Financial Data and Key Metrics Changes - The company reported adjusted earnings of $81.1 million or $1.34 per share for Q1 2025, a decrease from $82.7 million or $1.47 per share in the same quarter last year, reflecting a decline of approximately 8.8% in earnings per share [21][9] - The results were driven by growth in the Gas Utility and Midstream segments, offset by lower earnings in the marketing segment [22][9] Business Line Data and Key Metrics Changes - Gas utility earnings increased, particularly at Spire Alabama and Spire Gulf, while Spire Missouri experienced lower earnings [22] - The marketing segment's performance was lower due to reduced market volatility and higher transportation storage fees [24] - The Midstream segment saw strong earnings growth driven by new contracts and higher rates on contract renewals [23] Market Data and Key Metrics Changes - The first quarter experienced warmer than normal weather, with Missouri being 18% warmer than normal and Alabama 25% warmer than normal, impacting residential customer usage [25][25] - Despite the warm weather, the company managed to mitigate some temperature-sensitive margins in Alabama [25] Company Strategy and Development Direction - The company reaffirmed its long-term EPS growth target of 5% to 7% and a fiscal 2025 earnings guidance range of $4.40 to $4.60 per share [27][13] - The ten-year capital expenditure plan remains at $7.4 billion, focusing on reliability, system modernization, and new service connections [13][27] - The company aims to achieve consistent regulatory outcomes across all jurisdictions to ensure a sustainable financial outlook [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial and operational goals while executing strategies for organic growth and infrastructure investment [14][31] - The company is focused on maintaining a strong balance sheet and delivering natural gas safely and reliably [31][32] Other Important Information - The company filed a rate case in Missouri for new rates effective by October 2025, with an anticipated revenue increase of $19 million from the infrastructure system replacement surcharge [10][11] - The average customer bill in Missouri is expected to increase by approximately 15% or $14 per month if the rate case is approved [19][80] Q&A Session Summary Question: Weather impact for the quarter - Management acknowledged the warm start to winter and noted that there is still a lot of winter left, indicating potential for recovery in Q2 [36][37] Question: Marketing segment guidance - Management expressed confidence that the marketing segment can meet its guidance despite the first quarter results, citing a constructive backdrop for the second quarter [38][40] Question: Rate case strategy - Management indicated that the rate case is progressing as expected and highlighted the potential for discrete adjustments in the case [48][50] Question: Customer bill increase details - Management confirmed that the average customer bill increase is expected to be $14 to $15 per month, but noted that this would return average bills to levels prior to recent gas cost reductions [79][81] Question: Inflationary pressures on O&M - Management acknowledged ongoing cost pressures but maintained confidence in keeping O&M expenses flat for the year [82][83]

First quarter fiscal 2025 update February 5, 2025 Forward-looking statements and use of non-GAAP measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements in this presentation speak only as of today, and we assume no duty to update them. Forward- looking statements are typically identified by words such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," " ...

Core Viewpoint - Spire Inc. reported disappointing first-quarter fiscal 2025 earnings, missing consensus estimates and showing a decline in both earnings per share and total revenues compared to the previous year [1][2]. Financial Performance - Earnings per share for the first quarter were $1.34, falling short of the Zacks Consensus Estimate of $1.42 by 5.6% and down 8.8% from $1.47 in the same quarter last year [1]. - Total revenues amounted to $669.1 million, missing the Zacks Consensus Estimate of $726 million by 7.8% and decreasing 11.6% from $756.6 million year-over-year [2]. Operating Expenses and Income - Operating expenses were reported at $520.3 million, a decrease of 15.7% from $617.4 million in the prior-year period [3]. - Operating income increased to $148.8 million compared to $139.2 million in the prior-year quarter [3]. - Net interest expenses decreased by 5.1% year-over-year to $48 million [3]. Segment Performance - **Gas Utility**: Adjusted earnings were $77.8 million, up 2.6% from the prior-year quarter, driven by higher contribution margins [4]. - **Gas Marketing**: Adjusted earnings fell to $2.2 million, a decline of 69.4% from the previous year, attributed to increased costs and reduced volatility [5]. - **Midstream**: Adjusted earnings surged to $12 million, a 400% increase from the year-ago quarter, due to higher Spire Storage earnings [6]. - **Other**: This segment reported an adjusted loss of $10.9 million, worsening from a loss of $2.7 million in the prior-year quarter [6]. Cash Flow and Debt - Cash and cash equivalents as of December 31, 2024, were $11.5 million, up from $4.5 million as of September 30, 2024 [7]. - Long-term debt (less current portion) was $3,697.7 million as of December 31, 2024, slightly down from $3,704.4 million as of September 30, 2024 [7]. - Net cash provided by operating activities totaled $81.1 million, compared to $70 million in the year-ago period [7]. Future Guidance - The company expects fiscal 2025 earnings to be in the range of $4.40-$4.60 per share, with the Zacks Consensus Estimate at $4.51 per share [8]. - Spire plans a 10-year capital investment of $7.4 billion, aiming for an annual rate-based growth of 7-8% [8]. - Capital expenditures for fiscal 2025 are projected to be $790 million [8].

Core Insights - Spire reported a revenue of $669.1 million for the quarter ended December 2024, which is an 11.6% decrease compared to the same period last year, and EPS decreased to $1.34 from $1.47 year-over-year [1] - The revenue fell short of the Zacks Consensus Estimate of $725.71 million, resulting in a surprise of -7.80%, while the EPS also missed the consensus estimate of $1.42 by -5.63% [1] Financial Performance Metrics - Operating Revenues from Gas Utility were $613.50 million, which is a decline of 14.2% year-over-year and below the average estimate of $650.89 million [4] - Operating Revenues from Gas Marketing reached $33 million, exceeding the average estimate of $26.14 million, but still represented a 9.1% decrease year-over-year [4] - Operating Revenues from Midstream were $33.50 million, significantly higher than the estimated $24.27 million, marking a 124.8% increase compared to the previous year [4] - Operating Revenues from Other segments were $4.70 million, surpassing the estimate of $3.77 million, reflecting a 14.6% year-over-year increase [4] - Operating Income from Gas Marketing was $2.70 million, which fell short of the average estimate of $12.05 million [4] - Operating Income from Midstream was $17.30 million, exceeding the estimated $12.46 million [4] - Operating Income from Gas Utility was $127.80 million, slightly below the average estimate of $128.32 million [4] - Operating Income from Other segments was $1 million, compared to an average estimate of -$4.76 million [4] Stock Performance - Spire's shares have returned +6.8% over the past month, outperforming the Zacks S&P 500 composite, which saw a +1.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - Operating revenues for Q4 2024 were $669.1 million, a decrease of 11.5% compared to $756.6 million in Q4 2023[10]. - Net income for Q4 2024 was $81.3 million, down from $85.1 million in Q4 2023, representing a decline of 4.5%[12]. - Basic earnings per common share for Q4 2024 were $1.34, compared to $1.52 in Q4 2023, a decrease of 11.8%[10]. - Adjusted earnings for the three months ended December 31, 2024, were $81.1 million, compared to $82.7 million in the same period of 2023, reflecting a decrease of 1.9%[122]. - For the three months ended December 31, 2024, Spire's financial results are compared to the same period in 2023, highlighting changes in net income and adjusted earnings[159]. Revenue and Expenses - Total operating expenses decreased to $520.3 million in Q4 2024 from $617.4 million in Q4 2023, reflecting a reduction of 15.7%[10]. - Operating revenues decreased to $457.5 million in Q4 2024 from $535.4 million in Q4 2023, reflecting a decline of 14.5%[27]. - Operating revenues for Spire Alabama Inc. decreased to $120.4 million in Q4 2024, down 15.0% from $142.1 million in Q4 2023[41]. - Operating income for the quarter was $148.8 million, compared to $139.2 million in the prior year, marking an increase of 6.5%[164]. - Operating and maintenance expenses decreased by $1.7 million compared to the prior year, reflecting lower non-payroll operations expenses[171]. Assets and Liabilities - Total assets increased to $11,275.8 million as of December 31, 2024, up from $10,860.7 million at the end of the previous fiscal year, marking a growth of 3.8%[15]. - Total Capitalization rose to $7,015.0 million as of December 31, 2024, compared to $6,313.4 million a year prior, indicating an increase of 11.1%[17]. - Total liabilities stand at $27.9 million, with $21.9 million attributed to gas utility and $6 million to gas marketing[105]. - The current liabilities increased to $908.6 million as of December 31, 2024, compared to $781.7 million at September 30, 2024, reflecting a rise of 16.3%[33]. Cash Flow - The company reported a net cash provided by operating activities of $81.1 million, an increase from $70.0 million in the same quarter of the previous year, reflecting a growth of 15.9%[24]. - Net cash provided by operating activities for the three months ended December 31, 2024, improved by $11.1 million to $81.1 million[189]. - Cash and cash equivalents increased to $11.5 million from $4.5 million in the previous quarter, a significant rise of 155.6%[15]. Capital Expenditures - Capital expenditures for the three months ended December 31, 2024, totaled $260.6 million, compared to $226.5 million in the same period of 2023, an increase of 15.0%[24]. - Capital expenditures for the three months ended December 31, 2024, were $178.3 million, an increase from $144.7 million in the same period of 2023[39]. Shareholder Equity - Total Shareholders' Equity increased to $3,308.9 million as of December 31, 2024, up from $3,050.8 million a year earlier, representing a growth of 8.5%[17]. - Total shareholder's equity rose to $2,049.4 million as of December 31, 2024, compared to $1,901.9 million a year earlier, marking an increase of 7.8%[33]. Debt and Interest - Long-term debt (less current portion) was reported at $3,697.7 million, a slight decrease from $3,704.4 million in the previous quarter[17]. - The weighted average interest rate for Spire's borrowings outstanding as of December 31, 2024, was 4.4%[95]. - Interest expense for the three months ended December 31, 2024, was $6.3 million, compared to $3.8 million for the same period in 2023[97]. Regulatory Assets and Liabilities - Regulatory assets decreased to $1,288.4 million as of December 31, 2024, down from $1,266.9 million a year earlier, a decline of 1.7%[15]. - Total Regulatory Assets for Spire increased to $1,378.0 million as of December 31, 2024, compared to $1,367.2 million on September 30, 2024, and $1,523.3 million on December 31, 2023[78]. - Total Regulatory Liabilities for Spire rose to $628.2 million as of December 31, 2024, up from $585.0 million on September 30, 2024, and $494.3 million on December 31, 2023[78]. Market and Operational Insights - The company is focused on expanding its gas marketing segment, which has shown resilience despite market fluctuations[105]. - Future outlook includes potential growth in natural gas contracts and strategic investments in energy markets[105]. - The company is focusing on expanding its market presence through strategic acquisitions and new product developments[106]. Environmental and Regulatory Matters - The company has identified three former manufactured gas plant sites in Missouri, with ongoing remediation efforts and cost-sharing agreements in place[132][134]. - The company is involved in various environmental liabilities and litigation, but management believes these will not materially affect financial statements[127][128].

Spire (SR) came out with quarterly earnings of $1.34 per share, missing the Zacks Consensus Estimate of $1.42 per share. This compares to earnings of $1.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.63%. A quarter ago, it was expected that this natural gas distributor would post a loss of $0.52 per share when it actually produced a loss of $0.54, delivering a surprise of -3.85%.Over the last four quarters, the company ...

[Overall Report Summary](index=1&type=section&id=Overall%20Report%20Summary) Spire reported adjusted earnings per share of $1.34 for fiscal 2025 first quarter, a decrease of $0.13, while affirming its fiscal 2025 adjusted earnings guidance range of $4.40–$4.60 per share [Fiscal 2025 First Quarter Highlights](index=1&type=section&id=Fiscal%202025%20First%20Quarter%20Highlights) Spire reported adjusted earnings per share of $1.34 for fiscal 2025 first quarter, a decrease of $0.13 compared to the prior year. Net income also decreased to $81.3 million ($1.34 per diluted share) from $85.1 million ($1.52 per share) a year ago. The company affirmed its fiscal 2025 adjusted earnings guidance range of $4.40–$4.60 per share Adjusted Earnings and Net Income Summary | Metric | FY25 Q1 (2024) | FY24 Q1 (2023) | Change | | :--- | :--- | :--- | :--- | | Adjusted Earnings per Share | $1.34 | $1.47 | -$0.13 | | Net Income | $81.3 million | $85.1 million | -$3.8 million | | Net Income per Diluted Share | $1.34 | $1.52 | -$0.18 | Segment Adjusted Earnings | Segment | FY25 Q1 Adjusted Earnings (Millions) | FY24 Q1 Adjusted Earnings (Millions) | | :--- | :--- | :--- | | Gas Utility | $77.8 | $75.8 | | Gas Marketing | $2.2 | $7.2 | | Midstream | $12.0 | $2.4 | | Other | ($10.9) | ($2.7) | | Total | $81.1 | $82.7 | - Affirmed **fiscal 2025 adjusted earnings guidance range of $4.40–$4.60 per share**[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Scott Doyle, acting president and CEO, highlighted the execution of strategy, focus on safety, and strong operational performance. He reiterated confidence in achieving fiscal 2025 earnings guidance and commitment to financial objectives and operational excellence - Results reflect **execution of strategy, focus on safety, and strong operational performance**[3](index=3&type=chunk) - Company continues to expect **fiscal 2025 earnings in the range of $4.40 to $4.60 per share**[3](index=3&type=chunk) - Committed to **achieving financial objectives and operational excellence while safely serving customers with reliable and affordable energy**[3](index=3&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) The Gas Utility and Midstream segments showed increased adjusted earnings, while Gas Marketing and Other activities experienced declines [Gas Utility](index=2&type=section&id=Gas%20Utility) The Gas Utility segment's adjusted earnings increased to $77.8 million from $75.8 million year-over-year, driven by higher earnings at Spire Alabama and Spire Gulf, partially offset by lower Spire Missouri earnings. Contribution margin improved due to increased Spire Missouri Infrastructure System Replacement (ISRS) revenues and higher margins at Spire Alabama from annual rate updates Gas Utility Segment Financial Metrics | Metric | FY25 Q1 (Millions) | FY24 Q1 (Millions) | Change | | :--- | :--- | :--- | :--- | | Adjusted Earnings | $77.8 | $75.8 | +$2.0 | | Contribution Margin | Higher by $8.4 | N/A | +$8.4 | | O&M Expense (adjusted) | Lower by $1.6 | N/A | -$1.6 | | Depreciation Expense | Higher by $3.9 | N/A | +$3.9 | | Interest Expense | Lower by $3.9 | N/A | -$3.9 | | Gas Carrying Cost Credits | Decreased by $3.9 | N/A | -$3.9 | - **Increased Spire Missouri Infrastructure System Replacement (ISRS) revenues and higher margins at Spire Alabama due to annual rate updates and usage net of weather mitigation**[7](index=7&type=chunk) - **Lower Spire Missouri usage net of weather mitigation** partially offset favorable items[7](index=7&type=chunk) [Gas Marketing](index=2&type=section&id=Gas%20Marketing) Gas Marketing's adjusted earnings decreased significantly to $2.2 million from $7.2 million in the prior year. This decline was attributed to reduced volatility in regional basis differentials and higher transportation and storage fees Gas Marketing Segment Adjusted Earnings | Metric | FY25 Q1 (Millions) | FY24 Q1 (Millions) | Change | | :--- | :--- | :--- | :--- | | Adjusted Earnings | $2.2 | $7.2 | -$5.0 | - Decrease due to **reduced volatility in regional basis differentials**[10](index=10&type=chunk) - **Higher transportation and storage fees** also contributed to the decrease[10](index=10&type=chunk) [Midstream](index=2&type=section&id=Midstream) The Midstream segment saw a substantial increase in adjusted earnings, rising to $12.0 million from $2.4 million in the prior year. This growth was primarily driven by higher Spire Storage earnings due to additional capacity and contract renewals at higher rates, along with the acquisition of MoGas in January 2024 Midstream Segment Adjusted Earnings | Metric | FY25 Q1 (Millions) | FY24 Q1 (Millions) | Change | | :--- | :--- | :--- | :--- | | Adjusted Earnings | $12.0 | $2.4 | +$9.6 | - Improvement driven by **higher Spire Storage earnings, reflecting additional capacity and contract renewals at higher rates**[11](index=11&type=chunk) - Benefited from the **acquisition of MoGas in January 2024**[11](index=11&type=chunk) [Other](index=2&type=section&id=Other) Spire's 'Other' activities reported an adjusted loss of $10.9 million, a significant increase from the $2.7 million loss in the prior year. This variance was mainly due to a $6.3 million after-tax benefit from an interest rate hedge settlement in the prior year and higher interest expense in the current period Other Activities Adjusted Loss | Metric | FY25 Q1 (Millions) | FY24 Q1 (Millions) | Change | | :--- | :--- | :--- | :--- | | Adjusted Loss | ($10.9) | ($2.7) | -$8.2 | - Variance primarily due to a **$6.3 million after-tax benefit of an interest rate hedge settlement in the prior year**[12](index=12&type=chunk) - **Higher interest expense in the current year** also contributed to the increased loss[12](index=12&type=chunk) [Financial Guidance & Outlook](index=2&type=section&id=Financial%20Guidance%20%26%20Outlook) Spire reaffirmed its fiscal 2025 earnings guidance and long-term growth targets, supported by significant capital investments in infrastructure [Fiscal 2025 Guidance](index=2&type=section&id=Fiscal%202025%20Guidance) Spire reaffirmed its fiscal 2025 adjusted earnings guidance range of $4.40–$4.60 per share and maintained its expected total capital expenditures for fiscal 2025 at $790 million - **Fiscal 2025 adjusted earnings guidance range remains $4.40–$4.60 per share**[13](index=13&type=chunk) - **Expected total capital expenditures for fiscal 2025 remains $790 million**[14](index=14&type=chunk) [Long-Term Outlook & Capital Investment](index=2&type=section&id=Long-Term%20Outlook%20%26%20Capital%20Investment) The company projects long-term adjusted earnings per share growth of 5–7%, supported by an expected 7–8% annualized rate base growth at Spire Missouri and 6% equity growth at Spire Alabama and Spire Gulf. A 10-year capital investment target of $7.4 billion through fiscal 2034 is planned, primarily for infrastructure upgrades and new business in the Gas Utility segment - Confident in ability to **grow long-term adjusted earnings per share 5–7%**[13](index=13&type=chunk) - Driven by expected **long-term 7–8% annualized rate base growth at Spire Missouri and 6% equity growth at Spire Alabama and Spire Gulf**[13](index=13&type=chunk) - **10-year $7.4 billion capital investment target** through fiscal 2034, focused on infrastructure upgrades and new business in the Gas Utility segment[14](index=14&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) Spire Inc. is a major natural gas company serving 1.7 million customers, committed to growth and innovation, with disclosures on forward-looking statements and non-GAAP measures [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Spire hosted a conference call and webcast on February 5, 2025, at 9 a.m. CT (10 a.m. ET) to discuss its fiscal 2025 first quarter financial results. A replay was made available until February 12, 2025 Conference Call and Webcast Details | Event | Details | | :--- | :--- | | Date and Time | Wednesday, February 5, 9 a.m. CT (10 a.m. ET) | | U.S. and Canada Phone | 844-824-3832 | | International Phone | 412-317-5142 | | Webcast Access | Investors.SpireEnergy.com under Events & Presentations | | Replay Availability | Feb 5 (10 a.m. CT) - Feb 12, 2025 | | Replay Access Code | 8652197 | [About Spire](index=3&type=section&id=About%20Spire) Spire Inc. (NYSE: SR) is one of the largest publicly traded natural gas companies in the U.S., serving 1.7 million homes and businesses across Alabama, Mississippi, and Missouri. The company's operations include gas utilities, Spire Marketing, and Spire Midstream, with a strategic focus on organic growth, infrastructure investment, and innovation - Serves **1.7 million homes and businesses**, making it **one of the largest publicly traded natural gas companies** in the country[17](index=17&type=chunk) - Operates **gas utilities in Alabama, Mississippi, and Missouri**, along with natural gas-related businesses **Spire Marketing and Spire Midstream**[17](index=17&type=chunk) - Committed to **transforming its business through organic growth, infrastructure investment, and innovation**[17](index=17&type=chunk) [Forward-Looking Information and Non-GAAP Measures](index=3&type=section&id=Forward-Looking%20Information%20and%20Non-GAAP%20Measures) This section provides disclosures regarding forward-looking statements, noting that future operating results are subject to various uncertainties and risk factors. It also defines non-GAAP financial measures such as 'adjusted earnings,' 'adjusted earnings per share,' and 'contribution margin,' explaining their exclusion criteria and management's rationale for their use - Forward-looking statements are subject to **uncertainties and risk factors**, including weather, economic factors, competition, and regulatory policy[18](index=18&type=chunk) - **Non-GAAP measures like 'adjusted earnings' and 'contribution margin'** are used internally to evaluate performance and exclude impacts of fair value accounting, acquisition/divestiture activities, and non-recurring items[19](index=19&type=chunk) - Contribution margin adjusts revenues by removing **wholesale natural gas costs and gross receipts taxes**, which are **directly passed on to customers**[19](index=19&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The financial statements detail Q1 FY25 performance, showing changes in income, balance sheet items, and cash flows compared to the prior year [Condensed Consolidated Statements of Income – Unaudited](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The condensed consolidated statements of income show a decrease in operating revenues from $756.6 million in Q1 FY24 to $669.1 million in Q1 FY25. Net income available to common shareholders also declined from $81.3 million to $77.5 million, resulting in diluted earnings per common share of $1.34 for Q1 FY25, down from $1.52 in Q1 FY24 Condensed Consolidated Statements of Income | (In Millions, except per share amounts) | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | | :--- | :--- | :--- | | Operating Revenues | $669.1 | $756.6 | | Total Operating Expenses | $520.3 | $617.4 | | Operating Income | $148.8 | $139.2 | | Net Income | $81.3 | $85.1 | | Net Income Available to Common Shareholders | $77.5 | $81.3 | | Diluted Earnings Per Common Share | $1.34 | $1.52 | | Dividends Declared Per Common Share | $0.785 | $0.755 | [Condensed Consolidated Balance Sheets – Unaudited](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows an increase in total assets to $11,275.8 million as of December 31, 2024, from $10,631.7 million a year prior. Net utility plant grew to $6,376.0 million. Total shareholders' equity increased to $3,308.9 million from $3,050.8 million, while long-term debt (less current portion) also rose to $3,697.7 million Condensed Consolidated Balance Sheets | (In Millions) | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $11,275.8 | $10,631.7 | | Net Utility Plant | $6,376.0 | $5,877.7 | | Total Shareholders' Equity | $3,308.9 | $3,050.8 | | Long-term debt (less current portion) | $3,697.7 | $3,247.8 | | Total Current Liabilities | $1,991.2 | $2,210.5 | [Condensed Consolidated Statements of Cash Flows – Unaudited](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to $81.1 million for the three months ended December 31, 2024, compared to $70.0 million in the prior year. Net cash used in investing activities increased to $260.1 million, primarily due to higher capital expenditures. Net cash provided by financing activities also increased to $186.0 million, driven by higher issuance of short-term debt Condensed Consolidated Statements of Cash Flows | (In Millions) | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $81.1 | $70.0 | | Net cash used in investing activities | ($260.1) | ($225.2) | | Net cash provided by financing activities | $186.0 | $154.7 | | Capital expenditures | ($260.6) | ($226.5) | | Issuance of short-term debt, net | $211.0 | $92.0 | [Non-GAAP Reconciliations](index=7&type=section&id=Non-GAAP%20Reconciliations) This section reconciles GAAP net income to adjusted earnings and operating income to contribution margin, providing insights into non-GAAP financial metrics [Adjusted Earnings and Reconciliation to GAAP](index=7&type=section&id=Adjusted%20Earnings%20and%20Reconciliation%20to%20GAAP) This section provides a reconciliation of GAAP Net Income to Non-GAAP Adjusted Earnings for the three months ended December 31, 2024 and 2023. For Q1 FY25, adjusted earnings were $81.1 million ($1.34 per diluted share), compared to GAAP net income of $81.3 million ($1.34 per diluted share), with minor adjustments for fair value and timing Adjusted Earnings Reconciliation to GAAP | (In Millions, except per share amounts) | FY25 Q1 (2024) | FY24 Q1 (2023) | | :--- | :--- | :--- | | Net Income (Loss) [GAAP] | $81.3 | $85.1 | | Fair value and timing adjustments, pre-tax | ($0.3) | ($5.2) | | Acquisition activities, pre-tax | — | $1.9 | | Income tax effect of adjustments | $0.1 | $0.9 | | Adjusted Earnings (Loss) [Non-GAAP] | $81.1 | $82.7 | | Adjusted Earnings Per Diluted Common Share | $1.34 | $1.47 | - Adjusted earnings per share is calculated by replacing **consolidated net income** with **consolidated adjusted earnings** in the GAAP diluted EPS calculation, including reductions for **cumulative preferred dividends and participating shares**[24](index=24&type=chunk) [Contribution Margin and Reconciliation to GAAP](index=8&type=section&id=Contribution%20Margin%20and%20Reconciliation%20to%20GAAP) This reconciliation details the calculation of Contribution Margin, a non-GAAP measure, from Operating Income. For Q1 FY25, consolidated contribution margin was $372.3 million, an increase from $358.5 million in Q1 FY24, primarily driven by the Gas Utility segment Contribution Margin Reconciliation to GAAP | (In Millions) | FY25 Q1 (2024) | FY24 Q1 (2023) | | :--- | :--- | :--- | | Operating Income [GAAP] | $148.8 | $139.2 | | Operation and maintenance expenses | $129.3 | $130.7 | | Depreciation and amortization | $72.3 | $67.0 | | Taxes, other than income taxes | $48.7 | $52.7 | | Less: Gross receipts tax expense | ($26.8) | ($31.1) | | Contribution Margin [Non-GAAP] | $372.3 | $358.5 | Segment Contribution Margin | Segment Contribution Margin (Millions) | FY25 Q1 (2024) | FY24 Q1 (2023) | | :--- | :--- | :--- | | Gas Utility | $332.2 | $323.8 | | Gas Marketing | $6.9 | $19.7 | | Midstream | $32.8 | $14.9 | | Other | $4.7 | $4.1 |

ST. LOUIS, Feb. 5, 2025 /PRNewswire/ -- Spire Inc. (NYSE: SR) today reported results for its fiscal 2025 first quarter ended December 31. Highlights include: First quarter net income of $81.3 million ($1.34 per diluted share) compared to $85.1 million ($1.52 per share) a year ago First quarter adjusted earnings* of $81.1 million ($1.34 per share) compared to $82.7 million ($1.47 per share) a year ago Affirmed fiscal 2025 adjusted earnings guidance range of $4.40–$4.60For fiscal 2025 first quarter, Spire rep ...

Spire (SR) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 5. On the ...

My articles are written with a mind to owning a stock for years, not trying to predict price movements in a few months. I don't do target prices; I do valuations.I first entered investing in 2020 as an individual value investor, keen to understand the fundamentals of businesses and buy their shares at attractive prices. From May 2022 to May 2023, I worked as an investment advisory representative at Fidelity Investments. I am now self-employed through other ventures.Part of my technique is to write an articl ...