Spire Inc. Files 10-Q for Q2 2024

TL;DR

Spire Inc. 10-Q filed. Natural gas distribution update.

AI Summary

Spire Inc. filed its 10-Q for the period ending June 30, 2024. The company, operating as Spire Missouri Inc. and Spire Alabama Inc., is involved in natural gas distribution. The filing details its financial performance and operational status for the reporting period.

Why It Matters

This filing provides investors and analysts with an update on Spire Inc.'s financial health and operational performance, crucial for understanding the company's current standing in the natural gas distribution sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• SPIRE INC (company) — Filer
• SPIRE ALABAMA INC (company) — Subsidiary
• SPIRE MISSOURI INC (company) — Subsidiary
• LACLEDE GROUP INC (company) — Former company name
• ALABAMA GAS CORP (company) — Former company name
• MO (location) — State of incorporation
• AL (location) — State of incorporation

FAQ

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

• spre20240630_10q.htm (10-Q) — 4069KB
• ex_684782.htm (EX-31.1) — 33KB
• ex_684783.htm (EX-31.2) — 32KB
• ex_684784.htm (EX-31.3) — 33KB
• ex_684785.htm (EX-32.1) — 14KB
• ex_684786.htm (EX-32.2) — 13KB
• ex_684787.htm (EX-32.3) — 14KB
• 0001437749-24-024001.txt ( ) — 14546KB
• sr-20240630.xsd (EX-101.SCH) — 65KB
• sr-20240630_cal.xml (EX-101.CAL) — 61KB
• sr-20240630_def.xml (EX-101.DEF) — 422KB
• sr-20240630_lab.xml (EX-101.LAB) — 370KB
• sr-20240630_pre.xml (EX-101.PRE) — 460KB
• spre20240630_10q_htm.xml (XML) — 3712KB

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 26 Note 5. Regulatory Matters 27 Note 6. Financing 31 Note 7. Fair Value of Financial Instruments 32 Note 8. Fair Value Measurements 34 Note 9. Pension Plans and Other Postretirement Benefits 37 Note 10. Information by Operating Segment 40 Note 11. Commitments and Contingencies 42 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 45 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 4

Controls and Procedures

Controls and Procedures 64

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 65 Item 1A

Risk Factors

Risk Factors 65 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 3 Defaults upon Senior Securities 65 Item 4 Mine Safety Disclosures 65 Item 5 Other Information 65 Item 6 Exhibits 66

SIGNATURES

SIGNATURES 67 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 June 30, Nine Months Ended June 30, (In millions, except per share amounts) 2024 2023 2024 2023 Operating Revenues $ 414.1 $ 418.5 $ 2,299.2 $ 2,355.9 Operating Expenses: Natural gas 140.9 169.8 1,048.7 1,175.5 Operation and maintenance 126.7 125.5 395.2 389.7 Depreciation and amortization 71.4 64.3 207.3 189.0 Taxes, other than income taxes 44.4 46.9 179.5 179.2 Total Operating Expenses 383.4 406.5 1,830.7 1,933.4 Operating Income 30.7 12.0 468.5 422.5 Interest Expense, Net 48.8 46.7 151.6 137.5 Other Income, Net 2.4 6.3 27.2 19.3 (Loss) Income Before Income Taxes ( 15.7 ) ( 28.4 ) 344.1 304.3 Income Tax (Benefit) Expense ( 3.1 ) ( 6.8 ) 67.3 55.7 Net (Loss) Income ( 12.6 ) ( 21.6 ) 276.8 248.6 Provision for preferred dividends 3.7 3.7 11.1 11.1 (Loss) income allocated to participating securities — ( 0.1 ) 0.4 0.4 Net (Loss) Income Available to Common Shareholders $ ( 16.3 ) $ ( 25.2 ) $ 265.3 $ 237.1 Weighted Average Number of Common Shares Outstanding: Basic 57.7 52.5 55.6 52.5 Diluted 57.7 52.5 55.7 52.6 Basic (Loss) Earnings Per Common Share $ ( 0.28 ) $ ( 0.48 ) $ 4.77 $ 4.52 Diluted (Loss) Earnings Per Common Share $ ( 0.28 ) $ ( 0.48 ) $ 4.76 $ 4.51 See the accompanying Notes to Financial Statements. 4 Table of Contents SPIRE INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Nine Months Ended June 30, (In millions) 2024 2023 2024 2023 Net (Loss) Income $ ( 12.6 ) $ ( 21.6 ) $ 276.8 $ 248.6 Other Comprehensive Income (Loss), Before Tax: Cash flow hedging derivative instruments: Net hedging gain (loss) arising during the period 4.3

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View this 10-Q filing on SEC EDGAR