Company Overview of Laclede Gas Company
Laclede Gas Company engages in the purchase, retail distribution, and sale of natural gas. It serves approximately 1.1 million residential, commercial, and industrial customers in Missouri with approximately 30,000 miles of gas main and related service pipes, meters, and regulators. The company also operates an underground natural gas storage field. In addition, it engages in the sale of heating energy. The company was founded in 1857 and is headquartered in St. Louis, Missouri. Laclede Gas Company operates as a subsidiary of Spire Inc.
700 Market Street
St. Louis, MO 63101
Founded in 1857
Key Executives for Laclede Gas Company
Chairman, Chief Executive Officer, Chief Executive Officer of the Laclede Group and President of Laclede Group
Chief Financial Officer and Director
Vice President, Treasurer and Assistant Secretary
Compensation as of Fiscal Year 2016.
Laclede Gas Company Key Developments
Missouri's Office of the Public Counsel Accuses Laclede Gas and Missouri Gas Energy of Earning Excess Profits
Apr 29 16
Missouri's Office of the Public Counsel is accusing Spire's Laclede Gas and Missouri Gas Energy of earning excess profits. The move by the office, which represents the public in proceedings before the Missouri Public Service Commission (PSC), could lead to a review of the utilities' finances. The Public Counsel said in a complaint, filed with the PSC, that Laclede Gas and Missouri Gas Energy each collected a return on equity, or profit, of 10.45% in fiscal 2015. The average profit for gas utilities throughout the U.S. based on independent research by Regulatory Research Associates was 9.6%. Laclede's last general rate case was settled in July 2013; Missouri Gas Energy's was settled in May 2014. The Public Counsel said no return on equity, profit or capital structure was approved by the PSC in either settlement. It's asking the PSC to re-evaluate Laclede's and Missouri Gas Energy's cost of service and revenue requirement to determine 'just and reasonable rates going forward'.
Laclede Gas Company Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2015; Provides Earnings Guidance for the Full Year of Fiscal 2016
Nov 24 15
Laclede Gas Company announced consolidated unaudited earnings results for the fourth quarter and full year ended September 30, 2015. For the quarter, the company reported total operating revenues of $204.2 million compared with $222.3 million for the same period a year ago. Operating loss was $8.5 million compared with $8.4 million for the same period a year ago. Loss before income taxes was $28.4 million compared with $25.7 million for the same period a year ago. Net loss was $18.7 million or $43.3 per diluted share compared with $14.9 million or $43.1 per diluted share for the same period a year ago. Net economic loss was $16.1 million or $0.37 per share compared with $2.4 million or $0.07 per share for the same period a year ago.
For the year, the company reported total operating revenues of $1,976.4 million compared with $1,627.2 million for the same period a year ago. Operating income was $272.5 million compared with $166.4 million for the same period a year ago. Income before income taxes was $199.1 million compared with $116.9 million for the same period a year ago. Net income was $136.9 million or $43.3 per diluted share compared with $84.6 million or $35.9 per diluted share for the same period a year ago. Net cash provided by operating activities was $322.4 million compared with $122.6 million for the same period a year ago. Capital expenditures were $289.8 million compared with $171.0 million for the same period a year ago. Net economic earnings was $138.3 million or $3.19 per share compared with $100.1 million or $3.05 per share for the same period a year ago. The increase in earnings was driven by significantly higher Gas Utility segment earnings due to the addition of Alagasco and growth in the Missouri Utilities, partially offset by lower Gas Marketing earnings and higher non-utility expenses.
The company provided earnings guidance for the full year of fiscal 2016. The company is initiating earnings guidance and expects its fiscal 2016 net economic earnings per fully diluted share to be in the range of $3.34 to $3.44, a growth of 5% - 8% from fiscal 2015 earnings. Capital expenditures for fiscal 2016 are expected to be approximately $315 million, with the Gas Utilities accounting for approximately $310 million of that total. This increase reflects the continued ramp-up of infrastructure upgrades in both Missouri and Alabama. Laclede expects that 70% of its fiscal 2016 capital expenditures will be recovered in rates with minimal lag under the existing regulatory mechanisms in Missouri and Alabama. In addition, approximately 10% of the remaining total spend is anticipated to support Missouri-based new business expansion that will add to operating margin. Laclede also confirms its long-term net economic earnings per share growth target of 4% to 6%.
Laclede Gas Company Amends Company's Bylaws, Effective as of August 1, 2015
Jul 31 15
On July 30, 2015, the Board of Directors of Laclede Gas Company adopted a resolution by unanimous written consent amending and restating Laclede Gas' bylaws, effective as of August 1, 2015, in order to change the address for Laclede Gas' principal office; clarify the parameters for director eligibility for compensation; update language regarding conference call meetings; and change the required content for Laclede Gas' corporate seal.
Similar Private Companies By Industry
Recent Private Companies Transactions
|No transactions available in the past 12 months.|