | 1,005.7 | ||||||||||||
Operation and maintenance | 137.8 | 132.1 | 268.5 | 264.2 | ||||||||||||
Depreciation and amortization | 68.9 | 62.6 | 135.9 | 124.7 | ||||||||||||
Taxes, other than income taxes | 82.4 | 81.9 | 135.1 | 132.3 | ||||||||||||
Total Operating Expenses | 829.9 | 863.1 | 1,447.3 | 1,526.9 | ||||||||||||
Operating Income | 298.6 | 260.3 | 437.8 | 410.5 | ||||||||||||
Interest Expense, Net | 52.2 | 47.2 | 102.8 | 90.8 | ||||||||||||
Other Income, Net | 7.3 | 7.0 | 24.8 | 13.0 | ||||||||||||
Income Before Income Taxes | 253.7 | 220.1 | 359.8 | 332.7 | ||||||||||||
Income Tax Expense | 49.4 | 40.9 | 70.4 | 62.5 | ||||||||||||
Net Income | 204.3 | 179.2 | 289.4 | 270.2 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 7.4 | 7.4 | ||||||||||||
Income allocated to participating securities | 0.3 | 0.4 | 0.4 | 0.5 | ||||||||||||
Net Income Available to Common Shareholders | $ | 200.3 | $ | 175.1 | $ | 281.6 | $ | 262.3 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 55.8 | 52.5 | 54.6 | 52.5 | ||||||||||||
Diluted | 55.9 | 52.6 | 54.7 | 52.6 | ||||||||||||
Basic Earnings Per Common Share | $ | 3.59 | $ | 3.33 | $ | 5.16 | $ | 5.00 | ||||||||
Diluted Earnings Per Common Share | $ | 3.58 | $ | 3.33 | $ | 5.14 | $ | 4.99 | ||||||||
Dividends Declared Per Common Share | $ | 0.755 | $ | 0.72 | $ | 1.51 | $ | 1.44 | ||||||||
Condensed Consolidated Balance Sheets – Unaudited | ||||||||||||
(In Millions) | March 31, | September 30, | March 31, | |||||||||
2024 | 2023 | 2023 | ||||||||||
ASSETS | ||||||||||||
Utility Plant | $ | 8,480.3 | $ | 8,210.1 | $ | 7,892.4 | ||||||
Less: Accumulated depreciation and amortization | 2,509.3 | 2,431.2 | 2,358.5 | |||||||||
Net Utility Plant | 5,971.0 | 5,778.9 | 5,533.9 | |||||||||
Non-utility Property | 886.2 | 628.5 | 520.4 | |||||||||
Other Investments | 105.3 | 102.6 | 131.3 | |||||||||
Total Other Property and Investments | 991.5 | 731.1 | 651.7 | |||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | 25.6 | 5.6 | 6.9 | |||||||||
Accounts receivable, net | 466.7 | 288.5 | 579.1 | |||||||||
Inventories | 214.8 | 279.5 | 204.3 | |||||||||
Other | 298.6 | 503.3 | 321.3 | |||||||||
Total Current Assets | 1,005.7 | 1,076.9 | 1,111.6 | |||||||||
Deferred Charges and Other Assets | 2,743.2 | 2,726.7 | 2,751.8 | |||||||||
Total Assets | $ | 10,711.4 | $ | 10,313.6 | $ | 10,049.0 | ||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||
Capitalization: | ||||||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | $ | 242.0 | ||||||
Common stock and paid-in capital | 1,957.4 | 1,669.7 | 1,629.1 | |||||||||
Retained earnings | 1,155.3 | 958.0 | 1,089.5 | |||||||||
Accumulated other comprehensive income | 35.6 | 47.6 | 25.9 | |||||||||
Total Shareholders' Equity | 3,390.3 | 2,917.3 | 2,986.5 | |||||||||
Temporary equity | 10.3 | 16.5 | 18.8 | |||||||||
Long-term debt (less current portion) | 3,421.4 | 3,554.0 | 3,702.5 | |||||||||
Total Capitalization | 6,822.0 | 6,487.8 | 6,707.8 | |||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt | 307.0 | 156.6 | 256.6 | |||||||||
Notes payable | 786.0 | 955.5 | 561.0 | |||||||||
Accounts payable | 193.4 | 253.1 | 232.3 | |||||||||
Accrued liabilities and other | 363.9 | 390.2 | 357.0 | |||||||||
Total Current Liabilities | 1,650.3 | 1,755.4 | 1,406.9 | |||||||||
Deferred Credits and Other Liabilities: | ||||||||||||
Deferred income taxes | 816.6 | 743.7 | 737.9 | |||||||||
Pension and postretirement benefit costs | 130.0 | 137.3 | 158.6 | |||||||||
Asset retirement obligations | 589.7 | 577.4 | 531.5 | |||||||||
Regulatory liabilities | 557.7 | 472.4 | 360.3 | |||||||||
Other | 145.1 | 139.6 | 146.0 | |||||||||
Total Deferred Credits and Other Liabilities | 2,239.1 | 2,070.4 | 1,934.3 | |||||||||
Total Capitalization and Liabilities | $ | 10,711.4 | $ | 10,313.6 | $ | 10,049.0 | ||||||
Condensed Consolidated Statements of Cash Flows – Unaudited | ||||||||
(In Millions) | Six Months Ended March 31, | |||||||
2024 | 2023 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 289.4 | $ | 270.2 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 135.9 | 124.7 | ||||||
Deferred income taxes and investment tax credits | 69.5 | 62.5 | ||||||
Changes in assets and liabilities | 61.5 | (284.2) | ||||||
Other | 3.1 | 6.7 | ||||||
Net cash provided by operating activities | 559.4 | 179.9 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (409.3) | (307.8) | ||||||
Business acquisitions, net of cash acquired | (177.4) | (37.1) | ||||||
Other | 2.8 | 4.2 | ||||||
Net cash used in investing activities | (583.9) | (340.7) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | 175.0 | 755.0 | ||||||
Repayment of long-term debt | (156.6) | (31.2) | ||||||
Repayment of short-term debt, net | (169.5) | (476.5) | ||||||
Issuance of common stock | 286.8 | 3.6 | ||||||
Dividends paid on common stock | (80.5) | (74.5) | ||||||
Dividends paid on preferred stock | (7.4) | (7.4) | ||||||
Other | (2.7) | (7.5) | ||||||
Net cash provided by financing activities | 45.1 | 161.5 | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 20.6 | 0.7 | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 25.8 | 20.5 | ||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 46.4 | $ | 21.2 | ||||
Net Economic Earnings and Reconciliation to GAAP | ||||||||||||||||||||||||
(In Millions, except per share amounts) | Gas Utility | Gas | Midstream | Other | Total | Per Diluted | ||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 188.3 | $ | 22.9 | $ | 3.8 | $ | (10.7) | $ | 204.3 | $ | 3.58 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | (0.4) | (9.8) | — | — | (10.2) | (0.17) | ||||||||||||||||||
Income tax adjustments (1) | 0.1 | 2.4 | — | — | 2.5 | 0.04 | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 188.0 | $ | 15.5 | $ | 3.8 | $ | (10.7) | $ | 196.6 | $ | 3.45 | ||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 183.5 | $ | 2.2 | $ | 4.2 | $ | (10.7) | $ | 179.2 | $ | 3.33 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | 0.5 | 26.1 | — | — | 26.6 | 0.50 | ||||||||||||||||||
Income tax adjustments (1) | (0.1) | (6.5) | — | — | (6.6) | (0.13) | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 183.9 | $ | 21.8 | $ | 4.2 | $ | (10.7) | $ | 199.2 | $ | 3.70 | ||||||||||||
Six Months Ended March 31, 2024 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 263.8 | $ | 34.3 | $ | 4.7 | $ | (13.4) | $ | 289.4 | $ | 5.14 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | (15.4) | — | — | (15.4) | (0.27) | ||||||||||||||||||
Acquisition activities | — | — | 1.9 | — | 1.9 | 0.03 | ||||||||||||||||||
Income tax adjustments (1) | — | 3.8 | (0.4) | — | 3.4 | 0.06 | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 263.8 | $ | 22.7 | $ | 6.2 | $ | (13.4) | $ | 279.3 | $ | 4.96 | ||||||||||||
Six Months Ended March 31, 2023 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 246.4 | $ | 33.8 | $ | 8.0 | $ | (18.0) | $ | 270.2 | $ | 4.99 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | 0.5 | 18.3 | — | — | 18.8 | 0.36 | ||||||||||||||||||
Income tax adjustments (1) | (0.1) | (4.6) | — | — | (4.7) | (0.09) | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 246.8 | $ | 47.5 | $ | 8.0 | $ | (18.0) | $ | 284.3 | $ | 5.26 |
(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) 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 | Midstream | Other | Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 261.8 | $ | 30.0 | $ | 7.4 | $ | (0.6) | $ | — | $ | 298.6 | ||||||||||||
Operation and maintenance expenses | 121.6 | 6.2 | 9.4 | 4.7 | (4.1) | 137.8 | ||||||||||||||||||
Depreciation and amortization | 65.4 | 0.4 | 3.0 | 0.1 | — | 68.9 | ||||||||||||||||||
Taxes, other than income taxes | 80.7 | 0.5 | 1.1 | (0.1) | 0.2 | 82.4 | ||||||||||||||||||
Less: Gross receipts tax expense | (59.9) | (0.1) | — | — | — | (60.0) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 469.6 | 37.0 | 20.9 | 4.1 | (3.9) | 527.7 | ||||||||||||||||||
Natural gas costs | 543.2 | 8.9 | 0.6 | — | (11.9) | 540.8 | ||||||||||||||||||
Gross receipts tax expense | 59.9 | 0.1 | — | — | — | 60.0 | ||||||||||||||||||
Operating Revenues | $ | 1,072.7 | $ | 46.0 | $ | 21.5 | $ | 4.1 | $ | (15.8) | $ | 1,128.5 | ||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 251.3 | $ | 2.4 | $ | 7.5 | $ | (0.9) | $ | — | $ | 260.3 | ||||||||||||
Operation and maintenance expenses | 119.3 | 5.7 | 6.2 | 4.9 | (4.0) | 132.1 | ||||||||||||||||||
Depreciation and amortization | 60.2 | 0.4 | 2.0 | — | — | 62.6 | ||||||||||||||||||
Taxes, other than income taxes | 80.4 | 0.6 | 0.8 | 0.1 | — | 81.9 | ||||||||||||||||||
Less: Gross receipts tax expense | (60.0) | (0.2) | — | — | — | (60.2) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 451.2 | 8.9 | 16.5 | 4.1 | (4.0) | 476.7 | ||||||||||||||||||
Natural gas costs | 543.3 | 51.5 | — | — | (8.3) | 586.5 | ||||||||||||||||||
Gross receipts tax expense | 60.0 | 0.2 | — | — | — | 60.2 | ||||||||||||||||||
Operating Revenues | $ | 1,054.5 | $ | 60.6 | $ | 16.5 | $ | 4.1 | $ | (12.3) | $ | 1,123.4 | ||||||||||||
Six Months Ended March 31, 2024 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 384.1 | $ | 44.7 | $ | 10.7 | $ | (1.7) | $ | — | $ | 437.8 | ||||||||||||
Operation and maintenance expenses | 238.3 | 10.6 | 18.0 | 9.7 | (8.1) | 268.5 | ||||||||||||||||||
Depreciation and amortization | 129.6 | 0.8 | 5.3 | 0.2 | — | 135.9 | ||||||||||||||||||
Taxes, other than income taxes | 132.3 | 0.8 | 1.8 | — | 0.2 | 135.1 | ||||||||||||||||||
Less: Gross receipts tax expense | (90.9) | (0.2) | — | — | — | (91.1) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 793.4 | 56.7 | 35.8 | 8.2 | (7.9) | 886.2 | ||||||||||||||||||
Natural gas costs | 903.6 | 25.4 | 0.6 | — | (21.8) | 907.8 | ||||||||||||||||||
Gross receipts tax expense | 90.9 | 0.2 | — | — | — | 91.1 | ||||||||||||||||||
Operating Revenues | $ | 1,787.9 | $ | 82.3 | $ | 36.4 | $ | 8.2 | $ | (29.7) | $ | 1,885.1 | ||||||||||||
Six Months Ended March 31, 2023 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 353.2 | $ | 43.8 | $ | 14.6 | $ | (1.1) | $ | — | $ | 410.5 | ||||||||||||
Operation and maintenance expenses | 239.2 | 12.0 | 12.0 | 8.9 | (7.9) | 264.2 | ||||||||||||||||||
Depreciation and amortization | 119.9 | 0.7 | 3.9 | 0.2 | — | 124.7 | ||||||||||||||||||
Taxes, other than income taxes | 130.3 | 0.7 | 1.2 | 0.1 | — | 132.3 | ||||||||||||||||||
Less: Gross receipts tax expense | (90.4) | (0.2) | — | — | — | (90.6) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 752.2 | 57.0 | 31.7 | 8.1 | (7.9) | 841.1 | ||||||||||||||||||
Natural gas costs | 944.9 | 77.5 | — | — | (16.7) | 1,005.7 | ||||||||||||||||||
Gross receipts tax expense | 90.4 | 0.2 | — | — | — | 90.6 | ||||||||||||||||||
Operating Revenues | $ | 1,787.5 | $ | 134.7 | $ | 31.7 | $ | 8.1 | $ | (24.6) | $ | 1,937.4 | ||||||||||||
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.
FAQ
What were Spire's net income and earnings per share for the second quarter of fiscal 2024?
What was Spire's fiscal 2024 net economic earnings guidance range per share?
What were the reasons for the decrease in earnings in the Gas Marketing segment in fiscal 2024?
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What was the total capital investment target for Spire through fiscal 2033?
