SR - Earnings call transcript Q3 2024

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Operator

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.

Megan McPhail

to XXXX welcome Call. Quarter and morning, Spire's Third Fiscal Earnings Good issued morning spireenergy.com. website this earnings may We release our you an access on at is from our and our from that slide website. the may either or download it There webcast, site webcast a presentation you accompanies

non-GAAP XXXX. questions, of begin, of of may Reform statements the me meaning contain Private and let call, Securities Act Today's we our safe forward-looking measures. Before statement including the Litigation harbor cover use earnings responses to within

Although are risk there that than or statements quarterly risks our various may are annual our be in These to and performance SEC. assumptions, forward-looking and filings reasonable on based outlined the uncertainties future uncertainties different factors and anticipated. results are those cause with

be by presentation. these of in are we measures and both non-GAAP release performance our our comments, counterparts management slide evaluating to of our operations. and used results news contained their GAAP In will Explanations when measures reconciliations discussing and

is to and Also in On and Adam Vice Steve? the that, CFO. and call I President Treasurer. CEO; President and Steve room over Rasche, will Lindsey, today COO; President Vice Executive today call Woodard, the is and the Steve With Doyle, Lindsey. Executive Scott Steve Vice turn President

Steven Lindsey

performance Thanks, quarterly Third and us everyone. an Quarter developments Megan, and on outlook. review We Fiscal our good update joining for Earnings a Spire's morning, appreciate you of Call and for recent

X. Slide Turning to

per of will results a NEE segments. an per results This to quarterly outlook fiscal across with a share and start Scott reported $X.XX moment. deep net loss reflected loss dive earnings a results. share and our of all improved these year-over-year our improvement we $X.XX an of in into year NEE basis, business provide Let's Steve a ago, economic third quarter morning, on compared

initiative customer possible across for build creating cost structure Throughout This and management technology are as the This benefits past investments quarter, to as the our we affordability. XXXX. these strive keep at upgrades. of focus efforts have efficiencies fiscal maintained improve on as we and securing launched years low we year, lowering heightened will to important our These an in targeted in this organization. come long-term our cost customers. is of efforts the of work improving Most efficiency, benefits the and XXXX operational our and infrastructure overall and

some year. during experienced during seeing headwinds utility the we year, them gas at savings of these fiscal and the expect partially to the We're offset

winter in this As rates weather you'll saw overall. interest we recall, higher Missouri margins and winter, warm to due lower-than-expected

are not our of businesses While for stronger seeing the in shortfall. behind we also performance marketing possible us, year quarters fiscal back claw it's all of to midstream with us and this X

As fiscal share earn and a expect $X.XX per year. between result, this we $X.XX now to

beyond, up us the businesses, we in in well set to commitment drive remain 'XX over year term steadfast efforts value infrastructure Our grow confident our long-term our safety. and and continuous invest fiscal to for a deliver strategy improvement with long and to

the investment economy, of since biggest year and a communities the energy, Several looks This X,XXX announced publicly when These we energy report attracting build state. in company jobs Alabama, in beginning of success to includes serve. one economic existing as communities creation wins operate billion businesses an location with we've access creating a of serve affordable factors investment being of states the our gas. XXX in development. and to $X.X wins resulting like in the in investment into that in XX our facility fiscal in more billion and for expected natural jobs. key than of X,XXX projects over state's new projects, 'XX. partners come calendar and FY represent the and Missouri, for a component XXXX is projects of latest nearly through in Further play states growing to reliable, the seen state A to long-term significant year bring attract economic $X.X that our new We jobs great

committed Commerce to on remain future engaged business growth. month, collaboration for topic. We're Alabama, the forward. by stakeholders ways government Department Missouri our to this with economic led and important new business hosted development going state and planning strategic in to we In key support actively the this Earlier of leaders drive discuss we to

remains natural we'll communities. development, continue gas our further to in and of economic the for As investment choice collaborate fuel drive

that, sustainability in say June, to governance. that to Before I safety, over stakeholders, sixth key our call we in to efforts provide will an the moving people report, sustainability emissions more environment, commitment hand all to our the update pleased I'm X the reducing utilities. to highlights support I With continued the This our key including our spireenergy.com. encourage report now sustainability and covering comprehensive Scott communities at priorities: published on we report is you on, our commitment serve. about to available on efforts website learn the to our across progress and which

Scott Doyle

good Thank and morning, you, everyone. Steve,

to an X for Slide update turn on utilities. Let's gas our

reliable mechanisms is to energy quarter, regulatory focus associated that This the allow a costs. to affordability. jurisdictions supported excellent timely us our our customer gas to for deliver recovery natural significant service across work by safe important constructive and the During of employees our our investments receive customers, to with customers providing and make continued deliver them on and

new this Missouri, $XX.X We Alabama, currently revenues investment PSC of upgrades our are us in earlier month, benefiting are request certain to additional our with between rate an an run In with eligible reflected through projects general set allows the case. August recover infrastructure This covers calendar this request request will a semiannual this since rate representing rate annualized in cases. revenues Missouri ISRS In and system a from year. ISRS, $XX.X forecasted And this rider, we rates for our for rate in RSE on million, our our annual filed begin process rider fourth million. budget last of setting fall.

the a XXXX. file in case last rate Missouri of in Looking expect general quarter ahead, to calendar we

priorities include of rate top updating rate Our cost service, of base return. and our

look We will rider, of could and conservation. revenue, to through working the modification throughout or including through process. impacts weather improve newly WNAR, weather key our mechanism both This look to to the be recovery with adjustment We a stakeholders volumetric of proposed design. also existing normalization forward a or rate the

quarter, and the the benefits including utility efficiency incentive resources are a shared work targeted organization. customer capital units, our efficient associated lower targeting initiative initiative overall Steve This launched and structure retirement during include deployment in our As business mentioned and program. reduction streamlining of impairment leadership the through with a operational of across included and O&M Other affordability we across Further services investments. optimization a improve areas reductions workforce is our our workforce to alignment cost capital. available and we capturing of incorporate field processes standardizing our expense structure,

on our like territory. this St. agreement would agreement workforce excellence. of service win-win week, to focus as stability it us to earlier union our highlight employees provides market we Louis labor I ahead that This operational and allows schedule, X-year to representing in is largest a with renewed our our

you, the system. these across expectations. our the And our will we of reassure long-term and to these organization affordability safety efficiencies impact customer back growth broader improved initiative, natural see to me let none cost the reliability expect and gas support to of actions Turning savings

by expense, Utility rate Moving compared to our offset from and partially quarterly run higher Slightly to better rates winter Winter prior driven the from interest successful operational Storm Uri results. deferred bad Missouri our O&M and the new lower of offset year. than benefited reflecting cost XXXX. costs year, expense was lower Alabama by earnings carrying more credits Utility collecting gas last gas in lower of conclusion debts. both by than was

expense depreciation to We on are to reliable safe continue spend provide we infrastructure seeing as year-over-year energy. and increased

Turning now investment plan. X on Slide capital an for to update our

We utilities. modernizing infrastructure gas focused our of capital at on continue significant invest to amounts

Year-over-year, was increased gas of million to our CapEx focus $XXX the our first months totaled CapEx which utility For X with million, at infrastructure XX% distribution upgrading XXXX, gas fiscal primarily on utilities. totaled Investment a West $XXX we in completion Midstream quarter and homes more project of and year-to-date, segment fiscal million connecting on our XXXX. of Storage calendar for last and Spire businesses. track the $XXX remain in our

residential $XXX this $XX total 'XX meter investment our territory. million. We across our have advanced service meters for meters advanced million XXX,XXX. year, customers taking target increased million from customers capital the fiscal FY year-to-date, benefiting to We've we continue installed $XXX total number by bringing to our technology to investment install expected In approximately XXX,XXX this of from

years. Our billion expected over $X.X the total XX capital plan expenditure next remains

the of infrastructure focus continue to on be Our safety reliability upgrades the will support and to system.

businesses. to it over the on update. us positioned over performance investment as our and Steve to utilities of We longer execute successfully I team call robust our of To the gas-related and the and success term growth management sum believe lead we Rasche our a are to employees well plan up, the into capital our in to now we provide experienced support the will financial hand ability future. for

Steven Rasche

of good of quarter a $X.X share million of per $X.XX morning, share, saw year. per our or just everyone. and a to $XX We million a loss net reported improvement under a third segments. fiscal all loss across We basis economic Thanks, compared earnings Scott, year-over-year $X.XX or on last

gas new improved and offset margins. loss results $XX $X.X last utilities million, depreciation rates Gas expense. to Our due higher by reflecting marketing to of $X.X than million debt million a improved higher year, better transportation bad were

driven Spire business our across storage additional new by of results posted midstream West, at storage rates both and Our businesses. higher capacity Storage

lower benefiting new and and reminder, as both from recontracted our demand beginning and capacity Midstream as well April in a higher benefited we economics this Salt are the of new injection in expense, rates As partially by X, MoGas of capacity. season, year. our reflects the for higher Other effective rates kicked net acquisition of earnings existing inclusion from corporate also interest costs. offset results Plains the

of and net initiatives and related Slide marketing severance highlights. gas of for and the principally on focus the the that we'll margins other key utilities, I column, employee touched X customer on midstream the a costs. across affordability the detail couple variance removes Hitting restructuring which were provides just variances, on higher cost on. overall reasons our Contribution

maintenance Looking expenses. and at operations

by decreased $X.X expenses utility, For in million in other O&M expense increase expenses. $X.X $X.X a million the offset reduction as debt million bad gas a

X are decline bad fiscal $X O&M down excluding expenses, run is line MoGas. Finishing costs our expense higher year, rate marketing our months by mostly in quarter. was balances interest last due rates addition and higher And year short-term and of million, this higher to the driven Salt and $X midstream million, debt year-over-year was interest For utility Plains our up debts a X%. for the of with of by

unchanged Our X-year largely financing plan is last from quarter.

ATM term we also year. basis. equity our a in continue has forward placed I at million roughly program XX% FFO far note settlements Our needs repaid loan consolidated to very target $XXX through that million so modest $XX debt XX% leaves would this May. to on to in And we This XXXX.

outlook. Now turning to our

As 'XX and year more for we and initiatives, of how look at including our the year-to-date about quarter, here's the importantly, final customer fiscal affordability forecast year we pull-through think 'XX. results our our fiscal

As headwinds of coming essentially areas. Steve certainly we mentioned, in winter, had the out X

discretionary many over technology, costs trends interest new our to utilities Missouri cost strong at is investments one corporate. trend for infrastructure control. as we worked years expense low, upgrades. and continue our warm This to And taking not and higher-than-expected have unmitigated second, our O&M margins lower-than-expected to gas did at in the this advantage good Utility both We show we tailwind, a year. innovation weather; keep First, due of have

savings, carried quarter. bad this of that timing those only interest the debt our we efforts and customer realization benefits added offset higher partially margins and the However, the affordability of the of will expenses shortfall into

Corporate for and million to we've ranges our follows: last of the million, the the earnings update this just midstream million reasons $XX interest and and guidance year expense performance moved million strong guidance. marketing the down million, savings. adjusted midpoint reflecting our the at remainder timing we gas midpoint $XX higher initial down from We reflect to of cost estimates to raised quarter's gas the guidance midpoint for from million utility up cost to $X million the for between at $X and impact this $XX year, initial mentioned. I are $X lowering as our at with the $XXX of So million up the each compared range $XXX to our

share. we've Putting our it $X.XX earnings range fiscal and all $X.XX together, per lowered year to 'XX, for target narrowed

fiscal into lower well positioned we the this despite finish are 'XX. heading year Now year,

We we expect should the to get lower that going borrowings introduced benefit some Missouri. cost growth mentioned, short-term year. the in which on and and pressure return structure, forward, the also to We've beginning relieve as expect deferred fiscal normal margins back our to we Scott a trajectory the of collected cost from planned at to this gas

we result, target confident earnings economic per remain a in long-term As our to X%. of share net X% growth

Thanks us, comments. earnings we about and and speaking again for look to you to our call over for beyond it confidence and more place in me turn let back final some year-end Steve, XXXX your November. in trust in forward to

Steven Lindsey

Spire solid Thank well quarter, year success long all positioned for joining our fiscal third are growth and term. you Steve. delivered today. laser-focused a you, on the Thank has for over and us we finishing

We will your questions. now take

Operator

with Richard from comes question first today's And Instructions] Sunderland [Operator JPMorgan.

Richard Sunderland

in magnitude understand I I'm of to here? trying can is 'XX embedded And much directly how cost the this cost potential benefits savings for versus efforts, XXXX the with realize the headwinds. is and to in in XXXX what what response 'XX? is Starting you guess

Steven Lindsey

Rich, I'll it's Steve start with overarching themes of here. the kind Lindsey.

of first to all, us. cost is So not management new

very got doing record a this. I of strong think we've

I we a up is think this need ramp say little bit. we to did that what

So the is but done. 'XX get focus here we're and and this a not and the at going that one to of on little bit is end 'XX, really 'XX,

so And comprehensive. is this

value. the that's value is in adding some what So it lens company. And for can stop we of at involves doing the really not cases, looking what then really through adding

be could with and infrastructure technology, So workforce pair be it things It It chain. to leveraging like and where we've could supply workforce. you that that investments improvement continue we the optimizing on. process focus be made could fleet start logistics, really to in even

I So comprehensive, long and think intended it's it's be to term.

deep But managing been a turn I done change a to accelerated has an move one we we've really of up theme in future. over done. the and going of little kind it we just costs. as than that think, forward to something Scott it's more, that It's want into of This again, to -- just but we we've follow started I'm go the So isn't past. it's overarching the Steve to initiative terms is bigger a and not and this in

Scott Doyle

that initiative Rich, have to I'll we're particularly of hand working implications. a our to come give Scott. just maybe this little in on. as is you But of give to and financial out of our categories more color this we then mentioning, shared over targeted Lindsey And as on Steve a one Steve few operating that things And things was the well. the in was leadership units services consolidation, it

leadership it -- have So before. to places have some where in model that common consolidated and we didn't a we're

them and maintenance other one, here in into in both St. X those plans Some with our we've the will corporate looked have to facilities places facilities, and area. Downtown in instance, where bringing reduce operating are we we facilities associated consolidate Birmingham St. lease in Louis expense, expense in Louis reduce locations for

early about talked our programs we have those reduction force in incentive, retirement our As both concluded. in

have in And into 'XX are other of we're consulting projects Those the benefit workforce to or 'XX the so to -- this those certain time and associated such with expense force. able will beyond. reductions And conclusion well. or beyond the now IT effort a the at licensing continue as are -- experiencing things conclusion software for brought been of as then impacts, that, which but there's these some we those either of eliminate has that

on to I'll implications. color Steve financial for the some So over Rasche it hand additional

Steven Rasche

were of it last your our anybody to If initiative this spent process fine. question this not at in going who the time of directly, Rich, is call. the through we know to answer

in You want a to way, do we think it did. thoughtful and I

create our is cost cost see it the focus for Think term, order as are savings. to on things in bending our to headroom continue Our need that to the those here down in cost curve and about do structure. bill long we

really what this lot of a quarter. we terms -- didn't In see

July. the beginning landed In bulk savings the Scott at actually fact, of as mentioned, the of

to carve fourth trying see but get some -- should about when I benefit November, in oversell we'll and a because to X-year X- our that's when for We'll a for We of without see we of to your we'll I generally we call. And the are analysis at going some speak when those talk we wouldn't goes the And get these So quarters, to results our benefit to through year-end it. things initiatives. 'XX out add of of to that into or you're kind that would you to cost time X that of lot pretty benefit structure, clearly want first cost on. the and more utility, quarter we've more because as on the say out if management this that clean quarter. the cascade look done lot a a gas top bit

Richard Sunderland

to No, a helpful. digging lower to midpoint at guess into here, the follow-up XXXX the Or from as expect that efforts the to range? X% you cost X% you are language versus in I do ramp? guidance, very X% XXXX script be the the of lower growth trending range And X% that's

Steven Rasche

It's point, about talk 'XX. to 'XX year-end that we'll a and Rich. specifically again, at But question, And get for you're great right.

tailwinds go through what's are them because to the call, we of about the pushes going the we and months of a how middle X a case spoke pulls, think we've And would that the would be Missouri. the impact always mean 'XX? of we're of months I we'll the then that And If know, question savings? so timing to it and we in as headwinds We I in clearly them a does got have as range. you that you are deal is with. real cost be there we'll targeting next couple and won't And repeat on here. in the lot rate or as November debate X the to

So a Missouri, little bit years we'll deal being But in of lag X plus clearly, out in have that. have with we should regulatory to Missouri.

good We've Missouri. comments, lot highlighted Scott cooperation that. done pull a his with we're through as good of job of in offsetting getting a in And pretty

job So the in of lag a of good pretty regulatory offsetting that a Missouri. does lot

answer work it So to we more short some and is the to The long got speak do the and of when is we then, middle answer between we've we'll year-end always range. now target get the call. to

Operator

is Stanley. Arcaro Morgan The next question with from David

David Arcaro

I'm wondering those if some into takes puts XXXX. you of on could just elaborate maybe and

next Just thinking persist? what that terms then about Could and potentially Like of does next some a see normal of like the recovery, segments. Could in persists, into the strength had in continue you But interest into weather you'll I rate guess, year. you get sales. headwind hopefully, that year? midstream the marketing

a So love yes, we'd those just few to unpack drivers? of

Steven Rasche

great Yes, it's a question.

in X that and expect. quarter in about Salt over stepping should we invested last MoGas up material we Plains the -- the and expected Clearly, that step-up you on you last the years, we're last we've guidance midstream back the given business would start seeing West utilities. both that the the to and what have adding in and to come that Storage Spire me part, the is marketing the the the of midstream a Let and of way other can capital expansion and then talked amount

rate to when next for that run business. a year, we getting closer Now we're get to

should returns that from so that step given get would expect the then we to deploying investment capital. attain would into you expect, we'll the we us range and And on that

talked is Salt closer with pipelines. remaining of you run capacity category will see existing lot put Spire continue into the going terminal would Plains along a for that about to as I in play we've the and we just Storage get West in before. clearly to or that to so as the into 'XX, where be rate facilities, is what kind And now value stepping

believe as the for same time in We given opportunity earnings the earnings bit have the year year the where the did are power we to of that value, launched now, and about ability, on market normal we we we and terms generally business view the earlier adjust business that create reflected we Marketing, guidance conditions. the seeing we're a our real this is, of early little the expectations especially for where and winter there, business in the upside. baseline this talked season,

invest will base were that but year. expect I like that turn we clearly not that, utility of word, business we're should we and that at to know team we it you would a raise in But We that component you let very valuable if like business, growth utility the can to the some because rebase. the rate helps for guidance it don't that capital on drives our me us to over overall redeploy business, earnings it but it our the expecting this get outsized look are base. that saw its With and folks expectations in it's grow side.

Steven Lindsey

assumption would warm Yes. But thanks, mean year yes. is talking we O&M that, as going about. to our addition And full had. we're I would Steve. normal weather, more not a get the impacts to I around of This as that be we're say, in David.

look by weather that of think we're to going do be I O&M so overcome issues if the that to having to have we And full year able even some benefit. a

I the the little a it about from utility perspective, relative and talk our think then interest. you bit to Adam, that's about want to So will thoughts

Adam Woodard

the in around year. this as in. add I forward to down, like balances I Doyle would give some ISRS too, we utility would relative interest but start Scott some earlier Right. which coming bolstering are all, mentioned at of seeing mitigation would play see there well We're trying certainly that also -- not to some move there's new we feel as us to revenue

David Arcaro

be a was rate sense. offer That clear. expecting you that there's might you important dynamics be there's Yes, it. much catch to whether up, smaller to with on of if or early any lot Got ask indications might Missouri And makes increase a the wondering to of if I then in how it request terms a that's consider case of overall? any rate could up there, lag coming in

Steven Lindsey

David. We're and and just -- true we've service. weather looking up capital then recover of to really that more would clearly the as come on talked about, look to normalization the to to cost look deployed mechanism No, -- address we've that,

Operator

question Instructions] Gabe next from [Operator The comes Mizuho. with Moreen

Gabriel Moreen

I up know think, been had stuff bit, the restructuring cost of savings this has a showed just more, one is I I but quarter. charges addressed which on, that some quite the

$X.X the think million. I

wondering to Just of the to quantify whether care forward? extent you you'd or those up be just expect in those what show 'XX may to going basis? And ongoing kind

Steven Rasche

they're this culture, for get costs. as Yes. the alluded fun and and been [indiscernible] shot on to that with me the the Gabe, did. anybody them in rearview day think and of you is through on get team as that's most benefit of just I take costs, to Steve, mentioned, and And and costs that that. I done exactly to let We want try you restructuring the to those separation I a employee and we call, them to, the these a know our what few related associated who's best spoke are at made mirror not

best the I of rest At think any, end there having are work we're to assured are costs additional those could And in there at those, we a said we going associated cost you the that tell estimate the 'XX. have of whether there our them. I be lot couldn't the initiatives associated incurring benefits great year. with be those. Should we with Now that, lower highlight to any them would that try forward in if you this juncture, and associated will with those. of continue We flight,

Gabriel Moreen

you growth between work maybe to and and I Any I over like cost the as a maybe as the longer can on XX if case, here. XX work confidence you as in know well about then but through to ask do. the slowing sounds to your dividend that thoughts X% it question that rate dividend to of kind talked there's kind the of term, payout the months? the savings next X% And ratio bigger the some And

Steven Rasche

engage into for our No it in dividend discussion years. thought that now. with at been our right the the near forward X% as change year-end, when we is we or last next go to couple of increases We'll year. which We've going the of Board

end of ratio, want might our point, to low grow but the no you factors of would wouldn't growth payout we to range It a -- watch range, for make our indication the dividend. that your we lower be to continue to sure at of end that at we clearly the So that the talked there's growth about.

Operator

The next Akyol from question Selman with comes Stifel.

Selman Akyol

ones for me. quick Two

in success go-forward as seen the that in a you've that think putting CapEx Given capital on about just curious, basis spending, allocation more -- in midstream, you do you area? would you anticipate

Steven Lindsey

point. [indiscernible] Well,

the project that. on think on and expectations our So delivering focus our completing now, right I

anything facility other that is now right down really think focus but I delivering the else any on our investments in road, commitments. or are our

at that's right now. -- we're so where looking And

comfortable going capital that expectations. to additional that's the the So been we're very exceed our initial returns deployed, are

the approach this for right And to be continues that facility. so think we investment

Steven Rasche

look CapEx. if that which that, investment Yes. Simon, off long-term at included drops forecast, was material, you'll capital And our see you the to in maintenance

heating So be But beginning construction there'll so little season, the continue a bit will West quarter because the calendar first the Storage fourth fiscal this year. in of of Spire of 'XX in through quarter advantage those. we it's loan. small sense, take where that's, that, would make maintenance think, we'll And investments there sit if clearly for really of a are some organic And I that then after more CapEx.

Selman Akyol

now? say FFO tracks to Understood. you in to debt your and And ads where of But XX%. then can targeting know number you're I a and there's it's XX% at

Adam Woodard

at Sure. look June XX%. on we're have laid that far that put on their a closer construction a S&P early we as above now, differently in as XX% and out and that out calculation. of it approximately XX% to bit had something the equivalent, little a Based report little cite metric would

Operator

And Ladenburg. Paul with Fremont from question next the comes

Paul Fremont

growth for first could question you is, term growth? little assumptions bit that of I a your driving marketing business. longer guess is What elaborate my if in the sort on

Steven Rasche

Paul, is Steve this Rasche.

in clearly the been more of skis it the and on ] where through And We've shot gain over portfolio we'll market less, X base take in continue deliver the that remember if expect growth we've those growth don't are assets is because Again, But but team, volatility procure the we generally some. tended to again that see asked store numbers, to needs. the far we the think although which natural been supports that's the business, it the and of the have generally markets and volatile be at invest we would the we'll years, to the as customers, opportunity X market large or group to me was in did bank our outsized a Let for the as gain to business. When for to terms have growth transport, [ other we marketing the about in marketing business. and too in customer that that for our and there's the plan earlier, adding out go to optimize the take that. been opportunity industrial, reported market business see to about And 'XX. customers, want or presents didn't want actual beginning business growth additional through utilities overall we at as the opportunities has commercial, to base adding that opportunities and to that, meet what our to adding like. gas to last and to we contracts. business and into our that growth are to think of relationships, is our And year a is get we for the you base penetration range

Steven Lindsey

the to is piece doesn't terms would similar midstream. line of And that I our to of only add a that very light. And is part in investments -- it asset of lot business require

on we spot. developing a have very grow of a job mentioned, the the Pat a And on so lot commitments over and reputationally, relationships that a operate good that great delivering And team of and they're perspective. geographic his in to pipelines, done the has from make. think continuing I They Steve they're years

be good a continue that's in. think we to business So to

Paul Fremont

Great. this did your original as my part were guidance, costs of Or is lower interest sort of you -- question the a And I you is, then rates how interest guidance? revision and interest the second the interest how year guess in mentioned variable? anticipating

Adam Woodard

longer great bit was is and really we This earlier we had year, interest in we question. It of lower expected. gas balances Paul, costs around this weren't a had and little bit bit -- or Adam. we given were what those No, stuck a and deferred longer of a mentioned it's the than little warmer our had more rates. the around expecting weather some hung

far off the rates was from meet didn't internal where think were interest So that of balances really not I our expectations. are too we it forecast, our

Operator

remarks. McPhail this session. further time, like At over we are question-and-answer conference turn our would questioners queue, for closing no in conclude now to any this the I Megan showing and does back to the

Megan McPhail

you to you joining of look the forward Have this Thank speaking for with morning. great weeks. a us coming day. many in We

Operator

for disconnect. and today's has you now presentation, may Thank The now conference concluded. attending you

Spire (SR) 31 Jul 242024 Q3 Earnings call transcript