Spire(US:SR)2025-11-14 12:06Financial Performance - For fiscal 2025, Spire reported consolidated adjusted earnings per share of $4.44, a 7.5% increase from $4.13 in fiscal 2024[1] - Fiscal 2025 net income was $271.7 million ($4.37 per diluted share), compared to $250.9 million ($4.19 per share) in fiscal 2024[4] - Adjusted earnings for fiscal 2025 totaled $275.5 million, up from $247.4 million in fiscal 2024[4] - Fiscal 2026 adjusted EPS guidance is set at $5.25 to $5.45, while fiscal 2027 guidance is $5.65 to $5.85[4][14] Segment Performance - Gas Utility adjusted earnings increased to $231.4 million in fiscal 2025 from $220.8 million in fiscal 2024[6] - Midstream adjusted earnings rose to $56.3 million in fiscal 2025, up from $33.5 million in fiscal 2024, driven by additional storage capacity and higher contract rates[11] - Contribution margin increased by $37.5 million, primarily due to new rates at Spire Alabama and higher ISRS revenues at Spire Missouri[7] Dividend and Capital Investment - The company raised its common stock dividend by 5.1%, marking 23 consecutive years of dividend growth[16] - Spire's 10-year capital investment target has been increased to $11.2 billion, supporting long-term adjusted EPS growth of 5–7%[15] Quarterly Performance - The company reported a consolidated net loss of $39.8 million in the fourth quarter of fiscal 2025, compared to a net loss of $25.9 million in the same period last year[18] - Operating revenues for Q3 2025 increased to $334.1 million, up 13.7% from $293.8 million in Q3 2024[27] - Net loss for Q3 2025 was $39.8 million, compared to a net loss of $25.9 million in Q3 2024, reflecting a deterioration in performance[27] - Total operating expenses rose to $334.6 million in Q3 2025, a 22.1% increase from $274.0 million in Q3 2024[27] Cash Flow and Investments - The company reported a net cash provided by operating activities of $578.0 million for the year ended September 30, 2025, down from $912.4 million in the previous year[29] - Capital expenditures for the year ended September 30, 2025, were $922.4 million, compared to $861.3 million in 2024, indicating increased investment in infrastructure[29] Balance Sheet - Total assets increased to $11,575.3 million as of September 30, 2025, up from $10,860.7 million in 2024, reflecting growth in the company's asset base[28] - The company’s long-term debt decreased to $3,369.4 million from $3,704.4 million year-over-year, indicating improved debt management[28] Adjusted Loss and Earnings - Adjusted loss earnings for Q3 2025 were reported at $(24.1) million, translating to $(0.47) per diluted share, compared to an adjusted loss of $(27.6) million or $(0.54) per diluted share in Q3 2024[30] - The contribution margin for the three months ended September 30, 2025, was $242.6 million, an increase from $224.5 million in the same period of 2024, reflecting a growth of approximately 8.1%[32] Year-End Results - Operating revenues for the year ended September 30, 2025, totaled $2,476.4 million, compared to $2,593.0 million for the year ended September 30, 2024, indicating a decrease of about 4.5%[32] - The total operating income for the year ended September 30, 2025, was $523.9 million, up from $488.3 million in 2024, representing an increase of approximately 7.3%[32] - Operation and maintenance expenses for the year ended September 30, 2025, were $542.1 million, compared to $507.4 million in 2024, reflecting an increase of about 6.8%[32] - Natural gas costs for the year ended September 30, 2025, were $905.5 million, a decrease from $1,103.3 million in 2024, showing a reduction of approximately 17.9%[32] - The contribution margin for the year ended September 30, 2025, was $1,455.2 million, compared to $1,361.5 million in 2024, indicating an increase of about 6.9%[32] - Depreciation and amortization expenses for the year ended September 30, 2025, were $298.2 million, up from $278.4 million in 2024, reflecting an increase of approximately 7.1%[32] - Taxes, other than income taxes, for the year ended September 30, 2025, totaled $206.7 million, compared to $215.6 million in 2024, indicating a decrease of about 4.5%[32] - The gross receipts tax expense for the year ended September 30, 2025, was $115.7 million, slightly up from $128.2 million in 2024, reflecting a decrease of about 9.8%[32]