Spire Reports FY22 4th Quarter and Full-Year Results
Spire reported a narrowed fourth quarter loss of $7.1 million ($0.20 per diluted share) for fiscal 2022, an improvement from a loss of $9.9 million in the previous year. While net economic earnings (NEE) per share for Q4 were $0.66, reflecting ongoing challenges, the board announced a 5.1% increase in quarterly dividends to $0.72 per share. The company is launching a 10-year $7 billion capital expenditure plan, focusing on infrastructure upgrades and expansion to ensure long-term growth. However, full-year NEE fell to $216.3 million, down from $266.3 million largely due to impacts from prior year events.
- Narrowed Q4 loss of $7.1 million compared to $9.9 million last year.
- 5.1% increase in quarterly dividend to $0.72 per share.
- Launch of a 10-year capital expenditure target of $7 billion focused on infrastructure.
- Full-year net economic earnings down to $216.3 million from $266.3 million.
- Gas Utility segment reported a loss of $37.9 million for Q4, worsening from $17.8 million last year.
- Q4 NEE loss of $31.4 million compared to $13.1 million last year, indicating wider seasonal losses.
ST. LOUIS, Nov. 16, 2022 /PRNewswire/ -- Spire Inc. (NYSE: SR) today reported results for its fiscal 2022 fourth quarter and full year ended September 30. Highlights include:
- A narrower fourth quarter loss of
$7.1 million ($0.20 per diluted share) compared to a loss of$9.9 million ($0.26 per share) in fiscal 2021. On a net economic earnings (NEE) per share basis, the fourth quarter losses were$0.66 this year and$0.32 a year ago. - Parties filed settlement in Spire Missouri's rate review
- Launching 10-year capital expenditure target of
$7.0 billion - Board of Directors raises quarterly common stock dividend
5.1% to$0.72 per share
"Fiscal 2022 was another year of challenges and opportunities, and in the end we delivered for our customers and achieved strong operating performance including further gains in the safety, integrity and environmental sustainability of our natural gas distribution system," said Suzanne Sitherwood, president and chief executive officer of Spire. "We successfully met important challenges head on, including settling issues in our Missouri rate review that's now on a path to a timely resolution, and managing the impact of higher gas costs and inflationary pressures on our customers. We continued our robust investment in infrastructure upgrades and technology to achieve higher service levels and an even better experience for the 1.7 million homes and businesses we serve. Moving forward, we are increasing our capital investments, including the expansion of Spire Storage, to continue on our path of long-term growth and adding value for our customers, communities, and shareholders," she added.
Fourth Quarter Results | Three Months Ended September 30, | |||||||||||||||
(Millions) | (Per Diluted Common | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Economic (Loss) Earnings* by Segment | ||||||||||||||||
Gas Utility | $ | (37.9) | $ | (17.8) | ||||||||||||
Gas Marketing | 11.7 | 9.1 | ||||||||||||||
Other | (5.2) | (4.4) | ||||||||||||||
Total | $ | (31.4) | $ | (13.1) | $ | (0.66) | $ | (0.32) | ||||||||
All adjustments, including tax effects | 24.3 | 3.2 | 0.46 | 0.06 | ||||||||||||
Net Loss | $ | (7.1) | $ | (9.9) | $ | (0.20) | $ | (0.26) | ||||||||
Weighted Average Diluted Shares Outstanding | 52.6 | 51.7 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
Due to the seasonal nature of natural gas demand and the timing of regulatory recovery in our gas utility business, we typically incur a loss in our fiscal fourth quarter ended September 30. For the fourth quarter of fiscal 2022, we reported a consolidated net loss of
On an NEE basis, the quarterly loss was
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 impairments and 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. For the fourth quarter, Gas Utility reported a loss on an NEE basis of
Contribution margin decreased
Operation and maintenance (O&M) expenses of
Depreciation and amortization expense increased by
Gas Marketing
The Gas Marketing segment includes the results of Spire Marketing, which provides natural gas marketing services throughout the United States. Fourth quarter NEE was
Other
Other gas-related operations and corporate costs on an NEE basis for the fourth quarter were
Regulatory Update
Missouri Rate Review
On November 4, 2022, Spire Missouri and other parties to the case, notably the Staff of the Missouri Public Service Commission (MoPSC) and the Office of Public Counsel, reached a settlement in the rate review Spire Missouri filed April 1, 2022. The parties to the case filed a Stipulation and Agreement with the MoPSC for their review and approval.
The MoPSC approved a
Alabama Rate Filings
In October 2022, Spire Alabama and Spire Gulf made their annual RSE rate filings with the Alabama Public Service Commission (APSC), presenting the utilities' budgets for the fiscal year ending September 30, 2023, including net income and a calculation of allowed return on average common equity. The filings are currently being reviewed by the APSC, and we anticipate that new rates will be effective in early December 2022.
Spire STL Pipeline
Spire STL Pipeline continues to operate under a temporary certificate while the Federal Energy Regulatory Commission (FERC) considers approval of a new permanent certificate under a court-ordered remand. As part of the remand, the FERC indicated that it would prepare an Environmental Impact Statement (EIS) on Spire STL Pipeline. Following the issuance of a positive EIS by the staff of the FERC in June, the FERC approved the EIS effective in October.
Dividend Increased
Reflecting our solid performance and expectations for growth, the board of directors of Spire increased the quarterly common stock dividend to
The Spire board of directors also declared the regular quarterly dividend of
Fiscal Year Results | Year Ended September 30, | |||||||||||||||
(Millions) | (Per Diluted Common | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Economic Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 202.7 | $ | 230.6 | ||||||||||||
Gas Marketing | 27.0 | 47.0 | ||||||||||||||
Other | (13.4) | (11.3) | ||||||||||||||
Total | $ | 216.3 | $ | 266.3 | $ | 3.86 | $ | 4.86 | ||||||||
Missouri regulatory adjustments, pre-tax | — | 9.0 | — | 0.17 | ||||||||||||
All other adjustments, including tax effects | 4.5 | (3.6) | 0.09 | (0.07) | ||||||||||||
Net Income | $ | 220.8 | $ | 271.7 | $ | 3.95 | $ | 4.96 | ||||||||
Weighted Average Diluted Shares Outstanding | 52.1 | 51.7 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
For fiscal 2022, we reported consolidated net income of
Gas Utility
For fiscal 2022, Gas Utility reported NEE of
Fiscal 2022 contribution margin decreased by
O&M expenses in fiscal 2022 decreased by
Gas Marketing
Fiscal 2022 Gas Marketing NEE was
Other
Other gas-related operations and corporate costs on an NEE basis were
Balance Sheets and Cash Flow
In fiscal 2022, we maintained a solid capital structure and ample liquidity. Short-term borrowings outstanding at September 30, 2022, were
On October 13, 2022, Spire Alabama issued
Net cash provided by operating activities was
Capital expenditures for fiscal 2022 were
For additional details on Spire's results for the fourth quarter and full year of fiscal 2022, please see the accompanying unaudited Condensed Consolidated Statements of Income, Balance Sheets, and Statements of Cash Flows.
Guidance and Outlook
We remain confident in our long-term ability to grow NEE per share 5
We are updating and expanding our targeted capital investment to include a 10-year period through fiscal 2032, with total expenditures expected to be
Capital expenditures for fiscal 2023 are expected to be approximately
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2022 fourth quarter and full-year financial results. To access the call, please dial the applicable number approximately 5-10 minutes prior to the start time.
Date and Time: | Wednesday, November 16 | ||
9 a.m. CT (10 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 11 a.m. CT (Noon ET) on November 16 until December 16, 2022, by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The replay access code is 8323545.
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 | Year Ended September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating Revenues | $ | 314.2 | $ | 290.2 | $ | 2,198.5 | $ | 2,235.5 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 79.4 | 49.1 | 923.9 | 946.3 | ||||||||||||
Operation and maintenance | 117.7 | 123.2 | 449.6 | 465.8 | ||||||||||||
Depreciation and amortization | 61.1 | 57.7 | 237.3 | 213.1 | ||||||||||||
Taxes, other than income taxes | 26.2 | 33.5 | 179.5 | 160.1 | ||||||||||||
Total Operating Expenses | 284.4 | 263.5 | 1,790.3 | 1,785.3 | ||||||||||||
Operating Income | 29.8 | 26.7 | 408.2 | 450.2 | ||||||||||||
Interest Expense, Net | 34.4 | 28.2 | 119.8 | 106.6 | ||||||||||||
Other Expense, Net | (0.6) | (8.5) | (8.7) | (3.4) | ||||||||||||
(Loss) Income Before Income Taxes | (5.2) | (10.0) | 279.7 | 340.2 | ||||||||||||
Income Tax Expense (Benefit) | 1.9 | (0.1) | 58.9 | 68.5 | ||||||||||||
Net (Loss) Income | (7.1) | (9.9) | 220.8 | 271.7 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 14.8 | 14.8 | ||||||||||||
(Loss) income allocated to participating securities | — | (0.1) | 0.3 | 0.4 | ||||||||||||
Net (Loss) Income Available to Common Shareholders | $ | (10.8) | $ | (13.5) | $ | 205.7 | $ | 256.5 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 52.4 | 51.6 | 52.0 | 51.6 | ||||||||||||
Diluted | 52.6 | 51.7 | 52.1 | 51.7 | ||||||||||||
Basic (Loss) Earnings Per Share | $ | (0.20) | $ | (0.26) | $ | 3.96 | $ | 4.97 | ||||||||
Diluted (Loss) Earnings Per Share | (0.20) | (0.26) | 3.95 | 4.96 | ||||||||||||
Dividends Declared Per Common Share | 0.685 | 0.65 | 2.74 | 2.60 | ||||||||||||
Condensed Consolidated Balance Sheets – Unaudited | ||||||||
(In Millions) | September 30, | September 30, | ||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Utility Plant | $ | 7,664.9 | $ | 7,225.0 | ||||
Less: Accumulated depreciation and amortization | 2,294.5 | 2,169.3 | ||||||
Net Utility Plant | 5,370.4 | 5,055.7 | ||||||
Other Property and Investments | 579.2 | 554.2 | ||||||
Current Assets: | ||||||||
Cash and cash equivalents | 6.5 | 4.3 | ||||||
Accounts receivable, net | 622.7 | 596.3 | ||||||
Inventories | 422.3 | 305.0 | ||||||
Other | 540.5 | 410.9 | ||||||
Total Current Assets | 1,592.0 | 1,316.5 | ||||||
Deferred Charges and Other Assets: | ||||||||
Goodwill | 1,171.6 | 1,171.6 | ||||||
Other deferred charges and other assets | 1,370.5 | 1,258.4 | ||||||
Total Deferred Charges and Other Assets | 2,542.1 | 2,430.0 | ||||||
Total Assets | $ | 10,083.7 | $ | 9,356.4 | ||||
CAPITALIZATION AND LIABILITIES | ||||||||
Capitalization: | ||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | ||||
Common stock and paid-in capital | 1,623.8 | 1,569.6 | ||||||
Retained earnings | 905.5 | 843.0 | ||||||
Accumulated other comprehensive income | 47.2 | 3.6 | ||||||
Total Shareholders' Equity | 2,818.5 | 2,658.2 | ||||||
Temporary equity | 13.1 | 9.8 | ||||||
Long-term debt (less current portion) | 2,958.5 | 2,939.1 | ||||||
Total Capitalization | 5,790.1 | 5,607.1 | ||||||
Current Liabilities: | ||||||||
Current portion of long-term debt | 281.2 | 55.8 | ||||||
Notes payable | 1,037.5 | 672.0 | ||||||
Accounts payable | 617.4 | 409.9 | ||||||
Accrued liabilities and other | 417.5 | 470.6 | ||||||
Total Current Liabilities | 2,353.6 | 1,608.3 | ||||||
Deferred Credits and Other Liabilities: | ||||||||
Deferred income taxes | 675.1 | 612.3 | ||||||
Other deferred credits and other liabilities | 1,264.9 | 1,528.7 | ||||||
Total Deferred Credits and Other Liabilities | 1,940.0 | 2,141.0 | ||||||
Total Capitalization and Liabilities | $ | 10,083.7 | $ | 9,356.4 | ||||
Condensed Consolidated Statements of Cash Flows – Unaudited | ||||||||
(In Millions) | Year Ended September 30, | |||||||
2022 | 2021 | |||||||
Operating Activities: | ||||||||
Net income | $ | 220.8 | $ | 271.7 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 237.3 | 213.1 | ||||||
Deferred income taxes and investment tax credits | 57.9 | 67.0 | ||||||
Changes in assets and liabilities | (469.8) | (319.3) | ||||||
Other | 8.8 | 17.3 | ||||||
Net cash provided by operating activities | 55.0 | 249.8 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (552.2) | (624.8) | ||||||
Other | 5.5 | 2.8 | ||||||
Net cash used in investing activities | (546.7) | (622.0) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | 300.0 | 629.1 | ||||||
Repayment of long-term debt | (55.8) | (115.4) | ||||||
Issuance (repayment) of short-term debt, net | 365.5 | 24.0 | ||||||
Issuance of common stock | 51.9 | 1.0 | ||||||
Dividends paid on common stock | (141.9) | (133.2) | ||||||
Dividends paid on preferred stock | (14.8) | (14.8) | ||||||
Other | (4.0) | (11.3) | ||||||
Net cash provided by financing activities | 500.9 | 379.4 | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 9.2 | 7.2 | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 11.3 | 4.1 | ||||||
Cash, Cash Equivalents, and Restricted Cash at End of Year | $ | 20.5 | $ | 11.3 | ||||
Net Economic Earnings and Reconciliation to GAAP | ||||||||||||||||||||
(In Millions, except per share amounts) | Gas Utility | Gas | Other | Total | Per Diluted | |||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (37.9) | $ | 36.0 | $ | (5.2) | $ | (7.1) | $ | (0.20) | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Fair value and timing adjustments | — | (32.3) | — | (32.3) | (0.61) | |||||||||||||||
Income tax effect of adjustments (1) | — | 8.0 | — | 8.0 | 0.15 | |||||||||||||||
Net Economic (Loss) Earnings [Non-GAAP] | $ | (37.9) | $ | 11.7 | $ | (5.2) | $ | (31.4) | $ | (0.66) | ||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (17.8) | $ | 11.3 | $ | (3.4) | $ | (9.9) | $ | (0.26) | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Fair value and timing adjustments | — | (2.9) | — | (2.9) | (0.06) | |||||||||||||||
Acquisition, divestiture and restructuring | — | — | (1.3) | (1.3) | (0.02) | |||||||||||||||
Income tax effect of adjustments (1) | — | 0.7 | 0.3 | 1.0 | 0.02 | |||||||||||||||
Net Economic (Loss) Earnings [Non-GAAP] | $ | (17.8) | $ | 9.1 | $ | (4.4) | $ | (13.1) | $ | (0.32) | ||||||||||
Year Ended September 30, 2022 | ||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 198.6 | $ | 35.6 | $ | (13.4) | $ | 220.8 | $ | 3.95 | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Fair value and timing adjustments | — | (11.4) | — | (11.4) | (0.22) | |||||||||||||||
Income tax effect of adjustments (1) | 4.1 | 2.8 | — | 6.9 | 0.13 | |||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 202.7 | $ | 27.0 | $ | (13.4) | $ | 216.3 | $ | 3.86 | ||||||||||
Year Ended September 30, 2021 | ||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 237.2 | $ | 44.8 | $ | (10.3) | $ | 271.7 | $ | 4.96 | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Missouri regulatory adjustments | (9.0) | — | — | (9.0) | (0.17) | |||||||||||||||
Fair value and timing adjustments | 0.3 | 3.0 | — | 3.3 | 0.06 | |||||||||||||||
Acquisition, divestiture and restructuring | — | — | (1.3) | (1.3) | (0.02) | |||||||||||||||
Income tax effect of adjustments (1) | 2.1 | (0.8) | 0.3 | 1.6 | 0.03 | |||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 230.6 | $ | 47.0 | $ | (11.3) | $ | 266.3 | $ | 4.86 | ||||||||||
(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 and, in the case of the year ended September 30, 2022, includes 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 | Other | Eliminations | Consolidated | |||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Operating (Loss) Income [GAAP] | $ | (21.7) | $ | 47.3 | $ | 4.2 | $ | — | $ | 29.8 | ||||||||||
Operation and maintenance expenses | 106.8 | 5.5 | 9.1 | (3.7) | 117.7 | |||||||||||||||
Depreciation and amortization | 58.7 | 0.4 | 2.0 | — | 61.1 | |||||||||||||||
Taxes, other than income taxes | 25.9 | (0.2) | 0.5 | — | 26.2 | |||||||||||||||
Less: Gross receipts tax expense | (12.8) | 0.1 | — | — | (12.7) | |||||||||||||||
Contribution Margin [Non-GAAP] | 156.9 | 53.1 | 15.8 | (3.7) | 222.1 | |||||||||||||||
Natural gas costs | 78.1 | 10.5 | — | (9.2) | 79.4 | |||||||||||||||
Gross receipts tax expense | 12.8 | (0.1) | — | — | 12.7 | |||||||||||||||
Operating Revenues | $ | 247.8 | $ | 63.5 | $ | 15.8 | $ | (12.9) | $ | 314.2 | ||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 7.6 | $ | 15.3 | $ | 3.8 | $ | — | $ | 26.7 | ||||||||||
Operation and maintenance expenses | 112.0 | 3.5 | 11.3 | (3.6) | 123.2 | |||||||||||||||
Depreciation and amortization | 55.4 | 0.3 | 2.0 | — | 57.7 | |||||||||||||||
Taxes, other than income taxes | 33.0 | — | 0.5 | — | 33.5 | |||||||||||||||
Less: Gross receipts tax expense | (12.2) | — | — | — | (12.2) | |||||||||||||||
Contribution Margin [Non-GAAP] | 195.8 | 19.1 | 17.6 | (3.6) | 228.9 | |||||||||||||||
Natural gas costs | 53.3 | 4.1 | — | (8.3) | 49.1 | |||||||||||||||
Gross receipts tax expense | 12.2 | — | — | — | 12.2 | |||||||||||||||
Operating Revenues | $ | 261.3 | $ | 23.2 | $ | 17.6 | $ | (11.9) | $ | 290.2 | ||||||||||
Year Ended September 30, 2022 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 339.9 | $ | 46.9 | $ | 21.4 | $ | — | $ | 408.2 | ||||||||||
Operation and maintenance expenses | 413.3 | 14.6 | 37.1 | (15.4) | 449.6 | |||||||||||||||
Depreciation and amortization | 227.9 | 1.4 | 8.0 | — | 237.3 | |||||||||||||||
Taxes, other than income taxes | 176.2 | 0.6 | 2.7 | — | 179.5 | |||||||||||||||
Less: Gross receipts tax expense | (109.6) | (0.2) | — | — | (109.8) | |||||||||||||||
Contribution Margin [Non-GAAP] | 1,047.7 | 63.3 | 69.2 | (15.4) | 1,164.8 | |||||||||||||||
Natural gas costs | 788.8 | 171.4 | — | (36.3) | 923.9 | |||||||||||||||
Gross receipts tax expense | 109.6 | 0.2 | — | — | 109.8 | |||||||||||||||
Operating Revenues | $ | 1,946.1 | $ | 234.9 | $ | 69.2 | $ | (51.7) | $ | 2,198.5 | ||||||||||
Year Ended September 30, 2021 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 374.0 | $ | 58.5 | $ | 17.7 | $ | — | $ | 450.2 | ||||||||||
Operation and maintenance expenses | 422.2 | 17.1 | 40.2 | (13.7) | 465.8 | |||||||||||||||
Depreciation and amortization | 204.4 | 1.2 | 7.5 | — | 213.1 | |||||||||||||||
Taxes, other than income taxes | 157.0 | 0.9 | 2.2 | — | 160.1 | |||||||||||||||
Less: Gross receipts tax expense | (93.9) | (0.1) | — | — | (94.0) | |||||||||||||||
Contribution Margin [Non-GAAP] | 1,063.7 | 77.6 | 67.6 | (13.7) | 1,195.2 | |||||||||||||||
Natural gas costs | 961.7 | 18.8 | 0.1 | (34.3) | 946.3 | |||||||||||||||
Gross receipts tax expense | 93.9 | 0.1 | — | — | 94.0 | |||||||||||||||
Operating Revenues | $ | 2,119.3 | $ | 96.5 | $ | 67.7 | $ | (48.0) | $ | 2,235.5 | ||||||||||
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.
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