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Spire Inc. (SR+1.30%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements showing an increase in net income to $250.9 million from $217.5 million in the previous year. This increase is attributed to higher earnings in the Gas Utility segment.
Operating revenues decreased to $2.593 billion from $2.666 billion, primarily due to lower gas cost recoveries and a decrease in Gas Marketing revenues.
Operating expenses totaled $2.105 billion, down from $2.248 billion, reflecting lower natural gas costs and operation and maintenance expenses.
The Gas Utility segment reported adjusted earnings of $220.8 million, up from $200.5 million, driven by rate adjustments and infrastructure investments.
Gas Marketing experienced a decline in adjusted earnings to $23.4 million from $47.6 million, due to less favorable market conditions.
The Midstream segment's adjusted earnings rose to $33.5 million from $14.1 million, benefiting from increased storage capacity and higher contracted rates.
Spire's capital expenditures for the year were $861.3 million, an increase from $662.5 million, with significant investments in utility infrastructure and midstream projects.
The company issued $495 million in long-term debt and repaid $456.6 million, while short-term debt decreased slightly to $947 million.
Spire declared dividends on common stock totaling $172.9 million for the year, up from $152.5 million in the prior year.
The filing also details various regulatory matters, including rate adjustments and the impact of regulatory accounting on financial statements.
Spire's management continues to focus on strategic growth through infrastructure investments and expansion of midstream operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spire Inc. annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.