safety let my bravely and first our and me team own serve shout-out good wishes responders, for morning, and to add to all huge Good of who health care to health everyone a our and day. every workers continue
Let me our our the coronavirus for quarterly XXXX. and fiscal of impact our targets financial an cover half second results, to update of the
our the Turning consolidated to year. of net $X.X $XXX results delivered million, We million for last economic down quarter. earnings from
higher down the higher million earnings costs. just volumes just utility investments. marketing we STL $X Gas weather which result gas a costs. from over Pipeline, of over lower last $X.X Our saw million, and last year corporate a posted from Storage, were on entered of of just and million, operational as service reflecting $X improvements as expansion from earnings warmer earnings less delivered million slightly and $XXX down loss Spire over And year from losses benefits higher by the our higher last favorable from quarter, market our Spire conditions of offset
results. per lower offer XX preferred reflecting $X.XX of issued over year share additional as earnings well last I'd share $X.XX Looking as the last were the earnings Current year, of stock X at down per impact from common comments. months. and our
impact saw First, net reflected territories the coronavirus or a excluding all we since saying we the as really service secondly, earnings it limited this economic revenues, Suzanne our impact minutes. as mentioned, GAAP mid-March, few hit from didn't more include continues And the booked on way, for to another here, it forward until quarter a ISRS financial in purposes. provision
$X by were a the including interest, For in million, than to provision Overall, this weather XX% in by volumetric weather, million. Missouri this last saw March warmer at and quarter, provision revenues, bringing offset million commercial margins. normal to was subject lower to in XX% net Alabama. higher quarter and ISRS colder $XX.X by revenue Compared slightly significant $X.X a year's margins with residential in XX cumulative were ISRS we by combined Missouri decline margins drop
were of utilities Margins Again, as growth demand mechanisms the and annual service rate Our offset largely increases. showed also lower by expectations territories, that below that weather exposure. in was Southern margin worked planned. mitigation normal significantly southern offset as mechanisms our our
weather, to a consisting impact however, Missouri, components. In saw negative we $X million of X margins against normal
of was WNAR. in ones. This overcollecting in introduced should Not tool residential First, weather we proceeding volumetric get last not new and our cold that rate normalization warmer undercollecting ensure the the right periods, in charge. recovery
While the that this estimate was million. $X weather quarter, ineffective portion mechanism our we did or address by roughly deficiencies of a X% it
in of work $X the effectiveness weather-sensitive even margins saw impact some our industrial to mitigation a of and we half commercial improve have as more two, have to this earnings weather both back of was to and do, Secondly, that key There do XXXX and regulators here other this next Missouri, XX. in shortfall our not X our were generating with offset sources other weather for other in variances from smaller, Slide customers. proceeding; in a Total some the on working mitigation We O&M about clearly quarter, here Missouri expenses headwind. expenses million. rate
control, cost benefit a although history offsetting of reported, the were charge, Total as as here. expenses, remeasurement $XX.X And regulatory of deferral this expenses expense have shown other a we a of recorded the reflects with down million. in O&M reduction pension
costs. the operations. higher due expenses cost our to is of which $X.X million costs marketing business Pipeline, O&M utility Excluding growth remaining run represent X.X% rate Spire and this due higher operations was or and now STL employee the adjustment, in O&M to The our up
a for in and held X nonqualified support The on $X.X secondly, increase our adjustment year now variances longer reflecting prior other to remeasurement the other Spire First, in expenses returns a which of plans. pension Pipeline, benefit STL swing operating numbers; investments key with run our rate AFUDC, existences after million, million the no in items: $X.X
first unrealized uneconomic. in of Not losses of contribution margins would compared surprisingly, the a variances, we note this that stronger XXXX. all secured mid-March a available stream from million solid the year, much playbook saw cost to well. quarter draw earnings explanation quarter position, our with And became the paper as are long-term this liquidity appendix our XX began, bank financial market moved $XXX March as Since the focused March, as at Harkening In and of health at of the review back to in Great aggressively late Recession, been facility credit the for strong loan stand results to well on total included position. we your this as $XXX I commercial million reference. additional our crisis in our we've presentation we to year-to-date capitalization of our to assistance liquidity. with a our term on group liquidity we a provide the
early the of we fact, $XX in proceeds In quarter, just under million. issued with equity
of impacts and results, As return. near the end of current margins we hit of a the crisis perspective. Roughly where earn coronavirus health earnings of majority and the on our operating a we residential, to the heating XX% winter bit our our turn season, are
the relatively economic As result, far we've been downturn. so a insulated from
standpoint, ago. We have we the including what smaller projections, and None situation Suzanne touched regional firms the and us following the will at of are a an a bearing downturn slow calendar activity a collection a the From today, upon of as minimal out. return incremental weather, this XXXX. as of crews. especially operational economic normal know on and the disruption current we quarter are play closely to of activities, shutdown, From Based standpoint, late in how rest the assumptions. will commercial ball on Steve the a crystal cost payment minutes ramp-up customers, of are key through few predict industrial fees continuation the watching then tracking our least who based disconnection and of data and that brunt stretch constructed actions the have for of forecast and our economic construction normal we well through impacts that an
these estimated we on the following impacts. assumptions, financial Based have
on As roughly anticipate $X.X revenue a losing we fee moratorium our million. result fees, of of
accounts. impact margins, smart seen shutdowns have manufacturers our large and anticipated $X.X from decline million. estimate both We in that We of temporary demand commercial industrial the approximately commercial and the some lower reflecting to be our
We in closely. margins, appreciable monitor we and to not change our will yet any have continue residential seen that
However, the increase in recession bad our we are increased revenue basis when percentage to back normal expense anticipating over we our significant a debt a estimate XX we in exposure, XXXX, XXXX in quarters. coming To the records debt about for saw bad levels. went points and of as last
experience including business results lost for cost our the we're of an exposure estimated million. book $X.X current costs, course, the other And of among employee Applying time, in cleaning, facility enhanced PP&E, tracking direct cost to of of others.
regulatory have to the and opportunities finding such impacts a health crisis and our and increased the customers helping we stay-at-home the as would recover. during Steve to pursuing these be also lower in our travel, to that business as the efficiencies. quarter we're orders headwinds, bad discussing costs, been customers debts, and including costs cost potential immediate to additional We're our deal with of of are responding the treatment result now offset regulators, as mentioned, as operating naturally both including those We with identifying of our working
Stepping back.
can based of as a the gauge estimates Our set economic these key sensitivities under you provided view impact exposures of to of current different each upon on recovery. a the assumptions. we are have see, And
are we on and forward, focused ground Looking growth. on remain solid
target million. mentioned, for our year Steve the upgraded we've $XXX to investment As capital
That forecast growth is $X.X capital investment between now the In upgrades target XXXX drive investment X% to addition, of for X-year updated base our by through and driven level we've infrastructure and should utility of billion. rate X% period.
plans recovery, to reaffirm XXXX. only year the time. for this surrounding current EPS we guidance And addition, remain net And ISRS refrain uncertainty X% per growth our financing of to remainder we'll at target share X%. from given on finally, economics track, XXXX our with modest long-term the for resolution fiscal needs our In Missouri of equity the continue of
So our me in delivering summary, we're in all remain Suzanne. turn to With of solid let stakeholders. on for shape you, over it back that, focused and
