Spire Q1 2026 Earnings Report

Spire EPS Results

• Actual EPS: $1.77
• Consensus EPS: $1.62
• Beat/Miss: Beat by +$0.15
• One Year Ago EPS: $1.34

Spire Revenue Results

• Actual Revenue: $762.20 million
• Expected Revenue: $785.54 million
• Beat/Miss: Missed by -$23.34 million
• YoY Revenue Growth: +13.90%

Spire Announcement Details

• Quarter: Q1 2026
• Date: 2/3/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, February 3, 2026
• Conference Call Time: 11:00AM ET

Spire (NYSE:SR) Inc (NYSE: SR), formerly known as The Laclede Group, is a regulated natural gas distribution company headquartered in St. Louis, Missouri. Through its three operating divisions—Spire Missouri, Spire Alabama and Spire Mississippi—the company delivers natural gas to more than 1.7 million residential, commercial and industrial customers. Spire’s service territory spans key markets in the central and southern United States, including metropolitan St. Louis, central Alabama and central Mississippi.

Founded in 1857 as the Laclede Gas Light Company, the business has grown through strategic acquisitions, notably Alabama Gas Corporation in 2013 and Mississippi Gas in 2016. In 2017, the organization adopted the Spire Inc name to reflect its unified brand across all markets. The company is led by President and Chief Executive Officer Anthony T. Algmin, who brings experience in both utility operations and infrastructure development.

Spire’s core activities include the distribution and sale of natural gas, the operation of storage facilities, and the management of pipeline capacity. It also provides a suite of related services, such as meter installation and maintenance, leak detection, system integrity inspections and infrastructure construction. The company maintains ongoing investment programs focused on pipeline modernization, safety enhancements and customer-driven energy-efficiency initiatives.

Committed to environmental stewardship and community engagement, Spire pursues programs to reduce emissions, enhance system reliability and support local economic development. Its leadership team emphasizes regulatory compliance, operational excellence and customer service, positioning the company to meet evolving energy demands while maintaining safe and affordable service for its stakeholders.

Spire Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Adjusted EPS of $1.77 in Q1 (up from $1.34 a year ago), driven mainly by stronger gas utility results with contributions from marketing and midstream.
• Positive Sentiment: Management is reaffirming 2026 guidance of $5.25–$5.45 and 2027 guidance of $5.65–$5.85 per share, and maintains a long‑term adjusted EPS growth target of 5%–7%.
• Positive Sentiment: The Tennessee acquisition is progressing (HSR clear, Tennessee PUC approval pending); financing (including $900M JSNs and $825M senior notes) is structured to preserve credit ratings and expects minimal common equity use, with an 18‑month transition services agreement planned.
• Neutral Sentiment: Evaluation of potential natural gas storage asset sales is taking longer than expected despite strong market interest; management expects an announcement later this quarter, introducing timing uncertainty for related proceeds.
• Positive Sentiment: Capital plan remains heavy on utility investment — $230M invested in the quarter, 2026 CapEx expected at $809M, and a 10‑year $11.2B plan that supports ~7% rate base growth in Missouri and Tennessee and underpins the company’s growth targets.

Presentation

[Operator]

Good day, and welcome to Spire's first quarter fiscal 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Megan McPhail, Managing Director, Investor Relations. Please go ahead.

[Megan McPhail, Managing Director of Investor Relations at Spire Inc]

Good morning, and welcome to Spire's fiscal 2026 first 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, which can be downloaded from our website. 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 from those anticipated. These risks and uncertainties are outlined in our quarterly and annual filings with the SEC.

[Megan McPhail, Managing Director of Investor Relations at Spire Inc]

In our comments, we will be discussing non-GAAP measures used by management when evaluating our performance and results of operations. Explanations and reconciliations of these measures to their GAAP counterparts are contained in both our news release and slide presentation. On the call today is Scott Doyle, President and CEO, and Adam Woodard, Executive Vice President and CFO. With that, I will turn the call over to Scott Doyle. Scott?

[Scott Doyle, President and CEO at Spire Inc]

Good morning, and thank you for joining us. As we begin our fiscal first quarter update, I want to recognize and appreciate the hard work of our employees across every part of our organization during Winter Storm Fern. The recent weather event was an opportunity for us to serve our customers when they needed us most, and I'm very proud of how we responded. With extreme weather impacting all our service territories, our team collaborated closely, making sure homes and businesses stayed safe and warm. According to the American Gas Association, Winter Storm Fern led to some of the highest demand of natural gas in our nation's history. In fact, at the height of the storm, just our Spire utilities delivered natural gas equivalent to 31 gigawatts of electric generation capacity at a much lower cost to customers.

[Scott Doyle, President and CEO at Spire Inc]

Despite extreme conditions, natural gas once again distinguished itself, underscoring that direct use of natural gas remains the most reliable and affordable way to heat your home. This morning, we announced adjusted earnings of $1.77 per share, up from $1.34 per share a year ago. The strong year-over-year improvement reflects solid execution in our gas utility business, supported by new rates across all of the utilities. Our marketing and midstream segments also delivered meaningful contributions. Just as we've discussed on prior calls, cost management and customer affordability remain central to our strategy. We continue to pursue efficiencies while investing in system improvements and safety, ensuring we maintain the reliability our customers expect. On the regulatory front, we are executing on our goal to achieve constructive outcomes in all jurisdictions.

[Scott Doyle, President and CEO at Spire Inc]

New Missouri rates became effective in October, and in November, we filed a request for a $30.3 million revenue increase under the Infrastructure System Replacement Surcharge, with rates expected to be effective no later than May. Spire Alabama and Spire Gulf rates under the Rate Stabilization and Equalization mechanism were updated in December, supporting our continued system investment. Looking ahead, we are reaffirming our 2026 adjusted EPS guidance of $5.25 to $5.45 per share. Our 2027 adjusted EPS guidance of $5.65 to $5.85 per share, and our long-term 5% to 7% adjusted EPS growth target. These targets underscore our confidence in the strength of our portfolio and our disciplined approach to capital deployment.

[Scott Doyle, President and CEO at Spire Inc]

Our ten-year capital plan remains at $11.2 billion, with a majority targeted toward utility investments. Finally, we remain on track. We remain committed to delivering on our financial and operational goals as we execute our strategy to grow organically, invest in infrastructure, and drive continuous improvement. Turning now to page five for an update on the Tennessee acquisition. We continue to make progress toward closing. The Hart-Scott-Rodino review is complete and approval from the Tennessee Public Utility Commission remains pending. Our financing plan is aligned with maintaining our current credit ratings and includes a balanced mix of debt, equity, and hybrid securities. In November, we issued $900 million of junior subordinated notes of Spire Inc. Following this, in December, we entered into a master note purchase agreement for $825 million of Spire Tennessee senior notes, which will fund at closing.

[Scott Doyle, President and CEO at Spire Inc]

We continue to expect minimal common equity needs. As we've discussed on previous earnings calls, our evaluation of the potential sale of our natural gas storage assets is ongoing. The timeline for an announcement has extended beyond our initial expectations, reflecting our objective to achieve the right value for each of the assets. We are focused on simplifying our portfolio and expect to provide an update later this quarter ahead of the acquisition close. ... Operationally, our integration planning is well underway, supported by an 18-month transition services agreement designed to ensure seamless continuity for both customers and employees. Moving to page 6. In the quarter, we invested $230 million in capital expenditures, with the majority directed toward our gas utility operations, including system upgrades, infrastructure modernization, and new business connections.

[Scott Doyle, President and CEO at Spire Inc]

These investments are already delivering value, as reflected in the strong operational performance and reliability of the system through a quarter marked by weather swings from unseasonably warm to well below average temperatures. CapEx was lower year-over-year, driven by the near completion of the Advanced Meter Upgrades in the St. Louis region and the wrap-up of our storage expansion project. We continue to expect 2026 CapEx of $809 million, supported by our ten-year, $11.2 billion capital plan. These investments directly support rate base growth of roughly 7% in Missouri and 7.5% in Tennessee, and 6% regulated equity growth in Alabama and Gulf. This consistent and disciplined investment strategy underpins our confidence in achieving long-term 5% to 7% adjusted EPS growth.

[Scott Doyle, President and CEO at Spire Inc]

I'll now turn the call over to Adam for a financial review and update on guidance and outlook. Adam?

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

Thanks, Scott, and good morning, everyone. I'll begin with our quarterly results, which are detailed on pages 7 and 8 of our presentation. For the first quarter, we reported adjusted earnings of $108 million, or $1.77 per share, compared to $81 million, or $1.34 per share a year ago. Breaking down earnings by business segment, gas utilities earned $104 million, up over 33%, or $26 million from last year, driven by the new rates in Missouri and higher margin under the RSE in Alabama. These benefits were partially offset by the lower volumetric margin in both Missouri and Alabama, along with higher O&M depreciation and interest expense. Gas marketing earned $4.5 million, an increase of $2.3 million due to increased portfolio optimization opportunities.

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

Midstream delivered earnings of $12.7 million, up almost $1 million from last year, driven by additional capacity at Spire Storage, partially offset by higher depreciation and interest expense. And finally, other corporate costs were an adjusted loss of $12.7 million, approximately $2 million higher than the prior year. This reflects higher corporate costs and slightly higher interest expense in the current year. Turning now to our growth outlook on page 9. As Scott mentioned, we are reaffirming our 5% to 7% long-term adjusted EPS growth target, supported by strong rate-based growth across Missouri and Tennessee, steady regulated equity growth in Alabama and Gulf, and our 10-year, $11.2 billion CapEx plan.

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

We remain committed to executing on our strategy and are affirming our 2026 adjusted earnings guidance range of $5.25 to $5.45 per share. As a reminder, this range excludes the results of the pending acquisition of the Piedmont Tennessee business and includes a full year of earnings related to our natural gas storage facilities. We are also affirming our 2027 adjusted earnings guidance range of $5.65 to $5.85 per share, which reflects a full year of expected earnings contribution from the Piedmont Tennessee business and excludes earnings from Spire Storage.

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

The adjusted earnings range for corporate and other has been updated to a range of -$40 million to -$46 million, lowering the midpoint $9 million to reflect the interest expense related to the incremental debt to redeem the Spire Inc. preferred stock. Fiscal 2026 preferred dividends impacting EPS are expected to be lower by $9 million. I would like to note that our merger of the STL and MoGas pipelines was completed January 1, 2026. It will operate as the Spire MoGas pipeline. Moving now to slide 10 for an update on our base business financing plan, excluding Tennessee. We expect equity needs of $0-$50 million per year and will continue to rely on long-term debt to support refinancing and capital requirements.

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

Our recent base business financing activity includes $200 million of first mortgage bonds issued at Spire Missouri in October 2025, and $200 million of 6 3/8% junior subordinated notes issued in January 2026. We intend to use the proceeds from these JSNs, along with other funds, to redeem all outstanding shares of Spire Inc.'s preferred stock. Our projected long-term debt issuances for 2026 has increased by $250 million, driven by the decision to redeem the preferred shares. As always, we remain focused on maintaining our balance sheet strength and flexibility. We continue to target FFO to debt of 15%-16%. With that, let me turn it back over to you, Scott.

[Scott Doyle, President and CEO at Spire Inc]

Thanks, Adam. To close, our business priorities for the year remain consistent with our commentary over the past several quarters. Safely and reliably deliver natural gas service, execute our capital plan efficiently, and recover capital in a timely manner, maintain a strong focus on customer affordability through disciplined cost management, achieve constructive regulatory outcomes, including preparing for a future test year Missouri rate case, and successfully financing and closing the Tennessee acquisition while ensuring a seamless integration. Thank you for joining us today. We appreciate your continued support, and we are now ready to take your questions.

[Operator]

Thank you. To ask a question, you may press Star, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star then two. The first question comes from Gabe Moreen with Mizuho. Please go ahead.

[Gabe Moreen, Managing Director at Mizuho]

Hey, good morning, team. Maybe if I can start off in terms of some of the volatility we've seen here in gas markets in January. Scott, you mentioned how well the utilities performed operationally, but can you talk about maybe how marketing was positioned during the month and whether it might have been able to capture some of that volatility?

[Scott Doyle, President and CEO at Spire Inc]

Hey, Gabe, good morning. Yeah, I mean, as we mentioned, feel really good about how all of our systems performed across the enterprise during the month. It's a little early to describe them, you know, quantitatively at this time, so but one thing we do know, we met all of our customer obligations. The market itself performed very well both from the supply side, but even just the way the markets worked during those times. Everything was fluid and liquid during that time, so it felt good about how that event took place. So, look forward to talking more about that on the second quarter call.

[Gabe Moreen, Managing Director at Mizuho]

Got it, Scott, and I know you say you don't want to talk about things too much quantitatively, but can you also just talk about how, you know, your utility's hedging strategy may have played out in terms of protecting customers from some of the volatility and whether you're satisfied with how that worked out as well?

[Scott Doyle, President and CEO at Spire Inc]

Yeah. Simple answer is yes, satisfied. As you know, on our utility purchasing strategy, particularly in both Missouri and Alabama, we have the ability to operate effectively our own AMA for the utilities, and those performed as expected during this time. So our customers were protected and benefited from that activity.

[Gabe Moreen, Managing Director at Mizuho]

Great. That's all I have. Thanks, Scott.

[Scott Doyle, President and CEO at Spire Inc]

Yep. Thanks, Gabe.

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

Thanks, Gabe.

[Operator]

The next question comes from David Arcaro with Morgan Stanley. Please go ahead.

[David Arcaro, Executive Director and Senior Research Analyst at Morgan Stanley]

Oh, hey, good morning. Thanks so much. I was wondering if you could give a maybe a little bit more color on the storage asset sales process. But, you know, I guess any feedback that you got from the market on interest and appetite for those assets, you know, could you maybe lay out the timing, and how that might line up? Like, could a full transaction get done, you know, before the close? Or kind of how, what are the backup plans there? Thanks so much.

[Scott Doyle, President and CEO at Spire Inc]

Yeah, sure, David. Good morning. You know, as we mentioned in our prepared remarks, the evaluation process has gone a little longer than we initially anticipated. You know, our focus remains making sure we get the, the right value for each of the assets. You know, maybe just a comment about the assets themselves. Coming out of January, in particular, from a operational perspective, they performed very well, met all of our cost-customer obligations. We'll have demand for those services, for those assets on a going-forward basis.

[Scott Doyle, President and CEO at Spire Inc]

So feel good about that, feel good about the process, how it's unfolding at this time, but just making sure we're spending the time, looking at the opportunities that are in front of us, and our focus continues to remain on prioritizing the utilities and simplifying our portfolio, as we go through this process. I'll let Adam maybe comment a little bit more on timing, and maybe from a financing standpoint. Adam?

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

Yeah. Hey, David, it's Adam. We do expect to make an announcement on the storage evaluation a little bit later this quarter. To your point, as far as whether something is transacted prior to the close of Tennessee, we are fully covered with a bridge loan, and if we needed to tap that for a short period of time, that we would be able to do that. But you know, we are committed to making announcement here later this quarter prior to the close of Tennessee.

[David Arcaro, Executive Director and Senior Research Analyst at Morgan Stanley]

Yeah. Got it. Thanks. And it just... Was it in response to, was it harder to, you know, find interest or sell the assets together? Or were valuations different from what you had expected, going into that process?

[Scott Doyle, President and CEO at Spire Inc]

No. Yeah, David, we've had very good interest in them. Again, these assets can be looked at in combination, or they can be looked at separately. And so what we're wanting to do is make sure that full process plays out.

[David Arcaro, Executive Director and Senior Research Analyst at Morgan Stanley]

Got it. Okay. Thanks. That is helpful. Then maybe a separate topic. I was just wondering if you could touch on, maybe more broadly, economic development efforts. You know, are you seeing opportunities for, you know, large loads or large generation facilities coming into your service territories? Anything on the larger side that would boost growth in the pipeline?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, sure, David, on the particularly on large loads as it relates to the pipeline, you know, the opportunity there for us is to serve generation needs, either as they convert coal to gas or as new gas plants come online. We're active in talking to different parties, but don't have anything to announce. We'll announce when the time is right.

[David Arcaro, Executive Director and Senior Research Analyst at Morgan Stanley]

... Okay, great. Thank you so much.

[Operator]

The next question comes from Julien Dumoulin-Smith with Jefferies. Please go ahead.

[Spark Li, Analyst at Jefferies]

Hi, team. This is Spark on for Julien. Congrats on the solid quarter. Appreciate the color on the storage transaction and marketing segment. Maybe just a quick follow-up. Just how should we think about the timing for equity issuance related to the Tennessee acquisition?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, so Spark, maybe to walk through kind of where we're at, where we've come from and where we're at now, and then expectations around that. So, in November, raised $900 million in the JSN market, and then followed that up with $825 million in for the operating company, you know, from potential sale of businesses. We're looking to get that announcement made on what that looks like. You know, that would indicate something if we weren't needing to go to the equity market, that would be sometime after the next call in May or June.

[Spark Li, Analyst at Jefferies]

Understood. Appreciate the color.

[Scott Doyle, President and CEO at Spire Inc]

Yep. Thanks, Spark.

[Operator]

The next question comes from Ross Fowler with Bank of America. Please go ahead.

[Ross Fowler, Managing Director and Head of North America Power and Utilities Equity Research at Bank of America]

Morning, Scott. Morning, Adam. How are you? Maybe-

[Scott Doyle, President and CEO at Spire Inc]

Morning, Ross.

[Ross Fowler, Managing Director and Head of North America Power and Utilities Equity Research at Bank of America]

Taking a step back, bigger, bigger picture question. Obviously, you know, we're on track to close Tennessee by the end of the first quarter. Or, I mean, excuse me, we're on track to get a storage asset sale announced by the end of the first quarter. You're moving to Tennessee close, pending approval of the Tennessee Commission. So once we get through both of those things, how do you... You know, you talked about prioritizing utilities, simplifying the business model. How do you think about your scale of the company post those two transactions, should they be executed and completed? And how do you think about, you know, strategically, how you would think about adding utility to that portfolio or are there things you could take out of the portfolio? Just general thoughts around it.

[Scott Doyle, President and CEO at Spire Inc]

Yeah. Thanks, Ross. You know, our primary focus right now is closing the transaction and integrating Tennessee and making sure that we have a seamless transition for our customers there. And so our plate is really full right now with regard to executing on that priority, and so we want to keep that a priority. So at this time, that's, that's what we're focused on, is doing that. From a scale perspective, you know, this has some benefit for customers ultimately, because we'll be able to spread our shared services costs over a bigger base, is what we'll do, as well. So, you know, that scale benefit is, is a, a benefit for our customers and for the company as well. But that's what we're focused on right now is executing on our plan.

[Ross Fowler, Managing Director and Head of North America Power and Utilities Equity Research at Bank of America]

Then how do you. You mentioned the integration of Tennessee post-close. How do you think about, you know, there's probably system stuff you have to do, operational stuff you have to do. I mean, it's not contiguous, but there's still all of that sort of back office stuff you have to do. As you mentioned, shared services. How do you think about the timeline of, you know, you know, on a piece of paper, it never looks like a lot of work, but I imagine it's a ton of work. How do you think about the timeline of getting that accomplished and getting through that integration?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, I know the 100-plus people on our side that are working on that really appreciate that comment, Ross, as to the amount of effort that's required, as well. So a lot of work takes place, post-close. As you know, we do have integration teams working very closely with Duke, both on the separation of the assets, but also on the continued operation of them, as we'll have transition services for a period of 18 months. So our job will be to work to make sure that both for employees and customers, as we transition those services and bring them under the Spire umbrella of serving them, that we do that in a way that is methodical, but also brings value to the organization as well.

[Scott Doyle, President and CEO at Spire Inc]

And so when we do that, a lot of plans have been put in place, and once we close, we'll be doing the really hard work of pulling this off. The good news is this is a company, Spire is a company that has a long history of doing this, and has a lot of well-developed muscles regarding this. So I feel very confident in our ability to do this.

[Ross Fowler, Managing Director and Head of North America Power and Utilities Equity Research at Bank of America]

All right. Thank you very much.

[Scott Doyle, President and CEO at Spire Inc]

Thanks, Ross.

[Operator]

The next question comes from Paul Fremont with Ladenburg. Please go ahead.

[Paul Fremont, Managing Director at Ladenburg]

Thank you. Congratulations on a strong quarter. I guess my first question relates to storage. I guess in the past, you, you've expressed optimism of being able to complete the review with a sale. Do you still have that optimism at this point in time, that at the end of the month you can achieve a sale, or the end of the quarter, I mean?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, Paul, this is Scott, and good morning. Yeah, we... Look, we've had strong interest in these assets, and, as I've mentioned earlier, our desire at this time is to make sure that we're getting good value for both or each. And so that's what's causing the process to perhaps go a little longer than we had anticipated initially, but feel good about where we are in the stage of the process at this time.

[Paul Fremont, Managing Director at Ladenburg]

Great. And then when I look at all the financing that you've done, it seems like you've been able to achieve some very reasonable rates. And you've gone sort of beyond in terms of potentially achieving savings from the retirement of the preferred. Does that compare favorably to the assumptions that you put out when you gave guidance on the fourth quarter call?

[Adam Woodard, Executive Vice President and CFO at Spire Inc]

Hey, Paul, it's Adam. You know, it's a good question. I would say that we were contemplating the redemption of the preferred in that guidance, so that's it. It's not additive to it. And I think so far in the acquisition financing, we're relatively close to what our expectations were. Good question.

[Paul Fremont, Managing Director at Ladenburg]

Great. Great. Thanks a lot. That's it for me.

[Scott Doyle, President and CEO at Spire Inc]

Thanks. Thanks, Paul.

[Operator]

Once again, if you have a question, please press Star, then one. The next question comes from Bill Appicelli with UBS. Please go ahead.

[Bill Appicelli, Executive Director and Head of North America Power and Utilities Research at UBS]

Hi, good morning.

[Scott Doyle, President and CEO at Spire Inc]

Good morning, Bill.

[Bill Appicelli, Executive Director and Head of North America Power and Utilities Research at UBS]

Just a question on the clarifying that preferred impact, because you guys do show the corporate other side line item getting impacted by about $9 million, but then there's a direct one-to-one offset, right, on the preferred dividend impact, which you don't actually quantify, you know, in the guidance. So net-net EPS is unchanged, right? So even though the cumulative looks like the, you know, earnings, if you add the buckets up, it gets worse, but there's an offset that's not actually shown. Is that the way to think about it?

[Scott Doyle, President and CEO at Spire Inc]

That's right, Bill. Yeah, I think you followed it.

[Bill Appicelli, Executive Director and Head of North America Power and Utilities Research at UBS]

Okay. And then, can you just remind us on the regulatory strategy or calendar from here, particularly as it relates to Missouri? You know, just as a, you know, walk us through sort of the timeline of when the next case would be filed and new rates under the new legislation?

[Scott Doyle, President and CEO at Spire Inc]

Yeah. Hey, Bill, on the rate case timing, it'll, the way we have it, at least anticipated right now, is we follow the pattern of our prior case, which is, you know, we'd file it after fiscal year-end, but before Thanksgiving. So look at the October-November timeframe of this year. And then the timeframe of the rate case, the prosecution would follow most likely the same amount of time it took, for this last rate case. And as we've talked to a lot of folks, it's a case of first impression, with being the first, future test year that we would be filing. So we'd want to work through those details with the commission, as we go through this process, as well.

[Scott Doyle, President and CEO at Spire Inc]

But that's what we're looking forward to later this year, and work is already underway in dialogue with commission staff and others, as we prepare to file that, the package under the, under the conditions that they'd like for us to file it.

[Bill Appicelli, Executive Director and Head of North America Power and Utilities Research at UBS]

Okay. That's very helpful. Thank you. That's it for me.

[Scott Doyle, President and CEO at Spire Inc]

Thank you, Bill.

[Operator]

This concludes the question and answer session. I would like to turn the conference back over to Megan McPhail for any closing remarks. Please go ahead.

[Megan McPhail, Managing Director of Investor Relations at Spire Inc]

Thank you for joining us on the call today. We look forward to seeing many of you at conferences in the coming weeks. Have a great day.

[Operator]

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Adam Woodard, Executive Vice President and CFO
• Megan McPhail, Managing Director of Investor Relations
• Scott Doyle, President and CEO

Analysts

• Bill Appicelli, Executive Director and Head of North America Power and Utilities Research at UBS
• David Arcaro, Executive Director and Senior Research Analyst at Morgan Stanley
• Gabe Moreen, Managing Director at Mizuho
• Paul Fremont, Managing Director at Ladenburg
• Ross Fowler, Managing Director and Head of North America Power and Utilities Equity Research at Bank of America
• Spark Li, Analyst at Jefferies