Q3 2024 Spire Inc Earnings Call Transcript
Key Points
- Spire Inc (SR) reported a significant improvement in net economic earnings, with a fiscal third quarter loss of $0.14 per share compared to a loss of $0.42 per share a year ago.
- The company has maintained a strong focus on cost management and operational efficiency, launching initiatives to improve long-term customer affordability.
- Spire Inc (SR) has seen substantial economic development in Missouri and Alabama, with significant investments and job creation in both states.
- The company published its sixth sustainability report, highlighting progress in environmental, safety, people, and governance priorities.
- Spire Inc (SR) continues to invest heavily in infrastructure, with a capital expenditure plan of $7.3 billion over the next 10 years, focusing on modernizing its gas utilities.
- The company experienced lower-than-expected margins due to warm winter weather in Missouri and higher interest rates, impacting overall performance.
- Despite cost-saving initiatives, Spire Inc (SR) faced higher bad debt expenses and increased depreciation costs year-over-year.
- Interest expenses were higher than anticipated, driven by higher interest rates and short-term debt balances.
- The company had to lower its earnings guidance for fiscal year 2024 to $4.15 to $4.25 per share due to the aforementioned headwinds.
- Spire Inc (SR) is preparing for a general rate case in Missouri, which could introduce regulatory uncertainties and potential challenges in updating cost of service, rate base, and rate of return.
Good morning, and welcome to Spire's Fiscal 2024 Third Quarter Earnings Conference Call. (Operator Instructions). Please note that today's event is being recorded.
I would now like to turn the conference over to Megan McPhail, Managing Director of Investor Relations. Please proceed.
Good morning, and welcome to Spire's Fiscal 2024 Third Quarter Earnings Call. We issued an earnings release this morning you may access on our website at spireenergy.com. There is a slide presentation that accompanies our webcast, and you may download it from either the webcast site or from our website.
Before we begin, let me cover our safe harbor statement and use of non-GAAP earnings measures. Today's call, including responses to questions, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although our forward-looking statements are based on reasonable assumptions, there are various uncertainties and risk factors that may cause future performance or
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