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Spire Inc. (SR0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in operating revenues to $669.1 million from $756.6 million in the same quarter the previous year. The decrease is attributed to lower gas cost recoveries and lower volumetric usage.
Operating income for the quarter was $148.8 million, compared to $139.2 million in the previous year. The increase is due to improved performance in the Midstream segment and higher contribution margins.
Net income for the quarter was $81.3 million, down from $85.1 million in the previous year. The decrease is primarily due to lower other income and higher interest expenses.
Spire Missouri reported a decrease in operating revenues to $457.5 million from $535.4 million in the previous year, mainly due to lower gas cost recoveries and decreased customer usage.
Spire Alabama's operating revenues decreased to $120.4 million from $142.1 million in the previous year, with the decrease driven by lower gas cost recovery and lower gross receipts taxes.
Gas Marketing segment reported a decrease in net income by $9.0 million due to reduced volatility in regional basis differentials and higher transportation and storage fees.
Midstream segment net income increased by $11.1 million, driven by higher storage capacity and contract renewals at higher rates.
Cash provided by operating activities was $81.1 million, while cash used in investing and financing activities was $260.1 million and $186.0 million, respectively.
Spire Inc.'s total assets as of December 31, 2024, were $11,275.8 million, up from $10,860.7 million at the end of the previous fiscal year.
The filing also details various regulatory matters, including a general rate case filed by Spire Missouri with the Missouri Public Service Commission for a proposed base rate increase.
Spire Inc. maintains its investment-grade credit ratings with a stable outlook from both Standard & Poor’s and Moody’s.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spire Inc. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.