Spire Reports FY23 Third Quarter Results
- NEE for the nine months ended June 30, 2023, was $265.7 million ($4.83 per share), up from $247.7 million ($4.54 per share) a year ago, reflecting strong results from Spire Marketing in the first half of the fiscal year.
- Spire Missouri's margin was $4.1 million higher as new rates were only partially offset by lower usage.
- The increases reflect the strong results from Spire Marketing in the first half of the fiscal year.
- Net loss of $21.6 million, or ($0.48) per diluted share, compared to a net loss of $1.4 million, or ($0.10) per share, in the prior year.
- NEE was a loss of $18.6 million, or ($0.42) per share, down from earnings of $4.1 million, or $0.01 per share, a year ago.
- Net loss of
$21.6 million $0.48 $1.4 million $0.10 - On a net economic earnings* basis, a loss of
$18.6 million $0.42 $4.1 million $0.01 - Fiscal 2023 net economic earnings guidance range lowered to
$4 $4.25 per share
"Our results for the quarter reflect the impact of higher costs, timing of regulatory adjustments and mild weather. In addition, we experienced less favorable market conditions that impacted our marketing and midstream businesses," said Suzanne Sitherwood, president and chief executive officer of Spire. "I am proud of the hard work by our dedicated employees who continue their strong focus on serving customers well and overall delivering solid operating performance. Together, we will continue to drive long-term value by investing in growth and innovation as natural gas continues to play a key role in a sustainable energy future."
Third Quarter Results | Three Months Ended June 30, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Economic (Loss) Earnings* by Segment | ||||||||||||||||
Gas Utility | $ | (12.3) | $ | 4.2 | ||||||||||||
Gas Marketing | (2.5) | 0.4 | ||||||||||||||
Midstream | 3.6 | 4.3 | ||||||||||||||
Other | (7.4) | (4.8) | ||||||||||||||
Total | $ | (18.6) | $ | 4.1 | $ | (0.42) | $ | 0.01 | ||||||||
Fair value and timing adjustments, pre-tax | (3.4) | (7.3) | (0.06) | (0.14) | ||||||||||||
Acquisition activities, pre-tax | (0.5) | — | (0.01) | — | ||||||||||||
Income tax adjustments | 0.9 | 1.8 | 0.01 | 0.03 | ||||||||||||
Net Loss | $ | (21.6) | $ | (1.4) | $ | (0.48) | $ | (0.10) | ||||||||
Weighted Average Diluted Shares Outstanding | 52.5 | 52.2 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." | ||||||||||||||||
We reported a consolidated net loss of
Gas Utility
The Gas Utility segment includes the regulated distribution operations of our five gas utilities across
Contribution margin decreased
Operation and maintenance (O&M) expenses of
Depreciation and amortization expense increased
Gas Utility interest expenses, net of carrying cost credits at Spire Missouri, were
Gas Marketing
The Gas Marketing segment includes the results of Spire Marketing, which provides natural gas marketing services throughout
Midstream
NEE of
Other
Corporate costs, on an NEE basis, totaled
Year-to-Date Results | Nine Months Ended June 30, | |||||||||||||||
(Millions) | (Per Diluted Common Share) | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Economic Earnings (Loss)* by Segment | ||||||||||||||||
Gas Utility | $ | 234.5 | $ | 240.6 | ||||||||||||
Gas Marketing | 45.0 | 15.3 | ||||||||||||||
Midstream | 11.6 | 9.8 | ||||||||||||||
Other | (25.4) | (18.0) | ||||||||||||||
Total | $ | 265.7 | $ | 247.7 | $ | 4.83 | $ | 4.54 | ||||||||
Fair value and timing adjustments, pre-tax | (22.2) | (20.9) | (0.42) | (0.40) | ||||||||||||
Acquisition activities, pre-tax | (0.5) | — | (0.01) | — | ||||||||||||
Income tax adjustments | 5.6 | 1.1 | 0.11 | 0.02 | ||||||||||||
Net Income | $ | 248.6 | $ | 227.9 | $ | 4.51 | $ | 4.16 | ||||||||
Weighted Average Diluted Shares Outstanding | 52.6 | 52.0 | ||||||||||||||
*Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." | ||||||||||||||||
For the first nine months of fiscal 2023, we reported consolidated net income of
Gas Utility
For the first nine months of fiscal 2023, the Gas Utility segment reported NEE of
Year-to-date Gas Utility contribution margin increased by
O&M expenses of
Depreciation and amortization rose by
Gas Utility interest expense, net of carrying cost credits at Spire Missouri, were
Gas Marketing
NEE was
Midstream
NEE for the Midstream segment totaled
Other
Corporate costs on an NEE basis were
Balance Sheets and Cash Flow
For the third quarter of fiscal 2023, short-term borrowings outstanding at June 30, 2023, were
Net cash provided by operating activities was
Capital expenditures for the first nine months of fiscal 2023 were
For additional details on Spire's results for the third quarter and first nine months of fiscal 2023, please see the accompanying unaudited Condensed Consolidated Statements of Income, Balance Sheets, and Statements of Cash Flows.
Regulatory Update
On June 20, 2023, Spire Missouri filed with the Missouri Public Service Commission (MoPSC) a request for
Guidance and Outlook
We remain confident in our long-term ability to grow NEE per share 5–
NEE by segment | |
($ Millions) | FY23 target |
Gas Utility | |
Gas Marketing | 43 - 48 |
Midstream | 10 - 12 |
Corporate & Other | (25) - (30) |
Our targeted capital investment for the 10-year period through fiscal 2032 remains
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 2023 third quarter and nine months financial results. To access the call, please dial the applicable number approximately 5-10 minutes in advance.
Date and Time: | Wednesday, August 2 | |||
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 August 2 until September 6, 2023, 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) 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 June 30, | Nine Months Ended June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating Revenues | $ | 418.5 | $ | 448.0 | $ | 2,355.9 | $ | 1,884.3 | ||||||||
Operating Expenses: | ||||||||||||||||
Natural gas | 169.8 | 203.3 | 1,175.5 | 844.5 | ||||||||||||
Operation and maintenance | 125.5 | 102.3 | 389.7 | 331.9 | ||||||||||||
Depreciation and amortization | 64.3 | 60.4 | 189.0 | 176.2 | ||||||||||||
Taxes, other than income taxes | 46.9 | 44.1 | 179.2 | 153.3 | ||||||||||||
Total Operating Expenses | 406.5 | 410.1 | 1,933.4 | 1,505.9 | ||||||||||||
Operating Income | 12.0 | 37.9 | 422.5 | 378.4 | ||||||||||||
Interest Expense, Net | 46.7 | 29.3 | 137.5 | 85.4 | ||||||||||||
Other Income (Expense), Net | 6.3 | (12.1) | 19.3 | (8.1) | ||||||||||||
(Loss) Income Before Income Taxes | (28.4) | (3.5) | 304.3 | 284.9 | ||||||||||||
Income Tax (Benefit) Expense | (6.8) | (2.1) | 55.7 | 57.0 | ||||||||||||
Net (Loss) Income | (21.6) | (1.4) | 248.6 | 227.9 | ||||||||||||
Provision for preferred dividends | 3.7 | 3.7 | 11.1 | 11.1 | ||||||||||||
(Loss) income allocated to participating securities | (0.1) | — | 0.4 | 0.3 | ||||||||||||
Net (Loss) Income Available to Common Shareholders | $ | (25.2) | $ | (5.1) | $ | 237.1 | $ | 216.5 | ||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 52.5 | 52.2 | 52.5 | 51.9 | ||||||||||||
Diluted | 52.5 | 52.2 | 52.6 | 52.0 | ||||||||||||
Basic (Loss) Earnings Per Common Share | $ | (0.48) | $ | (0.10) | $ | 4.52 | $ | 4.17 | ||||||||
Diluted (Loss) Earnings Per Common Share | $ | (0.48) | $ | (0.10) | $ | 4.51 | $ | 4.16 | ||||||||
Dividends Declared Per Common Share | $ | 0.72 | $ | 0.685 | $ | 2.16 | $ | 2.055 | ||||||||
Condensed Consolidated Balance Sheets – Unaudited | ||||||||||||
(In Millions) | June 30, | September 30, | June 30, | |||||||||
2023 | 2022 | 2022 | ||||||||||
ASSETS | ||||||||||||
Utility Plant | $ | 8,016.7 | $ | 7,664.9 | $ | 7,549.7 | ||||||
Less: Accumulated depreciation and amortization | 2,382.9 | 2,294.5 | 2,256.7 | |||||||||
Net Utility Plant | 5,633.8 | 5,370.4 | 5,293.0 | |||||||||
Non-utility Property | 582.7 | 491.4 | 476.9 | |||||||||
Other Investments | 102.5 | 87.8 | 90.5 | |||||||||
Total Other Property and Investments | 685.2 | 579.2 | 567.4 | |||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | 5.3 | 6.5 | 16.0 | |||||||||
Accounts receivable, net | 338.6 | 622.7 | 587.2 | |||||||||
Inventories | 243.1 | 422.3 | 300.3 | |||||||||
Other | 274.2 | 540.5 | 357.6 | |||||||||
Total Current Assets | 861.2 | 1,592.0 | 1,261.1 | |||||||||
Deferred Charges and Other Assets | 2,857.3 | 2,542.1 | 2,662.4 | |||||||||
Total Assets | $ | 10,037.5 | $ | 10,083.7 | $ | 9,783.9 | ||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||
Capitalization: | ||||||||||||
Preferred stock | $ | 242.0 | $ | 242.0 | $ | 242.0 | ||||||
Common stock and paid-in capital | 1,630.9 | 1,623.8 | 1,622.5 | |||||||||
Retained earnings | 1,028.4 | 905.5 | 949.2 | |||||||||
Accumulated other comprehensive income | 31.2 | 47.2 | 32.2 | |||||||||
Total Shareholders' Equity | 2,932.5 | 2,818.5 | 2,845.9 | |||||||||
Temporary equity | 17.7 | 13.1 | 15.0 | |||||||||
Long-term debt (less current portion) | 3,553.3 | 2,958.5 | 3,207.9 | |||||||||
Total Capitalization | 6,503.5 | 5,790.1 | 6,068.8 | |||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt | 406.6 | 281.2 | 31.2 | |||||||||
Notes payable | 557.6 | 1,037.5 | 709.2 | |||||||||
Accounts payable | 196.3 | 617.4 | 581.2 | |||||||||
Accrued liabilities and other | 369.9 | 417.5 | 428.3 | |||||||||
Total Current Liabilities | 1,530.4 | 2,353.6 | 1,749.9 | |||||||||
Deferred Credits and Other Liabilities: | ||||||||||||
Deferred income taxes | 735.9 | 675.1 | 675.8 | |||||||||
Pension and postretirement benefit costs | 154.7 | 163.0 | 199.6 | |||||||||
Asset retirement obligations | 538.1 | 520.9 | 535.4 | |||||||||
Regulatory liabilities | 428.1 | 418.2 | 389.0 | |||||||||
Other | 146.8 | 162.8 | 165.4 | |||||||||
Total Deferred Credits and Other Liabilities | 2,003.6 | 1,940.0 | 1,965.2 | |||||||||
Total Capitalization and Liabilities | $ | 10,037.5 | $ | 10,083.7 | $ | 9,783.9 | ||||||
Condensed Consolidated Statements of Cash Flows – Unaudited | ||||||||
(In Millions) | Nine Months Ended June 30, | |||||||
2023 | 2022 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 248.6 | $ | 227.9 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 189.0 | 176.2 | ||||||
Deferred income taxes and investment tax credits | 55.7 | 57.0 | ||||||
Changes in assets and liabilities | (99.4) | (262.6) | ||||||
Other | 10.2 | 6.1 | ||||||
Net cash provided by operating activities | 404.1 | 204.6 | ||||||
Investing Activities: | ||||||||
Capital expenditures | (483.3) | (402.5) | ||||||
Payment for business acquisition | (37.0) | — | ||||||
Other | 3.9 | 4.2 | ||||||
Net cash used in investing activities | (516.4) | (398.3) | ||||||
Financing Activities: | ||||||||
Issuance of long-term debt | 755.0 | 300.0 | ||||||
Repayment of long-term debt | (31.2) | (55.8) | ||||||
(Repayment) issuance of short-term debt, net | (479.9) | 37.2 | ||||||
Issuance of common stock | 4.0 | 51.9 | ||||||
Dividends paid on common stock | (112.5) | (105.9) | ||||||
Dividends paid on preferred stock | (11.1) | (11.1) | ||||||
Other | (7.5) | (3.8) | ||||||
Net cash provided by financing activities | 116.8 | 212.5 | ||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 4.5 | 18.8 | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 20.5 | 11.3 | ||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 25.0 | $ | 30.1 | ||||
Net Economic Earnings and Reconciliation to GAAP | ||||||||||||||||||||||||
(In Millions, except per share amounts) | Gas Utility | Gas Marketing | Midstream | Other | Total | Per Diluted Common Share (2) | ||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||
Net (Loss) Income [GAAP] | $ | (12.4) | $ | (4.9) | $ | 3.1 | $ | (7.4) | $ | (21.6) | $ | (0.48) | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | 0.2 | 3.2 | — | — | 3.4 | 0.06 | ||||||||||||||||||
Acquisition activities | — | — | 0.5 | — | 0.5 | 0.01 | ||||||||||||||||||
Income tax adjustments (1) | (0.1) | (0.8) | — | — | (0.9) | (0.01) | ||||||||||||||||||
Net Economic (Loss) Earnings [Non-GAAP] | $ | (12.3) | $ | (2.5) | $ | 3.6 | $ | (7.4) | $ | (18.6) | $ | (0.42) | ||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 4.2 | $ | (5.1) | $ | 4.3 | $ | (4.8) | $ | (1.4) | $ | (0.10) | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | 7.3 | — | — | 7.3 | 0.14 | ||||||||||||||||||
Income tax adjustments (1) | — | (1.8) | — | — | (1.8) | (0.03) | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 4.2 | $ | 0.4 | $ | 4.3 | $ | (4.8) | $ | 4.1 | $ | 0.01 | ||||||||||||
Nine Months Ended June 30, 2023 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 234.0 | $ | 28.9 | $ | 11.1 | $ | (25.4) | $ | 248.6 | $ | 4.51 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | 0.7 | 21.5 | — | — | 22.2 | 0.42 | ||||||||||||||||||
Acquisition activities | — | — | 0.5 | — | 0.5 | 0.01 | ||||||||||||||||||
Income tax adjustments (1) | (0.2) | (5.4) | — | — | (5.6) | (0.11) | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 234.5 | $ | 45.0 | $ | 11.6 | $ | (25.4) | $ | 265.7 | $ | 4.83 | ||||||||||||
Nine Months Ended June 30, 2022 | ||||||||||||||||||||||||
Net Income (Loss) [GAAP] | $ | 236.5 | $ | (0.4) | $ | 9.8 | $ | (18.0) | $ | 227.9 | $ | 4.16 | ||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Fair value and timing adjustments | — | 20.9 | — | — | 20.9 | 0.40 | ||||||||||||||||||
Income tax adjustments (1) | 4.1 | (5.2) | — | — | (1.1) | (0.02) | ||||||||||||||||||
Net Economic Earnings (Loss) [Non-GAAP] | $ | 240.6 | $ | 15.3 | $ | 9.8 | $ | (18.0) | $ | 247.7 | $ | 4.54 | ||||||||||||
(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 the nine months ended June 30, 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 | Midstream | Other | Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 13.9 | $ | (7.1) | $ | 6.5 | $ | (1.3) | $ | — | $ | 12.0 | ||||||||||||
Operation and maintenance expenses | 111.7 | 4.2 | 8.1 | 5.5 | (4.0) | 125.5 | ||||||||||||||||||
Depreciation and amortization | 61.7 | 0.3 | 2.1 | 0.2 | — | 64.3 | ||||||||||||||||||
Taxes, other than income taxes | 45.9 | 0.4 | 0.7 | (0.1) | — | 46.9 | ||||||||||||||||||
Less: Gross receipts tax expense | (26.0) | — | — | — | — | (26.0) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 207.2 | (2.2) | 17.4 | 4.3 | (4.0) | 222.7 | ||||||||||||||||||
Natural gas costs | 154.6 | 25.3 | — | — | (10.1) | 169.8 | ||||||||||||||||||
Gross receipts tax expense | 26.0 | — | — | — | — | 26.0 | ||||||||||||||||||
Operating Revenues | $ | 387.8 | $ | 23.1 | $ | 17.4 | $ | 4.3 | $ | (14.1) | $ | 418.5 | ||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 36.8 | $ | (6.9) | $ | 7.4 | $ | 0.6 | $ | — | $ | 37.9 | ||||||||||||
Operation and maintenance expenses | 95.0 | 3.2 | 4.8 | 3.2 | (3.9) | 102.3 | ||||||||||||||||||
Depreciation and amortization | 58.1 | 0.3 | 1.8 | 0.2 | — | 60.4 | ||||||||||||||||||
Taxes, other than income taxes | 43.0 | 0.4 | 0.6 | 0.1 | — | 44.1 | ||||||||||||||||||
Less: Gross receipts tax expense | (23.2) | (0.1) | — | — | — | (23.3) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 209.7 | (3.1) | 14.6 | 4.1 | (3.9) | 221.4 | ||||||||||||||||||
Natural gas costs | 144.5 | 67.1 | — | — | (8.3) | 203.3 | ||||||||||||||||||
Gross receipts tax expense | 23.2 | 0.1 | — | — | — | 23.3 | ||||||||||||||||||
Operating Revenues | $ | 377.4 | $ | 64.1 | $ | 14.6 | $ | 4.1 | $ | (12.2) | $ | 448.0 | ||||||||||||
Nine Months Ended June 30, 2023 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 367.1 | $ | 36.7 | $ | 21.1 | $ | (2.4) | $ | — | $ | 422.5 | ||||||||||||
Operation and maintenance expenses | 350.9 | 16.2 | 20.1 | 14.4 | (11.9) | 389.7 | ||||||||||||||||||
Depreciation and amortization | 181.6 | 1.0 | 6.0 | 0.4 | — | 189.0 | ||||||||||||||||||
Taxes, other than income taxes | 176.2 | 1.1 | 1.9 | — | — | 179.2 | ||||||||||||||||||
Less: Gross receipts tax expense | (116.4) | (0.2) | — | — | — | (116.6) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 959.4 | 54.8 | 49.1 | 12.4 | (11.9) | 1,063.8 | ||||||||||||||||||
Natural gas costs | 1,099.5 | 102.8 | — | — | (26.8) | 1,175.5 | ||||||||||||||||||
Gross receipts tax expense | 116.4 | 0.2 | — | — | — | 116.6 | ||||||||||||||||||
Operating Revenues | $ | 2,175.3 | $ | 157.8 | $ | 49.1 | $ | 12.4 | $ | (38.7) | $ | 2,355.9 | ||||||||||||
Nine Months Ended June 30, 2022 | ||||||||||||||||||||||||
Operating Income (Loss) [GAAP] | $ | 361.6 | $ | (0.4) | $ | 17.2 | $ | — | $ | — | $ | 378.4 | ||||||||||||
Operation and maintenance expenses | 306.5 | 9.1 | 16.4 | 11.6 | (11.7) | 331.9 | ||||||||||||||||||
Depreciation and amortization | 169.2 | 1.0 | 5.6 | 0.4 | — | 176.2 | ||||||||||||||||||
Taxes, other than income taxes | 150.3 | 0.8 | 2.1 | 0.1 | — | 153.3 | ||||||||||||||||||
Less: Gross receipts tax expense | (96.8) | (0.3) | — | — | — | (97.1) | ||||||||||||||||||
Contribution Margin [Non-GAAP] | 890.8 | 10.2 | 41.3 | 12.1 | (11.7) | 942.7 | ||||||||||||||||||
Natural gas costs | 710.7 | 160.9 | — | — | (27.1) | 844.5 | ||||||||||||||||||
Gross receipts tax expense | 96.8 | 0.3 | — | — | — | 97.1 | ||||||||||||||||||
Operating Revenues | $ | 1,698.3 | $ | 171.4 | $ | 41.3 | $ | 12.1 | $ | (38.8) | $ | 1,884.3 | ||||||||||||
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 Inc.'s fiscal 2023 third quarter results?
What were the reasons for the net loss in the third quarter?
How did Spire Missouri's margin compare to the previous year?
