Spire reports FY26 second quarter results
- Completed acquisition of the Piedmont Natural Gas Tennessee business on
March 31, 2026 - Following quarter-end, completed sale of
Spire Marketing ; announced agreements to sell Spire Storage andSpire Mississippi - Second quarter net income of
$217.6 million ($3.51 per diluted share) compared to$189.3 million ($3.17 per share) a year ago - Second quarter adjusted earnings* from continuing operations of
$223.7 million ($3.76 per share) compared to$189.3 million ($3.17 per share) a year ago - Second quarter net income and adjusted earnings reflect the classification of
Spire Marketing and Spire Storage as discontinued operations, with prior-period results presented accordingly - Updated fiscal 2026 adjusted earnings guidance from continuing operations to
$3 .90–$4.10 - Reaffirmed fiscal 2027 adjusted earnings guidance range of
$5 .40–$5.60 - Reaffirmed long-term adjusted earnings growth target of 5-7%
During fiscal 2026, Spire continued to focus on its regulated gas utility businesses, enhancing its risk profile and improving long-term earnings visibility. As previously announced, Spire entered into agreements to sell
Second quarter results reflected solid performance across Spire's gas utilities, supported by new rates, infrastructure investment and disciplined cost management. Earnings improved quarter-over-quarter, primarily driven by new
"Our second quarter results demonstrate continued progress as we focus on our core regulated gas utility businesses," said
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Second Quarter Results |
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Three Months Ended |
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(Millions) |
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(Per Diluted Common Share) |
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2026 |
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2025 |
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2026 |
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|
2025 |
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Adjusted Earnings* (Loss) by Segment |
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Gas Utility Segment |
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$ |
234.8 |
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$ |
195.2 |
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Other |
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(11.1) |
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(5.9) |
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Total |
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$ |
223.7 |
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|
$ |
189.3 |
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$ |
3.76 |
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$ |
3.17 |
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Ajustments, pre-tax: |
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Acquisition activities1 |
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|
(30.8) |
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— |
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|
|
(0.52) |
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|
|
— |
|
|
|
|
|
(3.9) |
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|
|
— |
|
|
|
(0.07) |
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|
|
— |
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Gain on sale of subsidiary |
|
|
28.9 |
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|
|
— |
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|
|
0.49 |
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|
|
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Income tax effect of adjustments |
|
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(0.3) |
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|
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— |
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|
|
(0.01) |
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— |
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Preferred share redemption cost |
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|
|
|
|
|
|
|
(0.14) |
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|
|
— |
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Net Income |
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$ |
217.6 |
|
|
$ |
189.3 |
|
|
$ |
3.51 |
|
|
$ |
3.17 |
|
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Weighted Average Diluted Shares Outstanding |
|
|
59.2 |
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|
58.5 |
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*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP."
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(1) Includes transaction, transition and financing costs for the Piedmont Tennessee Transaction. |
Adjusted earnings exclude from net income, as applicable, the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of other non-recurring or unusual items such as impairments and certain regulatory, legislative, or GAAP standard-setting actions. Second quarter fiscal 2026 excludes redemption costs from the redemption of preferred stock. In addition, adjusted earnings per share would exclude the impact, in the fiscal year of issuance, of any shares issued to finance such activities that have yet to be included in adjusted earnings.
Continuing operations
For the second fiscal quarter of 2026, Spire reported consolidated net income of
Gas Utility fiscal 2026 second quarter adjusted earnings were
Contribution margin was higher by
After adjusting for the impact of a pension reclass and bad debt expense, operation and maintenance expense was
Depreciation expense increased
Spire's other activities reported an adjusted loss from continuing operations of
Discontinued operations
Spire's adjusted earnings from discontinued operations increased from
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Year-to-Date Results |
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Six Months Ended |
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(Millions) |
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(Per Diluted Common Share) |
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2026 |
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|
2025 |
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|
2026 |
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2025 |
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Adjusted Earnings (Loss)* by Segment |
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|
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Gas Utility Segment |
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$ |
338.7 |
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$ |
273.0 |
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Other |
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(21.2) |
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(11.6) |
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Total |
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$ |
317.5 |
|
|
$ |
261.4 |
|
|
$ |
5.28 |
|
|
$ |
4.36 |
|
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Adjustments, pre-tax: |
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|||||||||||||||
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Acquisition activities1 |
|
|
(38.8) |
|
|
|
— |
|
|
|
(0.66) |
|
|
|
— |
|
|
|
|
|
(3.9) |
|
|
|
— |
|
|
|
(0.07) |
|
|
|
— |
|
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Gain on sale of subsidiary |
|
|
28.9 |
|
|
|
— |
|
|
|
0.49 |
|
|
|
|
|
|
Income tax effect of adjustments |
|
|
1.7 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
Preferred share redemption costs |
|
|
|
|
|
|
|
|
(0.14) |
|
|
|
— |
|
||
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Net Income |
|
$ |
305.4 |
|
|
$ |
261.4 |
|
|
$ |
4.93 |
|
|
$ |
4.36 |
|
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Weighted Average Diluted Shares Outstanding |
|
|
59.2 |
|
|
|
58.2 |
|
|
|
|
|
|
|
||
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*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP."
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(1) Includes transaction, transition and financing costs for the Piedmont Tennessee Transaction. |
Continuing operations
For the first six months of fiscal 2026, Spire reported consolidated net income of
Gas Utility results reflect solid performance across all utilities. Earnings were higher primarily due to new
Spire's other activities reflect higher corporates costs and interest expense in the current year.
Discontinued operations
Spire's adjusted earnings from discontinued operations increased from
Guidance and Outlook
Spire is updating its fiscal 2026 adjusted earnings guidance from continuing operations and reaffirming its fiscal 2027 guidance and long-term adjusted earnings growth target of 5-7%, underscoring the consistency of its long-term growth strategy and the strength of its regulated utilities.
Spire now expects fiscal 2026 adjusted earnings from continuing operations to be in the range of
Spire continues to expect fiscal 2027 adjusted EPS to be in the range of
Our 10-year
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss its fiscal 2026 second quarter financial results. To access the call, please dial the applicable number approximately 5–10 minutes in advance.
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Date and Time: |
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Phone Numbers: |
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844-824-3832 |
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International: |
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412-317-5142 |
The webcast can be accessed at Investors.SpireEnergy.com under Events & Presentations. A replay of the call will be available until
About Spire
At Spire (NYSE: SR), our vision is to deliver a stronger energy future as an industry-leading natural gas provider. We safely and reliably serve the natural gas needs of close to 2 million homes and businesses through gas utilities in
Forward-Looking Information and Non-GAAP Measures
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding our expectations, plans and objectives for future performance, future operating results, earnings guidance, capital investment plans, and the expected timing and benefits of, and risks associated with, acquisitions, dispositions and related integration and transition activities (including the acquisition of the Piedmont Natural Gas Tennessee business, the sale of
This news release includes the non-GAAP financial measures of "adjusted earnings," "adjusted earnings per share," and "contribution margin." Management also uses these non-GAAP measures internally when evaluating the Company's performance and results of operations. Adjusted earnings exclude from net income, to the extent incurred in a given period, the impacts of acquisition, divestiture and restructuring activities and the largely non-cash impacts of impairments, and the impacts of certain regulatory, legislative, or GAAP standard-setting actions. Contribution margin adjusts revenues to remove the costs that are directly passed on to customers and collected through revenues, which are the wholesale cost of natural gas and gross receipts taxes. These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as operating income, net income, or earnings per share.
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Condensed Consolidated Statements of Income – Unaudited |
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(In Millions, except per share amounts) |
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Three Months Ended
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Six Months Ended
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2026 |
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2025 |
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2026 |
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2025 |
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Operating Revenues |
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$ |
1,020.0 |
|
|
$ |
976.4 |
|
|
$ |
1,718.7 |
|
|
$ |
1,594.4 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Natural gas |
|
|
395.3 |
|
|
|
422.7 |
|
|
|
669.1 |
|
|
|
668.0 |
|
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Operation and maintenance |
|
|
153.6 |
|
|
|
127.5 |
|
|
|
284.2 |
|
|
|
245.7 |
|
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Depreciation and amortization |
|
|
84.5 |
|
|
|
72.4 |
|
|
|
162.2 |
|
|
|
143.3 |
|
|
Taxes, other than income taxes |
|
|
83.1 |
|
|
|
75.9 |
|
|
|
137.8 |
|
|
|
124.6 |
|
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Total Operating Expenses |
|
|
716.5 |
|
|
|
698.5 |
|
|
|
1,253.3 |
|
|
|
1,181.6 |
|
|
Operating Income |
|
|
303.5 |
|
|
|
277.9 |
|
|
|
465.4 |
|
|
|
412.8 |
|
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Interest Expense, Net |
|
|
(62.6) |
|
|
|
(45.3) |
|
|
|
(120.6) |
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|
|
(91.5) |
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Other Income, Net |
|
|
4.4 |
|
|
|
3.0 |
|
|
|
9.7 |
|
|
|
3.6 |
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Goodwill Impairment |
|
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(3.9) |
|
|
|
— |
|
|
|
(3.9) |
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|
— |
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Gain on Sale of Subsidiary |
|
|
28.9 |
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|
|
— |
|
|
|
28.9 |
|
|
|
— |
|
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Income From Continuing Operations Before Income Taxes |
|
|
270.3 |
|
|
|
235.6 |
|
|
|
379.5 |
|
|
|
324.9 |
|
|
Income Tax Expense |
|
|
52.7 |
|
|
|
46.3 |
|
|
|
74.1 |
|
|
|
63.5 |
|
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Net Income From Continuing Operations |
|
|
217.6 |
|
|
|
189.3 |
|
|
|
305.4 |
|
|
|
261.4 |
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Net Income From Discontinued Operations, net of tax |
|
|
64.6 |
|
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|
20.0 |
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|
71.8 |
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|
|
29.2 |
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Net Income |
|
|
282.2 |
|
|
|
209.3 |
|
|
|
377.2 |
|
|
|
290.6 |
|
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Provision for preferred dividends |
|
|
1.5 |
|
|
|
3.7 |
|
|
|
5.2 |
|
|
|
7.4 |
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Income allocated to participating securities |
|
|
0.4 |
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|
|
0.3 |
|
|
|
0.5 |
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|
0.4 |
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Preferred share redemption costs |
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|
8.0 |
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|
— |
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|
8.0 |
|
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|
— |
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Net Income Available to Common Shareholders |
|
$ |
272.3 |
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|
$ |
205.3 |
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|
$ |
363.5 |
|
|
$ |
282.8 |
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Weighted Average Number of Shares Outstanding: |
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|
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Basic |
|
|
59.0 |
|
|
|
58.3 |
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|
|
59.0 |
|
|
|
58.0 |
|
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Diluted |
|
|
59.2 |
|
|
|
58.5 |
|
|
|
59.2 |
|
|
|
58.2 |
|
|
|
|
|
|
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|
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Basic Earnings Per Common Share - Continuing Operations |
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$ |
3.52 |
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$ |
3.18 |
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$ |
4.95 |
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$ |
4.37 |
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Diluted Earnings Per Common Share -Continuing Operations |
|
$ |
3.51 |
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$ |
3.17 |
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$ |
4.93 |
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$ |
4.36 |
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Basic Earnings Per Common Share - Discontinued Operations |
|
$ |
1.09 |
|
|
$ |
0.34 |
|
|
$ |
1.21 |
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|
$ |
0.51 |
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Diluted Earnings Per Common Share -Discontinued Operations |
|
$ |
1.09 |
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$ |
0.34 |
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$ |
1.21 |
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$ |
0.50 |
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Basic Earnings Per Common Share |
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$ |
4.61 |
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$ |
3.52 |
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$ |
6.16 |
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$ |
4.88 |
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Diluted Earnings Per Common Share |
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$ |
4.60 |
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$ |
3.51 |
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$ |
6.14 |
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$ |
4.86 |
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Dividends Declared Per Common Share |
|
$ |
0.825 |
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$ |
0.785 |
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$ |
1.650 |
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$ |
1.570 |
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Condensed Consolidated Balance Sheets – Unaudited |
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(In Millions) |
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2026 |
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2025 |
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2025 |
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ASSETS |
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Utility Plant |
|
$ |
11,818.1 |
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|
$ |
9,330.4 |
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$ |
9,077.2 |
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Less: Accumulated depreciation and amortization |
|
|
3,058.0 |
|
|
|
2,577.4 |
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|
2,575.1 |
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Net Utility Plant |
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|
8,760.1 |
|
|
|
6,753.0 |
|
|
|
6,502.1 |
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Non-utility Property |
|
|
557.1 |
|
|
|
568.1 |
|
|
|
573.8 |
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Other Investments |
|
|
127.3 |
|
|
|
126.6 |
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|
116.6 |
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Total Other Property and Investments |
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|
684.4 |
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|
694.7 |
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|
690.4 |
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Current Assets: |
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Cash and cash equivalents |
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|
49.5 |
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|
5.7 |
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|
15.2 |
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Accounts receivable, net |
|
|
415.7 |
|
|
|
210.3 |
|
|
|
391.7 |
|
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Inventories |
|
|
182.1 |
|
|
|
248.4 |
|
|
|
165.0 |
|
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Other |
|
|
215.8 |
|
|
|
160.8 |
|
|
|
135.2 |
|
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Assets held for sale |
|
|
725.3 |
|
|
|
182.7 |
|
|
|
200.9 |
|
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Total Current Assets |
|
|
1,588.4 |
|
|
|
807.9 |
|
|
|
908.0 |
|
|
|
|
|
|
|
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|
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|||
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Deferred Charges and Other Assets |
|
|
3,637.3 |
|
|
|
2,873.8 |
|
|
|
2,807.0 |
|
|
Assets held for sale |
|
|
— |
|
|
|
445.9 |
|
|
|
439.2 |
|
|
Total Assets |
|
$ |
14,670.2 |
|
|
$ |
11,575.3 |
|
|
$ |
11,346.7 |
|
|
|
|
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|
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CAPITALIZATION AND LIABILITIES |
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Capitalization: |
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|
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|
|||
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Preferred stock |
|
$ |
- |
|
|
$ |
242.0 |
|
|
$ |
242.0 |
|
|
Common stock and paid-in capital |
|
|
2,043.3 |
|
|
|
2,040.4 |
|
|
|
2,036.4 |
|
|
Retained earnings |
|
|
1,350.0 |
|
|
|
1,087.6 |
|
|
|
1,207.6 |
|
|
Accumulated other comprehensive income |
|
|
24.5 |
|
|
|
19.4 |
|
|
|
22.7 |
|
|
Total Shareholders' Equity |
|
|
3,417.8 |
|
|
|
3,389.4 |
|
|
|
3,508.7 |
|
|
Temporary equity |
|
|
7.2 |
|
|
|
6.1 |
|
|
|
9.3 |
|
|
Long-term debt (less current portion) |
|
|
5,762.0 |
|
|
|
3,369.4 |
|
|
|
3,348.5 |
|
|
Total Capitalization |
|
|
9,187.0 |
|
|
|
6,764.9 |
|
|
|
6,866.5 |
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|||
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Current portion of long-term debt |
|
|
238.1 |
|
|
|
487.5 |
|
|
|
392.5 |
|
|
Notes payable |
|
|
1,955.0 |
|
|
|
1,317.0 |
|
|
|
1,015.0 |
|
|
Accounts payable |
|
|
185.2 |
|
|
|
156.3 |
|
|
|
161.0 |
|
|
Accrued liabilities and other |
|
|
397.1 |
|
|
|
463.5 |
|
|
|
364.6 |
|
|
Liabilities associated with assets held for sale |
|
|
134.7 |
|
|
|
124.2 |
|
|
|
179.3 |
|
|
Total Current Liabilities |
|
|
2,910.1 |
|
|
|
2,548.5 |
|
|
|
2,112.4 |
|
|
Deferred Credits and Other Liabilities: |
|
|
|
|
|
|
|
|
|
|||
|
Deferred income taxes |
|
|
984.9 |
|
|
|
887.4 |
|
|
|
890.7 |
|
|
Pension and postretirement benefit costs |
|
|
48.5 |
|
|
|
74.7 |
|
|
|
110.8 |
|
|
Asset retirement obligations |
|
|
590.6 |
|
|
|
577.7 |
|
|
|
586.8 |
|
|
Regulatory liabilities |
|
|
806.0 |
|
|
|
578.0 |
|
|
|
637.0 |
|
|
Other |
|
|
143.1 |
|
|
|
136.7 |
|
|
|
134.6 |
|
|
Liabilities associated with assets held for sale |
|
|
— |
|
|
|
7.4 |
|
|
|
7.9 |
|
|
Total Deferred Credits and Other Liabilities |
|
|
2,573.1 |
|
|
|
2,261.9 |
|
|
|
2,367.8 |
|
|
Total Capitalization and Liabilities |
|
$ |
14,670.2 |
|
|
$ |
11,575.3 |
|
|
$ |
11,346.7 |
|
|
Condensed Consolidated Statements of Cash Flows – Unaudited |
||||||||
|
|
|
|
|
|||||
|
(In Millions) |
|
Six Months Ended
|
|
|||||
|
|
|
2026 |
|
|
2025 |
|
||
|
Operating Activities: |
|
|
|
|
|
|
||
|
Net Income |
|
$ |
377.2 |
|
|
$ |
290.6 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
169.1 |
|
|
|
146.0 |
|
|
Deferred income taxes and investment tax credits |
|
|
96.6 |
|
|
|
71.8 |
|
|
Changes in assets and liabilities |
|
|
(139.7) |
|
|
|
(59.5) |
|
|
Other |
|
|
(11.8) |
|
|
|
4.9 |
|
|
Net cash provided by operating activities |
|
|
491.4 |
|
|
|
453.8 |
|
|
|
|
|
|
|
|
|
||
|
Investing Activities: |
|
|
|
|
|
|
||
|
Capital expenditures |
|
|
(395.0) |
|
|
|
(479.2) |
|
|
Business acquisitions, net of cash acquired |
|
|
(2,500.8) |
|
|
|
— |
|
|
Other |
|
|
29.5 |
|
|
|
1.9 |
|
|
Net cash used in investing activities |
|
|
(2,866.3) |
|
|
|
(477.3) |
|
|
|
|
|
|
|
|
|
||
|
Financing Activities: |
|
|
|
|
|
|
||
|
Issuance of long-term debt |
|
|
2,497.1 |
|
|
|
— |
|
|
Repayment of long-term debt |
|
|
(357.5) |
|
|
|
(7.0) |
|
|
Redemption of preferred shares |
|
|
(242.0) |
|
|
|
— |
|
|
Preferred share redemption cost |
|
|
(8.0) |
|
|
|
— |
|
|
Issuance of delayed draw term loan |
|
|
800.0 |
|
|
|
— |
|
|
(Repayment) issuance of short-term debt, net |
|
|
(162.0) |
|
|
|
68.0 |
|
|
Issuance of common stock |
|
|
0.7 |
|
|
|
75.6 |
|
|
Dividends paid on common stock |
|
|
(96.1) |
|
|
|
(90.0) |
|
|
Dividends paid on preferred stock |
|
|
(7.4) |
|
|
|
(7.4) |
|
|
Other |
|
|
(5.5) |
|
|
|
(4.6) |
|
|
Net cash provided by financing activities |
|
|
2,419.3 |
|
|
|
34.6 |
|
|
|
|
|
|
|
|
|
||
|
Net Increase in Cash, Cash Equivalents, and Restricted Cash |
|
|
44.4 |
|
|
|
11.1 |
|
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period |
|
|
41.2 |
|
|
|
34.9 |
|
|
Cash, Cash Equivalents, and Restricted Cash at End of Period |
|
$ |
85.6 |
|
|
$ |
46.0 |
|
|
Adjusted Earnings and Reconciliation to GAAP Continuing Operations |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(In Millions, except per share amounts) |
|
Gas
|
|
|
Other |
|
|
Total |
|
|
Per
|
|
||||
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Income (Loss) [GAAP] |
|
$ |
231.8 |
|
|
$ |
(14.2) |
|
|
$ |
217.6 |
|
|
$ |
3.51 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Acquisition activities(1) |
|
|
— |
|
|
|
30.8 |
|
|
|
30.8 |
|
|
|
0.52 |
|
|
Goodwill Impairment |
|
|
3.9 |
|
|
|
— |
|
|
|
3.9 |
|
|
|
0.07 |
|
|
Divestiture activities |
|
|
— |
|
|
|
(28.9) |
|
|
|
(28.9) |
|
|
|
(0.49) |
|
|
Income tax effect of adjustments (2) |
|
|
(0.9) |
|
|
|
1.2 |
|
|
|
0.3 |
|
|
|
0.01 |
|
|
Preferred share redemption costs(3) |
|
|
|
|
|
|
|
|
|
|
|
0.14 |
|
|||
|
Adjusted Earnings (Loss) [Non-GAAP] |
|
$ |
234.8 |
|
|
$ |
(11.1) |
|
|
$ |
223.7 |
|
|
$ |
3.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Income (Loss) [GAAP] and Adjusted Earnings (Loss) [Non-GAAP] |
|
$ |
195.2 |
|
|
$ |
(5.9) |
|
|
$ |
189.3 |
|
|
$ |
3.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Gas
|
|
|
Other |
|
|
Total |
|
|
Per
|
|
||||
|
Six Months ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Income (Loss) [GAAP] |
|
$ |
335.7 |
|
|
$ |
(30.3) |
|
|
$ |
305.4 |
|
|
$ |
4.93 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Acquisition activities(1) |
|
|
— |
|
|
|
38.8 |
|
|
|
38.8 |
|
|
|
0.66 |
|
|
Goodwill Impairment |
|
|
3.9 |
|
|
|
— |
|
|
|
3.9 |
|
|
|
0.07 |
|
|
Divestiture activities |
|
|
— |
|
|
|
(28.9) |
|
|
|
(28.9) |
|
|
|
(0.49) |
|
|
Income tax effect of adjustments (2) |
|
|
(0.9) |
|
|
|
(0.8) |
|
|
|
(1.7) |
|
|
|
(0.03) |
|
|
Preferred share redemption costs(3) |
|
|
|
|
|
|
|
|
|
|
|
0.14 |
|
|||
|
Adjusted Earnings (Loss) [Non-GAAP] |
|
$ |
338.7 |
|
|
$ |
(21.2) |
|
|
$ |
317.5 |
|
|
$ |
5.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Income (Loss) [GAAP] and Adjusted Earnings (Loss) [Non-GAAP] |
|
$ |
273.0 |
|
|
$ |
(11.6) |
|
|
$ |
261.4 |
|
|
$ |
4.36 |
|
|
|
|
(1) Includes transaction, transition and financing costs for the Piedmont Tennessee Transaction. |
|
|
|
(2) Income tax adjustments include amounts calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items.
(3) Adjusted earnings per share is calculated by replacing consolidated net income with consolidated adjusted earnings in the GAAP diluted EPS calculation, which includes reductions for cumulative preferred dividends and participating shares and in quarter two of 2026, excludes the impact of the |
|
Contribution Margin and Reconciliation to GAAP Continuing Operations |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(In Millions) |
|
Gas |
|
|
Other |
|
|
Elimi- |
|
|
Consoli- |
|
||||
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating Income (Loss) [GAAP] |
|
$ |
325.1 |
|
|
$ |
(21.6) |
|
|
$ |
— |
|
|
$ |
303.5 |
|
|
Operation and maintenance |
|
|
122.0 |
|
|
|
36.2 |
|
|
|
(4.6) |
|
|
|
153.6 |
|
|
Depreciation and amortization |
|
|
81.6 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
84.5 |
|
|
Taxes, other than income taxes |
|
|
82.3 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
83.1 |
|
|
Less: Gross receipts tax expense |
|
|
(56.3) |
|
|
|
— |
|
|
|
— |
|
|
|
(56.3) |
|
|
Contribution Margin [Non-GAAP] |
|
|
554.7 |
|
|
|
18.3 |
|
|
|
(4.6) |
|
|
|
568.4 |
|
|
Natural gas costs |
|
|
403.9 |
|
|
|
1.5 |
|
|
|
(10.1) |
|
|
|
395.3 |
|
|
Gross receipts tax expense |
|
|
56.3 |
|
|
|
— |
|
|
|
— |
|
|
|
56.3 |
|
|
Operating Revenues |
|
$ |
1,014.9 |
|
|
$ |
19.8 |
|
|
$ |
(14.7) |
|
|
$ |
1,020.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating Income [GAAP] |
|
$ |
272.0 |
|
|
$ |
5.9 |
|
|
$ |
— |
|
|
$ |
277.9 |
|
|
Operation and maintenance |
|
|
122.8 |
|
|
|
9.2 |
|
|
|
(4.5) |
|
|
|
127.5 |
|
|
Depreciation and amortization |
|
|
69.5 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
72.4 |
|
|
Taxes, other than income taxes |
|
|
75.1 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
75.9 |
|
|
Less: Gross receipts tax expense |
|
|
(55.1) |
|
|
|
— |
|
|
|
— |
|
|
|
(55.1) |
|
|
Contribution Margin [Non-GAAP] |
|
|
484.3 |
|
|
|
18.8 |
|
|
|
(4.5) |
|
|
|
498.6 |
|
|
Natural gas costs |
|
|
430.8 |
|
|
|
1.8 |
|
|
|
(9.9) |
|
|
|
422.7 |
|
|
Gross receipts tax expense |
|
|
55.1 |
|
|
|
— |
|
|
|
— |
|
|
|
55.1 |
|
|
Operating Revenues |
|
$ |
970.2 |
|
|
$ |
20.6 |
|
|
$ |
(14.4) |
|
|
$ |
976.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating Income (Loss) [GAAP] |
|
$ |
486.7 |
|
|
$ |
(21.3) |
|
|
$ |
— |
|
|
$ |
465.4 |
|
|
Operation and maintenance expenses |
|
|
241.7 |
|
|
|
51.7 |
|
|
|
(9.2) |
|
|
|
284.2 |
|
|
Depreciation and amortization |
|
|
156.4 |
|
|
|
5.8 |
|
|
|
— |
|
|
|
162.2 |
|
|
Taxes, other than income taxes |
|
|
136.3 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
137.8 |
|
|
Less: Gross receipts tax expense |
|
|
(86.2) |
|
|
|
— |
|
|
|
— |
|
|
|
(86.2) |
|
|
Contribution Margin [Non-GAAP] |
|
|
934.9 |
|
|
|
37.7 |
|
|
|
(9.2) |
|
|
|
963.4 |
|
|
Natural gas costs |
|
|
687.1 |
|
|
|
2.3 |
|
|
|
(20.3) |
|
|
|
669.1 |
|
|
Gross receipts tax expense |
|
|
86.2 |
|
|
|
— |
|
|
|
— |
|
|
|
86.2 |
|
|
Operating Revenues |
|
$ |
1,708.2 |
|
|
$ |
40.0 |
|
|
$ |
(29.5) |
|
|
$ |
1,718.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating Income [GAAP] |
|
$ |
399.8 |
|
|
$ |
13.0 |
|
|
$ |
— |
|
|
$ |
412.8 |
|
|
Operation and maintenance expenses |
|
|
237.8 |
|
|
|
16.7 |
|
|
|
(8.8) |
|
|
|
245.7 |
|
|
Depreciation and amortization |
|
|
137.6 |
|
|
|
5.7 |
|
|
|
— |
|
|
|
143.3 |
|
|
Taxes, other than income taxes |
|
|
123.1 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
124.6 |
|
|
Less: Gross receipts tax expense |
|
|
(81.8) |
|
|
|
— |
|
|
|
— |
|
|
|
(81.8) |
|
|
Contribution Margin [Non-GAAP] |
|
|
816.5 |
|
|
|
36.9 |
|
|
|
(8.8) |
|
|
|
844.6 |
|
|
Natural gas costs |
|
|
685.4 |
|
|
|
2.5 |
|
|
|
(19.9) |
|
|
|
668.0 |
|
|
Gross receipts tax expense |
|
|
81.8 |
|
|
|
— |
|
|
|
— |
|
|
|
81.8 |
|
|
Operating Revenues |
|
$ |
1,583.7 |
|
|
$ |
39.4 |
|
|
$ |
(28.7) |
|
|
$ |
1,594.4 |
|
Investor Contact:
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
314-342-3300
Jason.Merrill@SpireEnergy.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/spire-reports-fy26-second-quarter-results-302763437.html
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