Spire, Inc. (NYSE:SR) Q3 2023 Earnings Conference Call August 2, 2023 9:00 AM ET
Company Participants
Scott Dudley - MD, IR
Suzanne Sitherwood - President, CEO & Director
Steven Lindsey - EVP & COO
Steven Rasche - EVP & CFO
Adam Woodard - Treasurer
Conference Call Participants
Richard Sunderland - JPMorgan Chase & Co.
David Arcaro - Morgan Stanley
Julien Dumoulin-Smith - Bank of America Merrill Lynch
Christopher Jeffrey - Mizuho Securities
Operator
Hello, and welcome to the Spire Third Quarter Earnings Conference Call. [Operator Instructions].
I would now like to turn the call over to Scott Dudley, Head of Investor Relations. Please go ahead.
Scott Dudley
Good morning. Welcome to Spire’s Fiscal 2023 Third Quarter Earnings Call. We issued an earnings news release this morning, and you may access it on our website at spireenergy.com under Newsroom. There is a slide presentation that accompanies our webcast and may download it from either the webcast site or from our website under Investors and then Events and Presentations.
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.
Though our forward-looking statements are based on reasonable assumptions, there are various uncertainties and risk factors that may cause future performance or results to be different than those anticipated. These risks and uncertainties are outlined in our quarterly and annual filings with the SEC.
In our comments, we will be discussing net economic earnings and contribution margin, which are both non-GAAP measures used by management in evaluating our performance and results of operations. Explanations and reconciliations of these measures to their GAAP count parts are contained in both our news release and the slide presentation.
On the call today is Suzanne Sitherwood, President and CEO; Steve Lindsey, Executive Vice President and Chief Operating Officer; and Steve Rasche, Executive Vice President and CFO. Also in the room today is Adam Woodard, Vice President and Treasurer and CFO of our Gas Utilities. With that, I’ll turn it over to Suzanne.
Suzanne Sitherwood
Thank you, Scott, and good morning, everyone. Today, I’d like to provide an update on Spire’s quarterly performance, recent developments and outlook. Let me start with third quarter results.
We reported a loss of $0.42 per share for the quarter, well below last year’s results and our expectations. The results this quarter reflect quite a few moving parts, including lower demand and the impact of milder weather this year as well as high cost in the current inflationary environment.