Spire(SR) - 2025 Q1 - Quarterly Report

Financial Performance - Operating revenues for Q4 2024 were $669.1 million, a decrease of 11.5$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$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$7,015.0 million as of December 31, 2024, compared to $6,313.4 million a year prior, indicating an increase of 11.1$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].