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Vistra(VST) - 2024 Q2 - Quarterly Report
2024-08-08 22:03
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 — OR — ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission File Number 001-38086 Vistra Corp. (Exact name of registrant as specified in its charter) Delaware 36-4833255 (State or other ju ...
Vistra(VST) - 2024 Q2 - Earnings Call Transcript
2024-08-08 18:09
Financial Data and Key Metrics Changes - The ongoing operations adjusted EBITDA for Q2 2024 was $1.414 billion, reflecting a 40% year-over-year improvement, bringing the year-to-date ongoing operations adjusted EBITDA to $2.227 billion [17][19]. - The company reaffirmed its guidance for 2024 ongoing operations adjusted EBITDA in the range of $4.550 billion to $5.050 billion, with confidence in achieving the upper end of this range [6][7]. - The estimated 2025 ongoing operations adjusted EBITDA mid-point opportunity range was raised by $200 million to $5.200 billion to $5.700 billion [7][21]. Business Line Data and Key Metrics Changes - The generation segment contributed $625 million to the ongoing operations adjusted EBITDA, while the retail segment contributed $789 million [17]. - The retail business, led by the TXU Energy brand, showed year-over-year growth and solid margin performance, maintaining a top score on the PUC of Texas power to choose scorecard [5][19]. - The inclusion of the Energy Harbor businesses contributed approximately $200 million to the second quarter results and $260 million year-to-date, primarily driven by the PJM nuclear fleet [19]. Market Data and Key Metrics Changes - The company noted significant volatility in forward power price curves, with the commercial team increasing wholesale hedge balances to approximately 86% for calendar year 2025 and 55% for calendar year 2026 [20]. - The recent PJM capacity auction results indicated higher clearing prices, which are expected to signal competitive market participants and investors regarding the supply gap [12][13]. Company Strategy and Development Direction - The company focuses on an integrated business model that combines dispatchable generation assets with a strong retail business to create long-term value [7][8]. - The company is committed to a disciplined capital allocation strategy, having returned approximately $5 billion to investors since late 2021, including $4.25 billion in share repurchases [9][23]. - The company is actively pursuing renewable development opportunities, including two large-scale solar projects in Texas and Illinois, with long-term power purchase agreements signed with Amazon and Microsoft [10][24]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate consistent returns in the near term, despite potential macroeconomic challenges in the longer term [61][62]. - The company highlighted a potential significant supply gap in the largest markets served, driven by industrial activity, data center builds, and environmental policies leading to thermal generation retirements [12][13]. - Management emphasized the importance of maintaining a reliable and affordable energy supply while balancing sustainability and project returns [11][17]. Other Important Information - The company expects to execute at least $2.25 billion in share repurchases through 2024 and 2025, with an additional $1 billion in 2026 [23]. - The net leverage ratio at the end of the quarter was 3x ongoing operations adjusted EBITDA, with expectations to reduce it below 3x by year-end 2024 [10][23]. - The company is committed to sustainability and reducing emissions while creating a sustainable business strategy for stakeholders [11]. Q&A Session Summary Question: Consideration of investing in new gas or storage in light of PJM capacity print - Management acknowledged the progress in PJM market reforms and indicated that while the recent auction is a positive signal, it is still early to start new projects [26][28]. Question: Update on 2026 earnings guidance - Management confirmed that the $6 billion figure for 2026 remains unchanged despite recent auction results, with further updates expected in the next quarter [30][31]. Question: Impact of regulatory scrutiny on co-location opportunities - Management stated that ongoing conversations with customers have not slowed down and emphasized the importance of meeting customer needs while navigating regulatory processes [32][33]. Question: Update on new build in ERCOT and TEF proposals - Management indicated that while the curve has softened, the Texas legislature's actions to provide low-cost financing for new gas plants are encouraging, but adequate revenue signals are still necessary for project viability [47][50]. Question: Timing for data center co-location opportunities - Management noted that discussions are ongoing, and while there is strong engagement, the complexity of these deals means that timing remains uncertain [58]. Question: Near-term implications of a potential recession on power prices - Management expressed confidence in the company's ability to generate consistent returns in the near term, with a healthy baseload and residential business that are relatively recession-proof [61][62].
Vistra(VST) - 2024 Q2 - Earnings Call Presentation
2024-08-08 15:19
| --- | --- | --- | --- | |-----------------------------|-------|--------------------------|---------------------| | | | | | | VISTRA | | | | | | | | ...... | | Second Quarter 2024 Results | | | ...... ..... | | | | .......... ............. | | | | | | | | August 8, 2024 | | | .... .... ......... | | | | .......... | ... . . | | --- ...
Vistra(VST) - 2024 Q2 - Quarterly Results
2024-08-08 11:13
Exhibit 99.1 NEWS RELEASE Vistra Reports Second Quarter 2024 Results Earnings Release Highlights • GAAP second quarter 2024 Net Income of $467 million and Cash Flow from Operations of $1,196 million. • Net Income from Ongoing Operations 1 of $492 million and Ongoing Operations Adjusted EBITDA1 of $1,414 million. • Reaffirmed midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA,1 excluding any potential contribution from the nuclear production tax credit, of $4,800 million. • Completed two long-term ...
Vistra (VST) Pre-Q2 Earnings Analysis: Should You Buy or Hold?
ZACKS· 2024-08-07 15:35
Vistra Corp. (VST) is expected to deliver improvements in its top and bottom lines when it reports secondquarter 2024 results on Aug 8, before market open. Image Source: Zacks Investment Research The Zacks Consensus Estimate for VST's second-quarter revenues is pegged at $4.04 billion, indicating a 26.7% increase from the year-ago reported figure. The consensus estimate for earnings is pegged at $1.59 per share. The Zacks Consensus Estimate for VST's second-quarter earnings has moved up 93.9% in the past 60 ...
EdgeTI Announces Three-Cornered Merger with BlockX and Private Placement
Newsfile· 2024-08-02 23:20
Arlington, Virginia--(Newsfile Corp. - August 2, 2024) - Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5i) (the "Company", "edgeTI") is pleased to announce that it has entered into a merger agreement dated August 2, 2024 (the "Merger Agreement"), with an arm's length party to the Company, Block X Capital Corp. ("BlockX"), which is a wholly owned subsidiary of Victory Square Technologies Inc. (CSE: VST). Pursuant to the Merger Agreement, the Company proposes to acquire all of the issued and ...
Vistra Corp. (VST) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
ZACKS· 2024-08-01 15:06
Wall Street expects a year-over-year increase in earnings on higher revenues when Vistra Corp. (VST) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 8. On ...
Vistra Declares Dividend on Common Stock and Series A Preferred Stock
Prnewswire· 2024-07-31 22:30
IRVING, Texas, July 31, 2024 /PRNewswire/ -- Vistra (NYSE: VST) announced today that its board of directors has declared a quarterly dividend of $0.2195 per share of Vistra's common stock, reflecting an estimated aggregate payment of $75 million this quarter. This represents an approximate 7% increase in the company's quarterly common stock dividend per share from its third quarter 2023 dividend. The common dividend is payable on Sept. 30, 2024, to common stockholders of record as of Sept 20, 2024. The ex-d ...
S&P 500 Gains and Losses Today: Vistra Surges on License Extension, Power Prices
Investopedia· 2024-07-31 22:11
Key Takeaways The S&P 500 jumped 1.6% on Wednesday, July 31, 2024, as the Fed announced its widely expected interest rate hold and tech stocks surged. Shares of Vistra Corp. soared as the nuclear power generator announced a license extension for one of its plants and power market prices moved higher. Humana shares tumbled after the health insurer said high inpatient hospital admissions and net costs could restrain its profits for the rest of the 2024. Major U.S. equities indexes rallied on the final day of ...
Vistra Publishes 2023 Sustainability Report Highlighting Accelerated Portfolio Transformation & Responsible Decarbonization
Prnewswire· 2024-07-31 17:45
IRVING, Texas, July 31, 2024 /PRNewswire/ -- Vistra (NYSE: VST) recently published its 2023 Sustainability Report, highlighting its leading role in the energy transition and expansion, including its growing zero-carbon portfolio, groundbreaking retail solutions, and a workplace driven by diverse ideas and teams. "Our world is running on electricity now more than ever. Vistra is committed to meeting that growing demand and will lead as we both grow and transform our energy supply," said Jim Burke, Vistra pre ...