Spire Reports FY22 Second Quarter Results
Spire Inc. (NYSE: SR) reported its fiscal 2022 second quarter results, showing net income of $173.6 million ($3.27 per diluted share), down from $187.4 million ($3.55 per share) last year. Net economic earnings (NEE) for the quarter were $181.0 million ($3.42 per share), a drop from $195.6 million ($3.71 per share). The company's earnings guidance for fiscal 2022 has been narrowed to $3.75 - $3.95 per share. The Gas Utility segment performed better, with NEE increasing to $169.2 million, driven by new rates despite warmer weather.
- Gas Utility segment reported NEE increased to $169.2 million, up from $159.7 million.
- New rates in Spire Missouri and Spire Alabama contributed $17.7 million in higher contribution margin.
- Spire has consistently paid dividends, declaring $0.685 per share for the upcoming quarter.
- Net income decreased to $173.6 million, down from $187.4 million year-over-year.
- Net economic earnings fell to $181.0 million, down from $195.6 million, impacted by lower Gas Marketing performance.
- Gas Marketing segment's NEE dropped to $14.4 million from $39.8 million due to less favorable market conditions.
ST. LOUIS, May 6, 2022 /PRNewswire/ -- Spire Inc. (NYSE: SR) today reported results for its fiscal 2022 second quarter ended March 31. Highlights include:
- Net income of
$173.6 million ($3.27 per diluted share) compared to$187.4 million , or$3.55 per share in the prior year - Net economic earnings* of
$181.0 million , or$3.42 per share, down from$195.6 million , or$3.71 per share a year ago - Earnings guidance range for fiscal 2022 narrowed to
$3.75 -$3.95 per share
"We delivered solid results for the second quarter, serving 1.7 million homes and businesses while expanding outreach and support for customers and communities during the critical winter heating season. We did this while continuing to invest in infrastructure upgrades, technology, and new business to bring safe and reliable energy to even more people," said Suzanne Sitherwood, president and chief executive officer of Spire. "At the same time, we continued to progress toward being a more sustainable company and to enhance our ESG disclosures—look for highlights in June when we release our 2021 Sustainability Report. Also, in the second quarter, Spire Missouri filed a new rate review focused on recovering our full cost of service and earning a fair and reasonable rate of return. Through it all, our energy warms homes, fuels businesses and advances economic development in a way that lays the groundwork for an innovative, resilient and sustainable energy future."
Second Quarter Results | Three Months Ended March 31, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Economic Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 169.2 | $ | 159.7 | ||||||||||||
Gas Marketing | 14.4 | 39.8 | ||||||||||||||
Other | (2.6) | (3.9) | ||||||||||||||
Total | $ | 181.0 | $ | 195.6 | $ | 3.42 | $ | 3.71 | ||||||||
Missouri regulatory adjustment, pre-tax | — | 9.0 | — | 0.17 | ||||||||||||
Fair value and timing adjustments, pre-tax | (9.9) | (20.1) | (0.20) | (0.39) | ||||||||||||
Income tax adjustments | 2.5 | 2.9 | 0.05 | 0.06 | ||||||||||||
Net Income | $ | 173.6 | $ | 187.4 | $ | 3.27 | $ | 3.55 | ||||||||
Weighted Average Diluted Shares Outstanding | 51.9 | 51.7 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP."
We reported consolidated net income of
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
Contribution margin increased
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. NEE, which excludes mark-to-market and other fair value adjustments, was
Other
Other gas-related operations and corporate costs totaled
Regulatory update
Missouri
Based on a November 2021 rate case order from the Missouri Public Service Commission (MoPSC), Spire Missouri was required to cease capitalization of non-operational overhead costs until a MoPSC Staff audit of Spire Missouri's compliance with the Federal Energy Regulatory Commission (FERC) Uniform System of Accounts could be completed. Spire Missouri worked with Staff to complete a study; Staff then audited the study and filed its report with the MoPSC on March 18, 2022. The report, which the MoPSC has yet to rule on, establishes new overhead capitalization rates.
On April 13, 2022, the MoPSC issued an Order Authorizing Accounting Treatment, clarifying that Spire Missouri may defer all non-operational overheads related to the rate order into a regulatory asset for review and recovery in a future rate proceeding. For fiscal 2022, amounts Spire Missouri expects to defer, in excess of the capitalization rates determined by the study and audit, are approximately
In its rate case order, the MoPSC specified that another general rate case would be the vehicle for addressing the change in capitalization policy. Consistent with that guidance, on April 1, 2022, Spire Missouri filed a new general rate case, seeking to fully recover its updated cost of service, overhead costs, updated capital investment to support the business, and to earn a reasonable rate of return.
On December 23, 2021, Spire Missouri filed a new ISRS case, seeking additional revenues for recovery of investments in infrastructure upgrades, for the period June 1 through December 31, 2021. On April 21, 2022, the MoPSC approved an
Spire STL Pipeline
On December 3, 2021, the FERC issued a new temporary certificate to allow Spire STL Pipeline to continue operating indefinitely while the FERC considers approval of a new permanent certificate under a court-ordered remand. As part of the remand process now underway, the FERC issued a notice of intent to prepare an Environmental Impact Statement for Spire STL Pipeline. Based on the FERC issuances to date, we expect the remand process to continue into early 2023.
Year-to-Date Results | Six Months Ended March 31, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Economic Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 236.4 | $ | 236.1 | ||||||||||||
Gas Marketing | 14.9 | 43.1 | ||||||||||||||
Other | (7.7) | (6.7) | ||||||||||||||
Total | $ | 243.6 | $ | 272.5 | $ | 4.56 | $ | 5.12 | ||||||||
Missouri regulatory adjustment, pre-tax | — | 9.0 | — | 0.18 | ||||||||||||
Fair value and timing adjustments, pre-tax | (13.6) | (4.1) | (0.27) | (0.08) | ||||||||||||
Income tax adjustments | (0.7) | (1.1) | (0.01) | (0.02) | ||||||||||||
Net Income | $ | 229.3 | $ | 276.3 | $ | 4.28 | $ | 5.20 | ||||||||
Weighted Average Diluted Shares Outstanding | 51.8 | 51.7 | ||||||||||||||
For the first six months of fiscal 2022, we reported consolidated net income of
Gas Utility
For the first six months of fiscal 2022, the Gas Utility segment reported NEE of
Year-to-date segment contribution margin increased by
O&M expenses increased by
Depreciation and amortization rose by
Gas Marketing
NEE was
Other
On an NEE basis, year-to-date other gas-related operations and corporate costs were
Guidance and Outlook
We remain confident in our long-term ability to grow NEE per share 5
Our targeted capital investment for the 5-year period through fiscal 2026 remains
Our fiscal 2022 NEE guidance range has been narrowed to
Balance Sheets and Cash Flow
For the second quarter of fiscal 2022, we maintained a solid capital structure and ample liquidity. Short-term borrowings outstanding at March 31, 2022, were
Net cash provided by operating activities was
Capital expenditures for the first half of fiscal 2022 were
For additional details on Spire's results for the second 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
The board also declared the regular quarterly dividend of
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2022 second quarter financial results. To access the call, please dial the applicable number approximately 5-10 minutes in advance.
Date and Time: | Friday, May 6 | ||
10 a.m. CT (11 a.m. ET) | |||
Phone Numbers: | U.S. and Canada: | 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 12 p.m. CT (1 p.m. ET) on May 6 until June 6, 2022, by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The replay access code is 8957406.
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.
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 March 31, | Six Months Ended March 31, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating Revenues | $ | 880.9 | $ | 1,104.9 | $ | 1,436.3 | $ | 1,617.5 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 392.0 | 619.1 | 641.2 | 800.3 | ||||||||||||
Operation and maintenance | 113.2 | 119.0 | 229.6 | 230.6 | ||||||||||||
Depreciation and amortization | 58.9 | 51.5 | 115.8 | 102.3 | ||||||||||||
Taxes, other than income taxes | 71.6 | 57.9 | 109.2 | 94.0 | ||||||||||||
Total Operating Expenses | 635.7 | 847.5 | 1,095.8 | 1,227.2 | ||||||||||||
Operating Income | 245.2 | 257.4 | 340.5 | 390.3 | ||||||||||||
Interest Expense, Net | 27.5 | 25.8 | 56.1 | 51.5 | ||||||||||||
Other (Expense) Income, Net | (3.4) | 1.8 | 4.0 | 6.1 | ||||||||||||
Income Before Income Taxes | 214.3 | 233.4 | 288.4 | 344.9 | ||||||||||||
Income Tax Expense | 40.7 | 46.0 | 59.1 | 68.6 | ||||||||||||
Net Income | 173.6 | 187.4 | 229.3 | 276.3 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 7.4 | 7.4 | ||||||||||||
Income allocated to participating securities | 0.2 | 0.3 | 0.3 | 0.4 | ||||||||||||
Net Income Available to Common Shareholders | $ | 169.7 | $ | 183.4 | $ | 221.6 | $ | 268.5 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 51.8 | 51.6 | 51.7 | 51.6 | ||||||||||||
Diluted | 51.9 | 51.7 | 51.8 | 51.7 | ||||||||||||
Basic Earnings Per Common Share | $ | 3.27 | $ | 3.56 | $ | 4.28 | $ | 5.21 | ||||||||
Diluted Earnings Per Common Share | $ | 3.27 | $ | 3.55 | $ | 4.28 | $ | 5.20 | ||||||||
Dividends Declared Per Common Share | $ | 0.685 | $ | 0.65 | $ | 1.37 | $ | 1.30 | ||||||||
Condensed Consolidated Balance Sheets – Unaudited
(In Millions) | March 31, | September 30, | March 31, | |||||||||
2022 | 2021 | 2021 | ||||||||||
ASSETS | ||||||||||||
Utility Plant | $ | 7,443.7 | $ | 7,225.0 | $ | 6,974.3 | ||||||
Less: Accumulated depreciation and amortization | 2,241.9 | 2,169.3 | 2,145.1 | |||||||||
Net Utility Plant | 5,201.8 | 5,055.7 | 4,829.2 | |||||||||
Non-utility Property | 475.8 | 471.1 | 457.0 | |||||||||
Other Investments | 89.0 | 83.1 | 76.4 | |||||||||
Total Other Property and Investments | 564.8 | 554.2 | 533.4 | |||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | 8.3 | 4.3 | 104.0 | |||||||||
Accounts receivable, net | 599.5 | 596.3 | 595.6 | |||||||||
Inventories | 168.3 | 305.0 | 180.0 | |||||||||
Other | 313.2 | 410.9 | 160.4 | |||||||||
Total Current Assets | 1,089.3 | 1,316.5 | 1,040.0 | |||||||||
Deferred Charges and Other Assets | 2,545.4 | 2,430.0 | 2,534.2 | |||||||||
Total Assets | $ | 9,401.3 | $ | 9,356.4 | $ | 8,936.8 | ||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||
Capitalization: | ||||||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | $ | 242.0 | ||||||
Common stock and paid-in capital | 1,593.2 | 1,569.6 | 1,563.9 | |||||||||
Retained earnings | 992.3 | 843.0 | 920.1 | |||||||||
Accumulated other comprehensive income | 13.7 | 3.6 | 5.3 | |||||||||
Total Shareholders' Equity | 2,841.2 | 2,658.2 | 2,731.3 | |||||||||
Temporary equity | 11.8 | 9.8 | 8.2 | |||||||||
Long-term debt (less current portion) | 3,207.3 | 2,939.1 | 2,692.5 | |||||||||
Total Capitalization | 6,060.3 | 5,607.1 | 5,432.0 | |||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt | 31.2 | 55.8 | 110.8 | |||||||||
Notes payable | 607.1 | 672.0 | 653.5 | |||||||||
Accounts payable | 367.5 | 409.9 | 352.1 | |||||||||
Accrued liabilities and other | 390.0 | 470.6 | 391.1 | |||||||||
Total Current Liabilities | 1,395.8 | 1,608.3 | 1,507.5 | |||||||||
Deferred Credits and Other Liabilities: | ||||||||||||
Deferred income taxes | 666.5 | 612.3 | 602.8 | |||||||||
Pension and postretirement benefit costs | 199.2 | 235.9 | 274.4 | |||||||||
Asset retirement obligations | 530.1 | 519.6 | 551.0 | |||||||||
Regulatory liabilities | 400.4 | 620.9 | 423.5 | |||||||||
Other | 149.0 | 152.3 | 145.6 | |||||||||
Total Deferred Credits and Other Liabilities | 1,945.2 | 2,141.0 | 1,997.3 | |||||||||
Total Capitalization and Liabilities | $ | 9,401.3 | $ | 9,356.4 | $ | 8,936.8 | ||||||
Condensed Consolidated Statements of Cash Flows – Unaudited
(In Millions) | Six Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 229.3 | $ | 276.3 | ||||
Adjustments to reconcile net income to net cash (used in) provided by | ||||||||
Depreciation and amortization | 115.8 | 102.3 | ||||||
Deferred income taxes and investment tax credits | 59.1 | 68.5 | ||||||
Changes in assets and liabilities | (252.1) | (293.7) | ||||||
Other | 3.0 | 5.8 | ||||||
Net cash provided by operating activities | 155.1 | 159.2 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (275.9) | (303.5) | ||||||
Other | 2.7 | (0.8) | ||||||
Net cash used in investing activities | (273.2) | (304.3) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | 300.0 | 325.0 | ||||||
Repayment of long-term debt | (55.8) | (5.4) | ||||||
Issuance of short-term debt, net | (64.9) | 5.5 | ||||||
Issuance of common stock | 24.0 | 0.7 | ||||||
Dividends paid on common stock | (70.1) | (65.9) | ||||||
Dividends paid on preferred stock | (7.4) | (7.4) | ||||||
Other | (3.8) | (7.5) | ||||||
Net cash provided by financing activities | 122.0 | 245.0 | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 3.9 | 99.9 | ||||||
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 | $ | 104.0 | ||||
Net Economic Earnings and Reconciliation to GAAP
(In Millions, except per share amounts) | Gas Utility | Gas Marketing | Other | Total | Per Diluted Common | |||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 169.2 | $ | 7.0 | $ | (2.6) | $ | 173.6 | $ | 3.27 | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Fair value and timing adjustments | — | 9.9 | — | 9.9 | 0.20 | |||||||||||||||
Income tax adjustments (1) | — | (2.5) | — | (2.5) | (0.05) | |||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 169.2 | $ | 14.4 | $ | (2.6) | $ | 181.0 | $ | 3.42 | ||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 166.4 | $ | 24.9 | $ | (3.9) | $ | 187.4 | $ | 3.55 | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Missouri regulatory adjustment | (9.0) | — | — | (9.0) | (0.17) | |||||||||||||||
Fair value and timing adjustments | 0.2 | 19.9 | — | 20.1 | 0.39 | |||||||||||||||
Income tax adjustments (1) | 2.1 | (5.0) | — | (2.9) | (0.06) | |||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 159.7 | $ | 39.8 | $ | (3.9) | $ | 195.6 | $ | 3.71 | ||||||||||
Six Months Ended March 31, 2022 | ||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 232.3 | $ | 4.7 | $ | (7.7) | $ | 229.3 | $ | 4.28 | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Fair value and timing adjustments | — | 13.6 | — | 13.6 | 0.27 | |||||||||||||||
Income tax adjustments (1) | 4.1 | (3.4) | — | 0.7 | 0.01 | |||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 236.4 | $ | 14.9 | $ | (7.7) | $ | 243.6 | $ | 4.56 | ||||||||||
Six Months Ended March 31, 2021 | ||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 242.9 | $ | 40.1 | $ | (6.7) | $ | 276.3 | $ | 5.20 | ||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||
Missouri regulatory adjustment | (9.0) | — | — | (9.0) | (0.18) | |||||||||||||||
Fair value and timing adjustments | 0.1 | 4.0 | — | 4.1 | 0.08 | |||||||||||||||
Income tax adjustments (1) | 2.1 | (1.0) | — | 1.1 | 0.02 | |||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 236.1 | $ | 43.1 | $ | (6.7) | $ | 272.5 | $ | 5.12 | ||||||||||
(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 six months ended March 31, 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 March 31, 2022 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 230.4 | $ | 9.6 | $ | 5.2 | $ | — | $ | 245.2 | ||||||||||
Operation and maintenance expenses | 104.2 | 3.2 | 10.0 | (4.2) | 113.2 | |||||||||||||||
Depreciation and amortization | 56.5 | 0.4 | 2.0 | — | 58.9 | |||||||||||||||
Taxes, other than income taxes | 70.3 | 0.4 | 0.9 | — | 71.6 | |||||||||||||||
Less: Gross receipts tax expense | (51.9) | — | — | — | (51.9) | |||||||||||||||
Contribution Margin [Non-GAAP] | 409.5 | 13.6 | 18.1 | (4.2) | 437.0 | |||||||||||||||
Natural gas costs | 356.0 | 45.8 | — | (9.8) | 392.0 | |||||||||||||||
Gross receipts tax expense | 51.9 | — | — | — | 51.9 | |||||||||||||||
Operating Revenues | $ | 817.4 | $ | 59.4 | $ | 18.1 | $ | (14.0) | $ | 880.9 | ||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 224.0 | $ | 31.7 | $ | 1.7 | $ | — | $ | 257.4 | ||||||||||
Operation and maintenance expenses | 104.0 | 7.1 | 11.1 | (3.2) | 119.0 | |||||||||||||||
Depreciation and amortization | 49.5 | 0.3 | 1.7 | — | 51.5 | |||||||||||||||
Taxes, other than income taxes | 56.4 | 0.5 | 1.0 | — | 57.9 | |||||||||||||||
Less: Gross receipts tax expense | (42.1) | (0.1) | — | — | (42.2) | |||||||||||||||
Contribution Margin [Non-GAAP] | 391.8 | 39.5 | 15.5 | (3.2) | 443.6 | |||||||||||||||
Natural gas costs | 619.2 | (6.2) | 0.1 | 6.0 | 619.1 | |||||||||||||||
Gross receipts tax expense | 42.1 | 0.1 | — | — | 42.2 | |||||||||||||||
Operating Revenues | $ | 1,053.1 | $ | 33.4 | $ | 15.6 | $ | 2.8 | $ | 1,104.9 | ||||||||||
Six Months Ended March 31, 2022 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 324.8 | $ | 6.5 | $ | 9.2 | $ | — | $ | 340.5 | ||||||||||
Operation and maintenance expenses | 211.5 | 5.9 | 20.0 | (7.8) | 229.6 | |||||||||||||||
Depreciation and amortization | 111.1 | 0.7 | 4.0 | — | 115.8 | |||||||||||||||
Taxes, other than income taxes | 107.3 | 0.4 | 1.5 | — | 109.2 | |||||||||||||||
Less: Gross receipts tax expense | (73.6) | (0.2) | — | — | (73.8) | |||||||||||||||
Contribution Margin [Non-GAAP] | 681.1 | 13.3 | 34.7 | (7.8) | 721.3 | |||||||||||||||
Natural gas costs | 566.2 | 93.8 | — | (18.8) | 641.2 | |||||||||||||||
Gross receipts tax expense | 73.6 | 0.2 | — | — | 73.8 | |||||||||||||||
Operating Revenues | $ | 1,320.9 | $ | 107.3 | $ | 34.7 | $ | (26.6) | $ | 1,436.3 | ||||||||||
Six Months Ended March 31, 2021 | ||||||||||||||||||||
Operating Income [GAAP] | $ | 330.8 | $ | 52.0 | $ | 7.5 | $ | — | $ | 390.3 | ||||||||||
Operation and maintenance expenses | 207.0 | 10.4 | 19.7 | (6.5) | 230.6 | |||||||||||||||
Depreciation and amortization | 98.1 | 0.6 | 3.6 | — | 102.3 | |||||||||||||||
Taxes, other than income taxes | 91.9 | 0.7 | 1.4 | — | 94.0 | |||||||||||||||
Less: Gross receipts tax expense | (63.8) | (0.1) | — | — | (63.9) | |||||||||||||||
Contribution Margin [Non-GAAP] | 664.0 | 63.6 | 32.2 | (6.5) | 753.3 | |||||||||||||||
Natural gas costs | 823.5 | (5.5) | 0.1 | (17.8) | 800.3 | |||||||||||||||
Gross receipts tax expense | 63.8 | 0.1 | — | — | 63.9 | |||||||||||||||
Operating Revenues | $ | 1,551.3 | $ | 58.2 | $ | 32.3 | $ | (24.3) | $ | 1,617.5 | ||||||||||
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.
FAQ
What were Spire's second quarter earnings for fiscal 2022?
How did Spire's net economic earnings change in Q2 2022?
What is the earnings guidance for Spire for fiscal 2022?
What impacted Spire's Gas Marketing segment performance?
What is the dividend declared by Spire for shareholders?
