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Spire Inc. (SR) CEO on Suzanne Sitherwood Q3 2022 Results – Earnings Call


Spire Inc. (NYSE:SR) Q3 2022 Earnings Conference Call August 4, 2022 1:00 PM ET

Company Participants

Scott Dudley – Head of Investor Relations

Suzanne Sitherwood – President and Chief Executive Officer

Steve Lindsey – Executive Vice President, Chief Operating Officer

Steve Rasche – Executive Vice President, Chief Financial Officer

Adam Woodard – VP and Treasurer and CFO, Gas Utilities

Scott Carter – Senior Vice President and Chief Operating Officer of Distribution Operations

Conference Call Participants

Kody Clark – Bank of America

Rich Sunderland – JPMorgan

Christopher Jeffrey – Mizuho Securities LLC

Operator

Good day and welcome to the Spire Inc.’s Third Quarter Earnings Conference Call. All participants’ will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please know this event is being recorded.

I would now like to turn the conference over to Mr. Scott Dudley, Head of Investor Relations. Please go ahead.

Scott Dudley

Good afternoon, and welcome to Spire’s Fiscal 2022 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’s a slide presentation that accompanies our webcast and you may download it either from the webcast site or from our website under Investors and then Events & 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. Although 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, which is a non-GAAP measure used by management when evaluating our performance and results of operations. An explanation and reconciliation of this measure to its GAAP counterpart is contained in both our news release and slide presentation.

On our call today is Suzanne Sitherwood, President and Chief Executive Officer; Steve Lindsey, Executive Vice President and Chief Operating Officer; and Steve Rasche, Executive Vice President and CFO. Also in the room with us is Scott Carter, President of Spire Missouri, and Adam Woodard, Vice President and Treasurer and CFO of Gas Utilities.

With that, I will turn the call over to Suzanne.

Suzanne Sitherwood

Thank you, Scott, and good afternoon, everyone. As we all know, the U.S. energy industry is changing. As customer expectations and the energy technologies that serve them continue to evolve, there are different philosophies on the future of our industry. Our philosophy is, whatever path the energy transition ultimately takes, natural gas is vital to a sustainable energy future. In that spirit, our mission has guided us to build a strong, resilient natural gas company that’s grounded in serving people through changing time, answer every challenge, advance every community and enrich every life is the strength of our energy.

That strength showed up in a big way over the last 10-years as we built a solid foundation and successfully executed on our strategy to grow and transform our company. We did it through acquisitions and organic growth, as well as infrastructure investment and innovation that has enabled us to continually raise the bar for how we serve our customers and communities. The next 10-years calls upon the strength of our energy to continue that growth, while balancing the needs of both people and the planet. So we are increasingly focused on environmental sustainability and elevated customer experience for millions of people and 1.7 million homes and businesses.

In addition, the next 10-years requires our industry as a whole to think differently about service. As you know, I’ve been in the natural gas business more than 40-years. And if there’s something I’m committed to above all else, it’s changing the paradigm around the concept of a ratepayer. Ratepayer is a word and a mind-set that the relet of an industry that believed it was in the regulated utility business. We are not. We are in the business of providing essential energy to people. And while the businesses we operate work inside a regulated structure, the service we provide to people is not meant to be encumbered with broad and restrictive customer classes like residential or commercial and industrial.

We don’t survey payers, we enrich the lives of people, people who have different needs, interest and means. That’s…



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