- Net loss of $21.6 million, or ($0.48) per diluted share, compared to a net loss of $1.4 million, or ($0.10) per share, in the prior year
- On a net economic earnings* basis, a loss of $18.6 million, or ($0.42) per share, down from earnings of $4.1 million, or $0.01 per share, a year ago
- Fiscal 2023 net economic earnings guidance range lowered to $4.15–$4.25 per share
"Our results for the quarter reflect the impact of higher costs, timing of regulatory adjustments and mild weather. In addition, we experienced less favorable market conditions that impacted our marketing and midstream businesses," said Suzanne Sitherwood, president and chief executive officer of Spire. "I am proud of the hard work by our dedicated employees who continue their strong focus on serving customers well and overall delivering solid operating performance. Together, we will continue to drive long-term value by investing in growth and innovation as natural gas continues to play a key role in a sustainable energy future."
Third Quarter Results |
| Three Months Ended June 30, |
| |||||||||||||
|
|
| (Millions) |
|
| (Per Diluted Common Share) |
| ||||||||||
|
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| ||||
Net Economic (Loss) Earnings* by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility |
| $ | (12.3) |
|
| $ | 4.2 |
|
|
|
|
|
|
|
|
|
Gas Marketing |
|
| (2.5) |
|
|
| 0.4 |
|
|
|
|
|
|
|
|
|
Midstream |
|
| 3.6 |
|
|
| 4.3 |
|
|
|
|
|
|
|
|
|
Other |
|
| (7.4) |
|
|
| (4.8) |
|
|
|
|
|
|
|
|
|
| Total |
| $ | (18.6) |
|
| $ | 4.1 |
|
| $ | (0.42) |
|
| $ | 0.01 |
|
| Fair value and timing adjustments, pre-tax |
|
| (3.4) |
|
|
| (7.3) |
|
|
| (0.06) |
|
|
| (0.14) |
|
| Acquisition activities, pre-tax |
|
| (0.5) |
|
|
| — |
|
|
| (0.01) |
|
|
| — |
|
| Income tax adjustments |
|
| 0.9 |
|
|
| 1.8 |
|
|
| 0.01 |
|
|
| 0.03 |
|
| Net Loss |
| $ | (21.6) |
|
| $ | (1.4) |
|
| $ | (0.48) |
|
| $ | (0.10) |
|
| Weighted Average Diluted Shares Outstanding |
|
| 52.5 |
|
|
| 52.2 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| *Non-GAAP, see "Net Economic Earnings and Reconciliation to GAAP." |
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