Financial Data and Key Metrics Changes - The company reported adjusted net income of $4.7 million and adjusted earnings of $0.29 per share for Q2 2025, representing an increase of $400,000 or 0.02 per share compared to the same period in the prior year [5][14] - For the first six months of 2025, adjusted net income was $33.1 million or $2.3 per share, an increase of $1.6 million or 0.07 per share compared to the same period in 2024 [6][14] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the six months ended June 30, 2025, was $53.3 million, an increase of $1.3 million or 2.5% compared to the same period in 2024, driven by higher distribution rates and customer growth [15] - Gas adjusted gross margin for the same period was $108.1 million, an increase of $15.8 million or approximately 17.1% compared to the same period in 2024, attributed to higher rates, customer growth, and a return to normal winter weather [16] Market Data and Key Metrics Changes - The company added approximately 9,360 new gas customers, including 8,800 from the acquisition of Bangor Natural Gas, compared to the same period in 2024 [16] - Approximately 55% of the company's gas customers are under decoupled rates as of June 30, 2025 [16] Company Strategy and Development Direction - The company is optimistic about the ongoing regulatory reviews of the Maine Natural Gas and Aquarion Water transactions, expecting to close these acquisitions by 2025 [7][8] - The company aims to accelerate rate base growth to approximately 10% annually through 2029, supporting earnings growth near the top end of its guidance range [9] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed a strong financial outlook and long-term guidance for earnings growth, dividend growth, and rate base growth [6][26] - The company sees increasing support for natural gas in New England as a means to reduce energy supply volatility and improve affordability for customers [10][11] Other Important Information - The company has initiated a $50 million at-the-market equity program and issued $32 million in senior unsecured notes for Bangor Natural Gas [23] - The current five-year capital budget totals approximately $1 billion, which is 46% higher than the prior five years, reflecting the investment plan for existing operations [24] Q&A Session Summary Question: Will the slight negative results in Q3 affect the dividend approach for the third quarter? - Management confirmed that the slight change in quarterly distribution for the second half of the year will not affect the company's approach to 2025 dividends [30][32]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $2.28 per share for the first six months of 2025, compared to $1.6 per share for the same period last year [7] - Adjusted net income for Q2 2025 was $315,000 or $0.01 per share, an improvement from a loss of $2.8 million or $0.07 per share in Q2 2024 [17] - Year-to-date adjusted net income was $92.1 million or $2.28 per share for 2025, up from $61 million or $1.6 per share for the same period in 2024 [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas segment saw net income increase by $4.5 million or $0.12 per share, with margin increasing by $16.9 million due to new rates in Oregon [18] - Sea Energy provided net income of $1 million or $0.03 per share, with strong margin and net income trends aligning with expectations [18] - The Water segment's net income increased by $1.8 million or $0.04 per share, driven by new rates at the largest water utility in Arizona and additional revenues from acquired utilities [19] Market Data and Key Metrics Changes - The combined utility customer growth rate was 10.6% for the twelve months ended June 30, 2025, primarily driven by gas utilities in Texas [8] - Northwest Natural Water's customer base grew by 5.8% over the last twelve months, including three acquisitions [13] Company Strategy and Development Direction - The company reaffirmed its annual 2025 adjusted earnings guidance, expecting a range of $2.75 to $2.95 per share [22] - The capital expenditure plan for 2025 is projected to be between $450 million and $500 million, focusing on modernizing infrastructure and system upgrades [23] - The company aims for a long-term earnings per share growth rate of 4% to 6% compounded annually from 2025 adjusted EPS [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets for the full year, citing strong performance across all business segments [24] - The company noted that while there are signs of housing market slowdown in Texas, overall growth remains strong with significant meter additions [29] Other Important Information - The company filed a general rate case in Oregon to recover investments in gas infrastructure, expecting a modest 2.5% rate increase effective October 31 [11] - The liquidity position at June 30, 2025, was approximately $550 million, with no material debt maturities expected in 2025 [24] Q&A Session Summary Question: Update on Sea Energy's growth and backlog - Management indicated that Sea Energy is performing as expected, with strong growth and a significant backlog exceeding annual goals by midyear [28][29] Question: Scale of upcoming water rate cases - Management noted that individual water rate cases are generally small, often less than $1 million in revenue requirement, leading to multiple rate cases executed annually [30]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.01 per share, a significant improvement from a loss of $0.14 per share a year ago, reflecting growth across all business segments [7][18] - Year-to-date capital expenditures totaled $700 million, with a nearly 20% increase in utility CapEx year over year [20] Business Line Data and Key Metrics Changes - The Gas Utilities segment had an adjusted loss of $10 million, which was $1 million better than the prior year, driven by higher contribution margin at Spire Missouri [18] - Earnings in the Gas Marketing segment increased by over $4 million, indicating strong performance [18] - The midstream segment saw strong earnings growth, attributed to additional capacity and asset optimization at Spire Storage [18] Market Data and Key Metrics Changes - The company is focused on a long-term EPS growth target of 5% to 7%, supported by a ten-year $7.4 billion capital investment plan [11][22] - The company expects to deliver within its fiscal 2025 earnings guidance of $4.4 to $4.6 per share [11][22] Company Strategy and Development Direction - The company announced the acquisition of the Piedmont Natural Gas Tennessee business, which is expected to enhance its scale and expand its regulated utility footprint [12][13] - The acquisition is projected to add $900 million to the five-year capital plan, focusing on system modernization and infrastructure resilience [13] - The company aims to maintain a strong balance sheet while supporting long-term adjusted EPS growth and dividend growth [13][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong operational performance and financial discipline, emphasizing the importance of regulatory transparency and customer affordability [25][28] - The company is actively pursuing regulatory approvals for the acquisition and advancing integration planning [28] Other Important Information - A unanimous stipulation and agreement has been filed for an annual revenue increase of $210 million, pending approval by the Missouri Public Service Commission [9][15] - The company is committed to maintaining a strong focus on customer affordability through disciplined cost management [25] Q&A Session Summary Question: Is the FFO to debt target of 15% to 16% still applicable? - Management confirmed that these targets remain the right framework, although progress may be slower during the acquisition transition [31][32] Question: How much of the midstream results is attributable to storage expansion? - Management indicated that about 90% of the increase in midstream results was due to storage, with a 75% to 25% split on net income basis [35][36] Question: Does the long-term 5% to 7% growth rate include impacts from the Missouri rate case settlement? - Management clarified that the growth rate is based on capital deployment and does not directly include the impacts of the rate case [51][52] Question: How does the company see O&M expenses evolving? - Management stated the target is to keep O&M expenses at or below the rate of inflation, with current year-to-date O&M run rate being less than 1% higher than the prior year [55]

Core Insights - Duke Energy Corporation (DUK) reported second-quarter 2025 earnings of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.19 by 5% and reflecting a 10.6% increase from $1.13 in the same quarter last year, primarily due to new rates and riders [1][9] Revenue Performance - Total operating revenues reached $7.51 billion, a 4.7% increase from $7.17 billion in the prior year, surpassing the Zacks Consensus Estimate of $7.34 billion by 2.3% [2][9] - The Regulated electric unit generated operating revenues of $6.97 billion, up 3.3% year over year, contributing 92.8% to total revenues [2] - Revenues from the Regulated natural gas business increased significantly by 33.1% year over year to $462 million [2] Expense and Income Analysis - Total operating expenses were $5.69 billion, up 4% year over year, driven by higher costs in natural gas, operation, maintenance, depreciation, and property taxes [4] - Operating income rose 7.2% to $1.83 billion from $1.71 billion in the previous year [4] Segment Performance - Electric Utilities & Infrastructure segment earnings increased to $1,194 million from $1,090 million in the second quarter of 2024 [6] - Gas Utilities & Infrastructure segment earnings remained stable at $6 million, consistent with the previous year [6] - The Non-regulated Electric and Other segment reported revenues of $78 million, a decrease of 1.3% year over year, with losses widening to $228 million from a loss of $200 million in the prior year [3][7][9] Financial Condition - As of June 30, 2025, cash and cash equivalents stood at $344 million, up from $314 million at the end of 2024 [10] - Long-term debt increased to $78.91 billion from $76.34 billion as of December 31, 2024 [10] - Net cash from operating activities for the first half of 2025 was $5.04 billion, down from $5.43 billion in the same period last year [10] Future Guidance - Duke Energy reaffirmed its 2025 adjusted EPS guidance, expecting a range of $6.17-$6.42, with the Zacks Consensus Estimate at $6.31 [11] - The company projects long-term EPS growth of 5-7% through 2029 [11]

Core Insights - Spire Inc. reported third-quarter fiscal 2025 earnings of $0.01 per share, exceeding the Zacks Consensus Estimate of a loss of $0.09 by 111.1% [1][8] - Total revenues for the quarter were $421.9 million, surpassing the Zacks Consensus Estimate of $413 million by 2.16% and increasing 1.9% from $414.1 million in the year-ago quarter [2][8] Financial Performance - Operating expenses decreased by 8% to $352.7 million from $383.4 million in the prior-year period [3] - Operating income rose to $69.2 million compared to $30.7 million in the prior-year quarter [3] - Net interest expenses increased by 2.3% year over year to $49.9 million [3] Segment Performance - Gas Utility segment reported an adjusted loss of $10 million, an improvement from a loss of $11 million in the year-ago period [4] - Gas Marketing segment's adjusted earnings increased to $5.3 million from $1 million in the year-ago quarter [4] - Midstream segment's adjusted earnings rose by 16.5% to $16.2 million, driven by higher storage earnings [5] Financial Highlights - Cash and cash equivalents as of June 30, 2025, were $13.1 million, up from $4.5 million as of September 30, 2024 [6] - Long-term debt as of June 30, 2025, totaled $3.5 billion, down from $3.7 billion as of September 30, 2024 [6] - Net cash provided by operating activities in the first nine months of fiscal 2025 was $582.9 million, compared to $829.5 million in the year-ago period [6] Guidance - Spire expects fiscal 2025 earnings to be in the range of $4.40-$4.60 per share, with the Zacks Consensus Estimate at $4.50 per share [9] - The company plans a 10-year capital investment of $7.4 billion, aiming for annual rate-based growth of 7-8% [9] - Capital expenditures for fiscal 2025 are expected to be $875 million, an increase from the previous guidance of $840 million [9]

Financial Performance - Adjusted EPS for YTD Q2 2025 was $2.28, compared to $1.60 in the prior year[15] - NWN Gas Utility's net income increased by $4.5 million in Q2 2025, primarily due to new rates in Oregon effective November 1, 2024[21] - SiEnergy Gas Utility reported a net income increase of $1.0 million in Q2 2025, reflecting its first year of results after acquisitions[21] - NWN Water Utility's net income increased by $1.8 million in Q2 2025, mainly due to new rates at Foothills and incremental earnings from ICH utilities[21] - NW Natural Holdings reaffirms its 2025 adjusted EPS guidance of $2.75 - $2.95[15,30] Growth and Expansion - The company added over 92,000 gas and water utility connections in the last 12 months, representing a combined growth rate of 10.6% as of June 30, 2025, largely driven by Texas acquisitions[15] - Strong first half 2025 organic customer growth of 1.9% (annualized) on a consolidated basis[15] - SiEnergy's combined customer backlog has grown to more than 217,000[16] - Consolidated customer growth of 2.0% – 2.5% is expected in 2025[30] Strategic Initiatives - NW Natural Holdings expects to issue $65 – $75 million in equity for the full year 2025[31] - The company completed the acquisition of Pines gas utility (formerly Hughes), adding scale to SiEnergy[15] - A settlement was reached in NW Natural's Oregon general rate case, providing a $21.3 million revenue requirement increase and a 9.5% ROE[16]

Financial Performance - Q3 FY25 adjusted earnings were $001 per share, compared to $(014) in Q3 FY24[8] - The company affirms FY25 adjusted EPS guidance range of $440 to $460[8] - Q3 YTD FY25 capex reached $700 million, driven by Gas Utility investment[26] - The company raised FY25 capex target to $875 million from $840 million[26] Strategic Initiatives - The company entered into an agreement to acquire the Piedmont Natural Gas Tennessee business from Duke Energy for $248 billion[8] - Combined investment opportunities related to the Piedmont Natural Gas Tennessee acquisition are estimated at $44 billion over five years (2025-2029)[10] - The company's 10-year capex plan remains at $74 billion (FY25-FY34)[8, 30] Regulatory Updates - A unanimous settlement agreement was filed on August 4, 2025, in the Missouri rate case, projecting a $210 million annual revenue increase[8, 15] - The Missouri Public Service Commission (MoPSC) approved $190 million in Infrastructure System Replacement Surcharge (ISRS) revenues, effective May 2025[8] - The new rates in Missouri are expected to be effective October 24, 2025, leading to an average residential customer bill increase of approximately 11%, or around $9 per month[15] Growth Outlook - The company maintains a long-term adjusted EPS growth target of 5-7%, using the original FY24 guidance midpoint of $435 as a base[8, 9]

Key Takeaways Sempra Energy (SRE) is scheduled to release its second-quarter 2025 results on Aug. 7, before market open. The company delivered an earnings surprise of 19.01% in the last reported quarter. However, SRE has a negative four-quarter average earnings surprise of 2.07%. Let's discuss the factors that are likely to be reflected in the upcoming quarterly results. What Our Model Predicts for SRE Factors at Play Ahead of SRE's Q2 Results The majority of SRE's service territories experienced warmer-tha ...

Core Insights - Spire reported revenue of $421.9 million for the quarter ended June 2025, reflecting a year-over-year increase of 1.9% and surpassing the Zacks Consensus Estimate by 2.16% [1] - The company achieved an EPS of $0.01, a significant improvement from -$0.14 in the same quarter last year, resulting in an EPS surprise of 111.11% [1] Revenue Performance - Operating Revenues from Gas Utility were $347.5 million, which was below the estimated $356.49 million, marking a decline of 6.8% year-over-year [4] - Gas Marketing revenues reached $43.1 million, exceeding the average estimate of $20.22 million, representing a substantial increase of 103.3% year-over-year [4] - Midstream revenues were reported at $42.2 million, surpassing the estimate of $31.86 million, with a year-over-year growth of 29.9% [4] - Other revenues amounted to $5.7 million, exceeding the estimate of $4.47 million, reflecting an 18.8% increase year-over-year [4] - Eliminations reported a figure of -$16.6 million, slightly better than the estimated -$17 million, with a year-over-year change of -2.9% [4] Operating Income - Operating Income from Gas Marketing was $28.7 million, significantly higher than the estimated $1.48 million [4] - Midstream Operating Income was reported at $23.8 million, exceeding the average estimate of $18.55 million [4] - Gas Utility Operating Income was $16.6 million, which fell short of the estimated $23.65 million [4] - Other Operating Income was $0.1 million, compared to the estimated -$0.23 million [4] Stock Performance - Spire's shares have returned 2.6% over the past month, outperforming the Zacks S&P 500 composite's 1% 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]

Core Insights - Atmos Energy (ATO) is expected to report quarterly earnings of $1.17 per share, an increase of 8.3% year-over-year, with revenues projected at $940.91 million, reflecting a 34.1% increase compared to the same period last year [1] - There has been a downward revision of 3.4% in the consensus EPS estimate over the past 30 days, indicating a collective reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [3] Revenue and Income Estimates - Analysts predict 'Operating revenues- Pipeline and storage segment' to be $275.53 million, showing a year-over-year increase of 9.9% [5] - The 'Operating revenues- Distribution segment' is forecasted to reach $662.21 million, indicating a year-over-year change of 4.6% [5] - Estimated 'Operating Income- Pipeline and Storage' is projected at $159.21 million, up from $137.15 million reported in the same quarter last year [6] - 'Operating Income- Distribution' is expected to be $102.08 million, compared to $83.12 million reported in the same quarter of the previous year [6] Market Performance - Atmos shares have increased by 2.3% over the past month, outperforming the Zacks S&P 500 composite, which moved up by 0.6% [6] - The company holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [6]