Vistra Corp Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Vistra Corp. Reports Second Quarter 2024 Financial Results
Vistra Corp. (NYSE: VST) reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | Not Provided | Not Provided | Not Available | $3.96B |
| Net Income (GAAP) | $467 million | $476 million | -1.89% | Not Provided |
| Net Income from Ongoing Operations | $492 million | Not Provided | Not Available | Not Provided |
| Ongoing Operations Adjusted EBITDA | $1,414 million | $1,008 million | +40.28% | Not Provided |
Interpretation: Despite a decrease in GAAP Net Income YoY due to higher depreciation and interest expenses, Vistra achieved a significant increase in Ongoing Operations Adjusted EBITDA driven by strong retail margins and the acquisition of Energy Harbor.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change (%) | Previous Guidance |
|---|---|---|---|---|
| Not Provided | Not Provided | Not Provided | Not Available | Not Provided |
Interpretation: The company did not provide detailed revenue breakdown per segment for the quarter, making segmental performance analysis unavailable.
Operational Data
- Hedging Program: As of Aug. 5, 2024, Vistra has hedged approximately 94% of expected generation volumes for 2024, 86% for 2025, and 55% for 2026.
- Liquidity: Total available liquidity of approximately $3,853 million, including cash and cash equivalents of $1,624 million.
Comments from Company's Officers
Jim Burke, CEO of Vistra, commented: "We are pleased to report strong results despite continued mild summer weather in Texas and lower wholesale prices across competitive markets. We are confident that we will achieve Ongoing Operations Adjusted EBITDA results toward the upper end of our 2024 guidance range. Additionally, we are increasing our 2025 Ongoing Operations Adjusted EBITDA midpoint opportunity by $200 million, thanks to our strong hedge profile and recent PJM Auction results."
Share Repurchase Program
- Vistra executed ~$4.25 billion in share repurchases since November 2021.
- As of Aug. 5, 2024, Vistra had ~344 million shares outstanding, representing a ~29% reduction in shares outstanding from Nov. 2, 2021.
- The company expects to spend at least $2.25 billion on share repurchases throughout 2024 and 2025.
Forward Guidance
Vistra has reaffirmed its midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA at $4,800 million, excluding potential contributions from the nuclear production tax credit. The company estimates a higher midpoint opportunity for 2025 Ongoing Operations Adjusted EBITDA in the range of $5,200 million to $5,700 million.
Stock Price Movement
The stock price of Vistra exhibited a slight decrease of -0.4435% following the earnings release.
In summary, Vistra Corp. delivered robust financial performance in Q2 2024, driven primarily by the strategic acquisition of Energy Harbor and effective retail operations, despite external market challenges. The company reaffirmed its 2024 guidance and expressed confidence in the financial outlook for subsequent years.
