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]

Core Insights - Spire reported a revenue of $1.05 billion for the quarter ended March 2025, reflecting a decrease of 6.8% year-over-year and falling short of the Zacks Consensus Estimate of $1.09 billion by 3.97% [1] - The company's EPS for the quarter was $3.60, an increase from $3.45 in the same quarter last year, but below the consensus estimate of $3.70, resulting in an EPS surprise of -2.70% [1] Revenue Breakdown - Gas Utility operating revenues were $970.20 million, down 9.6% year-over-year, and below the average estimate of $982.65 million [4] - Gas Marketing operating revenues reached $53.60 million, exceeding the average estimate of $37.64 million, with a year-over-year increase of 16.5% [4] - Midstream operating revenues were $38.40 million, significantly above the average estimate of $28.36 million, marking a year-over-year increase of 78.6% [4] - Other operating revenues totaled $4.90 million, surpassing the average estimate of $4.07 million, with a year-over-year change of 19.5% [4] - Eliminations reported a figure of -$15.80 million, worse than the average estimate of -$4.47 million, with no year-over-year change [4] Operating Income Analysis - Gas Marketing operating income was $12.40 million, below the average estimate of $22.55 million [4] - Midstream operating income reached $21.80 million, exceeding the average estimate of $15.54 million [4] - Gas Utility operating income was $272 million, slightly below the average estimate of $279.87 million [4] - Other operating income was $0.20 million, significantly lower than the average estimate of $15.26 million [4] Stock Performance - Over the past month, Spire's shares have returned -2.2%, compared to a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]