Spire Inc. is on track to close the acquisition of Tennessee. The financing plan includes issuing $900 million junior subordinated notes and entering into a master note purchase agreement for $825 million of Spire Tennessee senior notes. The company anticipates minimal common equity needs and is evaluating the potential sale of its natural gas storage assets.

The company invested $230 million in capital expenditures this quarter, primarily in gas utility operations. The investments support rate-based growth in Missouri, Tennessee, Alabama, and Gulf. Spire expects 2026 CapEx of $800 million to $900 million, backed by a ten-year $11.2 billion capital plan.

Spire reaffirms its long-term adjusted EPS growth target of 5% to 7%. The company’s growth outlook is supported by strong rate base growth and a ten-year $11.2 billion CapEx plan. The 2026 adjusted earnings guidance range is $5.25 to $5.45 per share, excluding the Piedmont, Tennessee acquisition results and Spire Storage earnings.

The company reported adjusted earnings of $108 million or $1.77 per share for the first quarter, up from $81 million or $1.34 per share a year ago. Gas Utilities earned $104 million, Gas Marketing earned $4.5 million, Midstream earned $12.7 million, and other corporate costs were an adjusted loss of $12.7 million.

Spire is evaluating the sale of its natural gas storage assets and expects to provide an update later this quarter. The company plans to maintain its balance sheet strength and flexibility, targeting FFO to debt of 15% to 16%. The merger of the STL and Mogas pipelines was completed on January 1, 2026, operating as the Spire Mogas pipeline.

Read more at Yahoo Finance.: Spire (SR) Q1 2026 Earnings Call Transcript