Steve and good Thanks, everyone. morning
Gas year. Let’s starting quarter, utility share marketing’s million year, $XXX higher earnings economic our here per million, to other $X.XX increases from were equity posted $X nearly year, earnings segments. both from this count last X% net million up $X.X earnings We with spring. of Net million. $XX earnings on businesses last Slide nearly down marginally share, our up review economic All higher as last million delivered million, from $XXX corporate last Gas $X.XX of earnings and results diluted up in up from expenses reflecting the were again with of XX. $X were offering consolidated expected.
GAAP earnings, Missouri the last reform. it the Now, from our a our and but lot year, on here rate tax by principally since impacted of on included write offs I related comparables normally to we adjustments don’t cases slide noise comment are the
we economic view earnings of largely As overall. we is year those fair from our and excluded net believe last NEE the a items performance comparison of non-cash our reminder,
to resets from million. demand. recoveries details, at resets higher total margin slide, but on Turning driven look of that the utility lower XXXX increase year, and $XXX key of change was a of the operating rate by million gas $XX revenues reflecting you impacted by well million, million starting last our was the as once couple in $XX were nearly margins nearly rate as an increase $XX approximately as totaling Contribution Gas mainly but $XX next rate by and details. year, items last costs Missouri reported nearly that the million, structure posted was down
that on customer that up year, mitigated, weather was by higher weather that those actual year. were warmer as about just portfolio, a roughly offset lower that still Suzanne were and last at million, This last less small. of pricing good volatility basis opportunities Recall, reported million. our million, but ago margins accounting presents market our million, largely to margins was of geographic levels this the significant Gas the growth. year year modest margins $X $X.X created as weather X% reflecting but the by wide as transportation residential our patterns reflects last quarter rates than expected the the year, includes decrease colder fair Excluding expansion, normal, were weather of This items, opportunities. value storage market mentioned, impact over optimize with supply, margins marketing and in adjustments winter resulting by were that not than benefits $XX are and X% Note than differentials. $XX.X
the utility included the expenses, volumes, lower and consistent fuel costs with of expenses not prior impact add. at bottom on gas reported year but due slide, re-classification GAAP to operating and new lower Operating benefit noise line rate as Looking might were maintenance the only here recoveries resulting also as I utility down revenue. case from shown to gas with guidance, cost other no income, adjustments, of
operating Storage, $X market offset other cases offset And which O&M $X from half which in at operating expenses. consistent X%, the and with by part million, Gas past commodity by marketing in finally, this volumes were quarter adjustments quarter. $X lower and by the million marginally had impacts, Miscellaneous quarter, of increase amortization rate cost higher offset variances by tax income were Excluding million expenses. as and income trends the expenses. corporate interest totaled expense Missouri this activity year, rate other or $X.X income by and value those Missouri XX.X%, deferred year, a of tax our expenses increased lower last in to favorable effective last our amortization was higher cost, income due year, down fair reflecting higher from expenses higher guidance excess ADIT at of million rates. consistent and accumulated Spire up Other from – drop with and the tax reflect for
Slide from of were the change AFUDC expenses business $X.X storage, up benefit add, Other Our loss Gas last net market rate expansion up with offset XX, year-to-date million the first up trends Spire higher results. design changes net by the reflecting from than that $XX were performance the economic Pipeline. million, as is $XXX,XXX consistent highlighted earnings here growth. might organic quarterly on as utilities months, our with with Suzanne amounts mentioned, higher nearly conditions. more I Gas X were was in marketing on excluded $X.X $XX million, and for economic million on year, earnings offset STL our
financial a with EBITDA, and the adjusted grow million. continue cash maintain flow We position, $XXX to strong up to year-to-date XX% our
coming capitalization in We capitalization some adding quarter. working again peak position at further, end. also equity, at to back of this our year an from year. We strengthen maintain the fiscal market out do ample stand a have of expect capital the long and strengthened our improvement liquidity of incremental take term including this to steps balance our through strong XXX sheet period, We our points we in half equity basis now our and XX.X% program
from of at XX, Spire the our up for stands development increased Slide spend to STL of and Storage. last Steve Spire continued million, reflecting utilities, support our construction across mentioned, to year-to-date million year, the as pipeline capital $XXX gas Turning spend $XXX
increases this Given our spend progress our spend far have from so year of full target year, capital with businesses. to we updated our higher across million, $XXX all coming
to first range for X% per let’s fiscal operating a guidance the rate We the our our Now, by the net to of range new share. in economics have results long-term as outlook. turn net of have the a three made half X% $X.XX to year growth earnings lesser target share our last solid per design reminder, is growth extent, our supported comparisons as businesses. at difficult Missouri Earnings May progress I reaffirm of as XXXX $X.XX year-over-year well And made last to our common quarters best stock we would gas-related our and offering and think you for economic agree.
those quarter off our since more transition partway year. through events of both fiscal kicked quarter one third have last We
per the of about back the XXXX half cadence result, a quarterly results share our for quarter when year. thinking benchmark better earnings fourth are likely the of the As our
of mentioned billion long-term start, we through Suzanne our of of capital expectation supports spend $X.X or XXXX the This $X.X our plan the up growth all increasing high with lag. our regulatory our last billion, recoverability at based target from forward contribution roughly earnings X-year also minimal well as across reflects the to as with X% overall for businesses rate period. growth for and As rolled XXXX forecast,
So back half across XXXX a to finished me of fiscal turn to success we strong are our With have we over invest final you, let first in for long-term some comments. that, for Suzanne summary, businesses. it and continuing
