Exhibit 99.1

 

 

Investor Contact:

 

Scott W. Dudley Jr.

 

314-342-0878

 

Scott.Dudley@SpireEnergy.com

 

 

 

Media Contact:

 

Jessica B. Willingham

 

314-342-3300

 

Jessica.Willingham@SpireEnergy.com


For Immediate Release

 

Spire Reports Solid FY20 Results

Launches long-term EPS growth target of 5-7% and 5-year, $3.0 billion capital investment plan

 

ST. LOUIS (Nov. 18, 2020)

- Spire Inc. (NYSE: SR) today reported results for its fiscal 2020 full year ended September 30. Highlights include:

Net income of $89 million ($1.44 per diluted share) compared to $185 million ($3.52 per share) in fiscal 2019

Net economic earnings (NEE)* of $208 million ($3.76 per share), up from $195 million ($3.73 per share) a year ago

Long-term NEE per share growth raised to 5-7%; expect fiscal 2021 NEE per share of $4.00 - $4.20

Capital spend plan through 2025 supports commitment to infrastructure upgrades and sustainability   

Thanks to the commitment and resilience of our employees, Spire delivered a strong year for our shareholders, customers and communities. Even during the coronavirus, we focused on our strategic priorities and achieved further gains in the safety and integrity of our natural gas delivery system, customer service, and reductions in methane emissions, in keeping with our sustainability commitment to achieve carbon neutrality by midcentury. Even with the immense challenges—health, social and economic—we pulled together as a company to ensure the safety and well-being of our workforce, customers and communities. And, I’m proud to say, through it all, we applied our innovative thinking to establish new ways to help our customers stay connected to the energy they need,” said Suzanne Sitherwood, president and chief executive officer of Spire. “Looking ahead, we’ll continue to invest in and innovate around enhancing our operating performance including customer service, and delivering on our ESG commitments, while achieving targeted earnings growth of 5-7%.”

 

Fiscal Year Results

 

Year Ended September 30,

 

 

 

(Millions)

 

 

(Per Diluted Common Share)

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Economic Earnings* by Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility

 

$

213.4

 

 

$

199.8

 

 

 

 

 

 

 

 

 

Gas Marketing

 

 

9.1

 

 

 

19.4

 

 

 

 

 

 

 

 

 

Other

 

 

(14.7

)

 

 

(24.1

)

 

 

 

 

 

 

 

 

Total

 

$

207.8

 

 

$

195.1

 

 

$

3.76

 

 

$

3.73

 

Impairments, pre-tax

 

 

(148.6

)

 

 

 

 

 

(2.89

)

 

 

 

Provision for ISRS rulings, pre-tax

 

 

 

 

 

(12.2

)

 

 

 

 

 

(0.23

)

All other adjustments, including tax effects

 

 

29.4

 

 

 

1.7

 

 

 

0.57

 

 

 

0.02

 

Net Income

 

$

88.6

 

 

$

184.6

 

 

$

1.44

 

 

$

3.52

 

Weighted Average Diluted Shares Outstanding

 

 

51.3

 

 

 

50.8

 

 

 

 

 

 

 

 

 

*Non-GAAP, see “Net Economic Earnings and Reconciliation to GAAP.”

 


The following information was filed by Spire Inc (SR) on Wednesday, November 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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