Spire Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Spire Inc. (SRJN) has filed its Q2 2024 10-Q report, detailing financial performance and noting a prior immaterial correction in fair value level presentation.</b>

AI Summary

SPIRE INC (SRJN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Spire Inc. (SRJN) filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers Spire Inc., Spire Alabama Inc., and Spire Missouri Inc. The company's fiscal year ends on September 30th. A prior immaterial correction was made to the fair value level presentation for certain line items in the Fair Value Measurements table as of March 31, 2023. This correction moved impacted line items from Level 1 to Level 2, without affecting reported fair values or consolidated financial statements.

Why It Matters

For investors and stakeholders tracking SPIRE INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial and operational data for Spire Inc. and its subsidiaries, crucial for assessing the company's current performance and future outlook. The disclosure of a past immaterial correction in fair value reporting, while not impacting current financials, demonstrates the company's commitment to accurate financial statement presentation and transparency.

Risk Assessment

Risk Level: low — SPIRE INC shows low risk based on this filing. The filing is a standard quarterly report with no immediate red flags, and the noted correction was immaterial.

Analyst Insight

Monitor future filings for any material changes in financial performance or accounting practices.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Fiscal Year End)
• Q2 2024 — Quarter (Quarterly report period)

Key Players & Entities

• SPIRE INC (company) — Filer
• SPIRE ALABAMA INC (company) — Filer
• SPIRE MISSOURI INC (company) — Filer
• LACLEDE GROUP INC (company) — Former company name
• ALABAMA GAS CORP (company) — Former company name
• 0001126956 (company) — Central Index Key for Spire Inc.
• 0000003146 (company) — Central Index Key for Spire Alabama Inc.
• 0000057183 (company) — Central Index Key for Spire Missouri Inc.

FAQ

Industry Context

Spire Inc. operates in the natural gas distribution industry, providing essential energy services to residential, commercial, and industrial customers.

Regulatory Implications

As a regulated utility, Spire Inc. is subject to oversight from state public utility commissions regarding rates, service quality, and operational standards.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze any segment-specific performance data if available in the full report.
3. Track future SEC filings for updates on regulatory proceedings or significant operational changes.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

Fair Value Measurements

The process of determining the current worth of an asset or liability. (Important for understanding the valuation of company assets and liabilities, impacting financial statements.)

Level 1, Level 2, Level 3

Hierarchy used in fair value measurements, with Level 1 being the most reliable (quoted prices in active markets) and Level 3 the least. (Indicates the reliability and source of the valuation inputs used by the company.)

Year-Over-Year Comparison

This filing is a standard quarterly report and does not appear to contain significant deviations or updates compared to typical filings of this nature, other than the noted immaterial correction.

Key Financial Figures

• $1.00 — hange on which registered Common Stock $1.00 par value SR New York Stock Exchang
• $25.00 — le Perpetual Preferred Stock, par value $25.00 per share SR.PRA New York Stock Exch
• $0.01 — e Alabama Inc. Common Stock, par value $0.01 per share (all owned by Spire Inc.) 1,

Filing Documents

• spre20240331_10q.htm (10-Q) — 4120KB
• ex_623142.htm (EX-31.1) — 33KB
• ex_623143.htm (EX-31.2) — 32KB
• ex_623144.htm (EX-31.3) — 33KB
• ex_623145.htm (EX-32.1) — 14KB
• ex_623146.htm (EX-32.2) — 13KB
• ex_623147.htm (EX-32.3) — 14KB
• 0001437749-24-014087.txt (&nbsp;) — 14748KB
• sr-20240331.xsd (EX-101.SCH) — 65KB
• sr-20240331_cal.xml (EX-101.CAL) — 61KB
• sr-20240331_def.xml (EX-101.DEF) — 425KB
• sr-20240331_lab.xml (EX-101.LAB) — 368KB
• sr-20240331_pre.xml (EX-101.PRE) — 462KB
• spre20240331_10q_htm.xml (XML) — 3790KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) Spire Inc. Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Shareholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Spire Missouri Inc. Condensed Statements of Comprehensive Income 11 Condensed Balance Sheets 12 Condensed Statements of Shareholder's Equity 14 Condensed Statements of Cash Flows 15 Spire Alabama Inc. Condensed Statements of Income 16 Condensed Balance Sheets 17 Condensed Statements of Shareholder's Equity 19 Condensed Statements of Cash Flows 20

Notes to Financial Statements

Notes to Financial Statements Note 1. Summary of Significant Accounting Policies 21 Note 2. Revenue 24 Note 3. Earnings Per Common Share 25 Note 4. Shareholders ' Equity 25 Note 5. Regulatory Matters 26 Note 6. Financing 30 Note 7. Fair Value of Financial Instruments 31 Note 8. Fair Value Measurements 33 Note 9. Pension Plans and Other Postretirement Benefits 36 Note 10. Information by Operating Segment 39 Note 11. Commitments and Contingencies 41 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 4

Controls and Procedures

Controls and Procedures 63

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 64 Item 1A

Risk Factors

Risk Factors 64 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3 Defaults upon Senior Securities 64 Item 4 Mine Safety Disclosures 64 Item 5 Other Information 64 Item 6 Exhibits 65

SIGNATURES

SIGNATURES 66 1 Table of Contents GLOSSARY OF KEY TERMS AND ABBREVIATIONS APSC Alabama Public Service Commission PGA Purchased Gas Adjustment ASC Accounting Standards Codification RSE Rate Stabilization and Equalization Company Spire and its subsidiaries unless the context suggests otherwise SEC U.S. Securities and Exchange Commission Degree days The average of a day's high and low temperature below 65, subtracted from 65, multiplied by the number of days impacted Spire Spire Inc. FASB Financial Accounting Standards Board Spire Alabama Spire Alabama Inc. FERC Federal Energy Regulatory Commission Spire EnergySouth Spire EnergySouth Inc., the parent of Spire Gulf and Spire Mississippi GAAP Accounting principles generally accepted in the United States of America Spire Gulf Spire Gulf Inc. Gas Marketing Segment including Spire Marketing, which provides natural gas marketing services Spire Marketing Spire Marketing Inc. Gas Utility Segment including the operations of the Utilities Spire Mississippi Spire Mississippi Inc. GSA Gas Supply Adjustment Spire Missouri Spire Missouri Inc. ISRS Infrastructure System Replacement Surcharge Spire MoGas Pipeline Spire MoGas Pipeline LLC, a 263-mile FERC-regulated natural gas pipeline, together with Omega Pipeline, a connected 75-mile gas distribution system in Missouri Midstream Segment including Spire Storage, Spire STL Pipeline and Spire MoGas Pipeline Spire STL Pipeline Spire STL Pipeline LLC, or the 65-mile FERC-regulated pipeline it constructed and operates to deliver natural gas into eastern Missouri MoPSC Missouri Public Service Commission Spire Storage The physical natural gas storage operations of Spire Storage West LLC and Spire Storage Salt Plains LLC MSPSC Mississippi Public Service Commission U.S. United States O&M Operation and maintenance expense Utilities Spire Missouri, Spire Alabama and the subsidiaries of Spire EnergySo

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION The interim financial statements included herein have been prepared by three separate registrants — Spire Inc. ("Spire" or the "Company"), Spire Missouri Inc. ("Spire Missouri") and Spire Alabama Inc. ("Spire Alabama") — without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the registrants' combined Form 10-K for the fiscal year ended September 30, 2023. The Financial Information in this Part I includes separate financial statements (i.e., statements of income and comprehensive income, balance sheets, statements of shareholders' equity and statements of cash flows) for Spire, Spire Missouri and Spire Alabama. The Notes to Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations are also included and presented herein on a combined basis for Spire, Spire Missouri and Spire Alabama. 3 Table of Contents

Financial Statements

Item 1. Financial Statements SPIRE INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended March 31, Six Months Ended March 31, (In millions, except per share amounts) 2024 2023 2024 2023 Operating Revenues $ 1,128.5 $ 1,123.4 $ 1,885.1 $ 1,937.4 Operating Expenses: Natural gas 540.8 586.5 907.8 1,005.7 Operation and maintenance 137.8 132.1 268.5 264.2 Depreciation and amortization 68.9 62.6 135.9 124.7 Taxes, other than income taxes 82.4 81.9 135.1 132.3 Total Operating Expenses 829.9 863.1 1,447.3 1,526.9 Operating Income 298.6 260.3 437.8 410.5 Interest Expense, Net 52.2 47.2 102.8 90.8 Other Income, Net 7.3 7.0 24.8 13.0 Income Before Income Taxes 253.7 220.1 359.8 332.7 Income Tax Expense 49.4 40.9 70.4 62.5 Net Income 204.3 179.2 289.4 270.2 Provision for preferred dividends 3.7 3.7 7.4 7.4 Income allocated to participating securities 0.3 0.4 0.4 0.5 Net Income Available to Common Shareholders $ 200.3 $ 175.1 $ 281.6 $ 262.3 Weighted Average Number of Common Shares Outstanding: Basic 55.8 52.5 54.6 52.5 Diluted 55.9 52.6 54.7 52.6 Basic Earnings Per Common Share $ 3.59 $ 3.33 $ 5.16 $ 5.00 Diluted Earnings Per Common Share $ 3.58 $ 3.33 $ 5.14 $ 4.99 See the accompanying Notes to Financial Statements. 4 Table of Contents SPIRE INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, Six Months Ended March 31, (In millions) 2024 2023 2024 2023 Net Income $ 204.3 $ 179.2 $ 289.4 $ 270.2 Other Comprehensive Income (Loss), Before Tax: Cash flow hedging derivative instruments: Net hedging gain (loss) arising during the period 9.1 ( 6.8 ) ( 6.3 ) ( 9.8 ) Amounts reclassified into regulatory liabilities — ( 17.5 ) — ( 17.5 ) Amou

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View this 10-Q filing on SEC EDGAR