Core Insights - Vistra (VST) reported first-quarter 2025 earnings of 46 cents per share, matching the Zacks Consensus Estimate, and showing an increase from 23 cents per share in the same quarter last year [1] - Total revenues for the quarter were $3.93 billion, missing the Zacks Consensus Estimate of $4.4 billion by 10.7%, but representing a 28.8% increase from $3.05 billion in the year-ago quarter [1] Financial Performance - Fuel, purchased power costs, and delivery fees amounted to $2.45 billion, up 42.4% from $1.72 billion in the year-ago quarter [2] - Operating costs totaled $693 million, a 39.2% increase from $498 million in the previous year [2] - Selling, general, and administrative expenses were $391 million, up 11.4% from $351 million in the year-ago quarter [2] - The company reported an operating loss of $120 million compared to an income of $86 million in the same quarter last year [2] Interest and Share Repurchase - Interest expenses and related charges were $319 million, compared to $170 million in the prior-year period [3] - Since November 2021, Vistra executed $5.2 billion in share repurchases, reducing shares outstanding by 30% to 339.3 million, with $1.5 billion of the share repurchase authorization remaining [3] Cash Flow and Capital Expenditures - Cash and cash equivalents were $0.56 billion as of March 31, 2025, down from $1.22 billion as of December 31, 2024 [4] - Net cash flow from operating activities in the first three months of 2025 was $599 million, compared to $312 million in the year-ago period [4] - Total capital expenditures for the quarter were $768 million, up from $465 million a year ago [4] Guidance - The company expects its 2025 ongoing operations adjusted EBITDA to be in the range of $5.5 billion to $6.1 billion and ongoing operations adjusted Free Cash Flow Before Growth to be between $3.0 billion and $3.6 billion [5] Zacks Rank - Vistra currently holds a Zacks Rank 2 (Buy) [6]

Core Insights - Alliant Energy Corporation (LNT) reported first-quarter 2025 operating earnings of 83 cents per share, exceeding the Zacks Consensus Estimate of 57 cents by 45.6% and increasing 33.9% from the previous year's 62 cents [1] - Revenues for LNT totaled $1.128 billion, slightly surpassing the Zacks Consensus Estimate of $1.126 billion by 0.17% and reflecting a 9.4% increase from $1.031 billion in the same quarter last year [1] Financial Performance - Total operating expenses were $871 million, up 7.7% from $809 million in the year-ago period, driven by higher electric production fuel and purchased power costs [2] - Operating income reached $257 million, marking a 15.8% increase from the previous year's figure [2] - Interest expenses rose to $119 million, an increase of 11.2% from the prior-year period [2] Customer and Sales Metrics - The number of retail electric customers increased by 0.7% and retail gas customers by 0.6% year over year [3] - Total utility electric sales were 8,257 thousand megawatt-hours, down 1.1% from the year-ago quarter [3] - Total utility gas sold and transported was 54,828 thousand dekatherms, up 1.5% year over year [3] Financial Position - As of March 31, 2025, cash and cash equivalents were $25 million, down from $81 million as of December 31, 2024 [4] - Long-term debt totaled $8.58 billion, a decrease from $8.68 billion as of December 31, 2024 [4] - Cash flow from operating activities in the first quarter of 2025 was $249 million, compared to $307 million in the first quarter of 2024 [4] Future Outlook - Alliant Energy anticipates 2025 earnings in the range of $3.15-$3.25 per share, with the Zacks Consensus Estimate at $3.22 per share [5] - The company plans to invest $11.5 billion from 2025 to 2028 to enhance its infrastructure [5] Zacks Rank - Alliant Energy currently holds a Zacks Rank 3 (Hold) [6]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting strong performance despite adverse temperature impacts on sales [19][20] - The earnings for the first quarter represented more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [6][21] - The capital expenditure plan for 2025 through 2028 has been updated to reflect a nearly 26% increase from 18 months ago, translating into a forecasted investment CAGR of nearly 11% [11][24] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [10][12] - Retail electric sales margins improved compared to the first quarter of the previous year, driven by customer growth and increased usage per meter across all customer classes [20] Market Data and Key Metrics Changes - The company is actively participating in the MISO capacity auction, selling excess capacity to benefit customer bills, positioning itself favorably compared to competitors [80] - The company is experiencing strong interest in economic development opportunities in its service areas, particularly in Iowa and Wisconsin [11][15] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its states, with a commitment to customer needs and sustainable investor returns [6][8] - The capital plan includes investments in new natural gas resources to complement renewable energy sources, ensuring a balanced energy resource mix [12][17] - The company is taking a proactive approach to manage risks related to potential changes in tax legislation, emphasizing the importance of tax credits for economic growth [16][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, despite challenges in the macroeconomic environment [6][11] - The company is committed to maintaining a strong balance sheet and investment-grade credit ratings while navigating potential legislative changes [24][25] Other Important Information - The updated financing plan anticipates raising approximately $1.4 billion in new common equity through 2028, with flexibility in timing based on market conditions [74][76] - The company has completed nearly all planned safe harbor activities to preserve tax credits for future projects, significantly mitigating tariff exposure [22][25] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of tax policy changes on rate case provisions - Management clarified that while there is a provision to revisit rate cases if significant legislative changes occur, the focus is on avoiding the need to do so through proactive growth strategies [40][42] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the upper end of that range starting in 2027 [48][50] Question: Details on the CapEx increase - The increase in the capital expenditure plan was primarily driven by investments in natural gas generation to meet growing demand from data centers [76][77] Question: MISO capacity auction impact on consumer bills - Management noted that the company is well-positioned to leverage auction results to benefit customer bills, contrasting with competitors who may face challenges [80] Question: Regulatory filings for additional generation resources - Management provided insights into upcoming regulatory filings for new generation resources, emphasizing flexibility in their resource planning [67][69]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [19] - Earnings for the first quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025 [6] - The company reaffirmed its 2025 earnings guidance range of $3.15 to $3.25 per share [21] Business Line Data and Key Metrics Changes - The company has seen a 30% increase in peak demand due to three major data center developments with fully executed energy supply agreements totaling 2.1 gigawatts [10] - The capital expenditure (CapEx) plan for 2025 through 2028 has increased by approximately $600 million, reflecting a nearly 26% increase from 18 months ago [11] - The updated CapEx plan translates into a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [11] Market Data and Key Metrics Changes - The company is actively pursuing growth opportunities in Iowa and Wisconsin, with strong interest from data center customers [11][15] - The company has successfully sold existing capacity into the recent MISO capacity auction, benefiting customer bills [22][80] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its service areas, emphasizing collaboration with stakeholders [6][15] - The strategy includes a balanced approach to energy resources, incorporating wind, batteries, and natural gas to ensure reliability and sustainability [17] - The company is committed to maintaining a strong balance sheet while exploring various financing options, including equity and debt [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while navigating a complex macroeconomic environment [6][11] - The company is proactively managing risks related to potential changes in tax credits and tariffs, ensuring that a significant portion of tax credits is safe harbored through 2028 [16][22] - Management highlighted the importance of regulatory support and community partnerships in driving long-term growth [15][27] Other Important Information - The company has updated its financing plans for 2025 through 2028, with anticipated financing sources including cash from operations and new debt financing [24] - The company is actively engaged in regulatory initiatives, including rate reviews and requests for new generation resources in both Iowa and Wisconsin [27][30] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of safe harboring on rate case provisions - Management clarified that while there is a provision to revisit rate cases if legislation changes significantly, the focus is on avoiding the need to do so through proactive growth strategies [40][41] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range by 2027 [48][50] Question: Details on CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the growing demand from data centers [76][77] Question: Impact of MISO capacity auction on consumer bills - Management stated that the company is well positioned to benefit from elevated capacity prices, which will help mitigate customer bills [80] Question: Regulatory filings for additional generation resources - Management confirmed ongoing regulatory filings for new generation resources, with specific megawatt details to be provided in supplemental slides [67][68]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [17] - Earnings for the quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [5][19] - The increase in earnings was driven by higher revenue requirements from capital investments, despite negative temperature impacts on electric and gas sales [17][18] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [8][9] - The capital expenditure (CapEx) plan has been updated to reflect a nearly 26% increase from 18 months ago, translating to a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [9][10] Market Data and Key Metrics Changes - The company is experiencing strong interest in economic development within its service areas in Iowa and Wisconsin, with ongoing efforts to support growth through new energy supply agreements [9][12] - The company has successfully sold existing capacity into the recent MISO capacity auction, which is expected to benefit customer bills [20][76] Company Strategy and Development Direction - The company is focused on an "all of the above" approach to new generation resources, including a mix of wind, batteries, and natural gas, to maintain a balanced energy resource mix [15] - The updated capital plan includes significant investments in natural gas generation to meet the growing demand from data centers, with a focus on enhancing reliability and affordability [10][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, emphasizing the importance of supporting economic development [5][6] - The company is proactively managing risks related to potential changes in tax credits and tariffs, with a focus on maintaining a strong balance sheet and investment-grade credit ratings [24][52] Other Important Information - The company has completed nearly all planned safe harbor activities to preserve tax credits for future energy storage and renewable projects expected to be placed into service through 2028 [20] - The company is committed to ensuring that all individual customer rates achieve a win-win for existing customers, new customers, and shareholders [11] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts and breakdown of serving those opportunities - Management indicated that they have high confidence in converting mature opportunities into contracts and are using existing resources to accelerate load growth [34][35] Question: Impact of safe harboring on the ability to go back for a rate case in Iowa - Management clarified that they are focused on activities to avoid the need to go back for a rate case and are advocating for beneficial legislative provisions [38][39] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range starting in 2027 [45][46] Question: Details on the CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the peak demand from data center opportunities [72] Question: Impact of MISO capacity auction on consumer bills - Management stated that they are well positioned to utilize proceeds from the auction to help customer bills, contrasting with other entities that may face challenges [76] Question: Regulatory initiatives and filings in Iowa and Wisconsin - Management discussed ongoing regulatory filings for new generation resources and the potential for maintaining flat base rates through growth and cost reduction [60][61]

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, is highlighted as a smart strategy, especially for unprofitable or early-stage growth companies [1][3][5] Valuation Metrics - The price-to-sales ratio is more useful than the price-to-earnings ratio for evaluating companies with minimal or non-existent earnings, as it reflects how much investors pay for each dollar of revenue generated [3][4] - A P/S ratio below 1 indicates a good bargain, suggesting that investors pay less than a dollar for a dollar's worth of revenue [4] Screening Parameters - Companies with a P/S ratio less than the median for their industry are preferred, along with a lower price-to-earnings ratio and price-to-book ratio [7][8] - A debt-to-equity ratio below the industry median is also a favorable parameter, indicating a stable P/S ratio [8] Company Highlights - PCB Bancorp (PCB) offers a range of banking products and has a Value Score of A with a Zacks Rank 1, indicating strong potential for growth [10][11] - G-III Apparel Group (GIII) focuses on digital growth and brand building, currently holding a Value Score of A and Zacks Rank 2, positioning it for continued profitability [12][13] - Gibraltar Industries (ROCK) benefits from operational improvements and a focus on its 80/20 initiatives, also holding a Value Score of A and Zacks Rank 2 [14][15] - Pfizer (PFE) is expected to see better non-COVID operational revenue growth, with a Value Score of A and Zacks Rank 2, driven by its diverse product offerings [16][17] - Pampa Energia S.A. (PAM) operates in the energy sector in Argentina, with a Zacks Rank 2 and a Value Score of A, indicating strong operational capabilities [18][19]

Financial Performance - TXNM Energy's Q1 2025 GAAP EPS was $0.10, compared to $0.52 in Q1 2024[10] - TXNM Energy's Q1 2025 Ongoing EPS was $0.19, compared to $0.41 in Q1 2024[10] - The company reaffirmed its 2025 Ongoing EPS guidance range of $2.74 - $2.84[13] - The company is targeting a long-term EPS growth of 7% - 9%[13] TNMP Highlights - TNMP's volumetric load growth in Q1 2025 was 1.0%[19] - TNMP's demand-based load growth in Q1 2025 was 9.7%[19] - TNMP's data center load growth in Q1 2025 was 14.6%[19] - TNMP's average customer growth was 1.9%[19] - TNMP's system peak reached a new all-time high of 3,158 MW in February 2025, a 22% increase over Q1 2024[20] - TNMP plans capital investments of $615 million in 2025, increasing to $1.008 billion in 2029[24] PNM Highlights - PNM's total retail load growth in Q1 2025 was 4.1%[28] - PNM's average customer growth was 0.8%[28] - PNM plans capital investments of $443 million in 2025, increasing to $596 million in 2029[33] Capital Investments - The company's 5-year capital investment plan is $7.8 billion[42] - TNMP's average rate base is projected to grow from $2.8 billion in 2025 to $5.3 billion in 2029, a CAGR of 17.3%[44] - PNM Retail's average rate base is projected to grow from $3.0 billion in 2025 to $4.2 billion in 2029, a CAGR of 8.8%[44]

Core Insights - TXNM Energy reported a significant decline in net earnings for Q1 2025, with GAAP net earnings attributable to the company at $8.9 million compared to $47.2 million in Q1 2024, reflecting a decrease of approximately 81.1% [1][18] - The company affirmed its ongoing earnings guidance for 2025, projecting a range of $2.74 to $2.84 per diluted share, and maintained a long-term earnings growth target of 7% to 9% [1][7] Financial Performance - GAAP diluted EPS for Q1 2025 was $0.10, down from $0.52 in Q1 2024, while ongoing diluted EPS decreased from $0.41 to $0.19 [1][18] - Segment reporting indicated that PNM's ongoing diluted EPS improved from $0.38 to $0.46, while TNMP's ongoing diluted EPS remained stable at $0.24 [2][9] - Corporate and Other segment reported a loss of $0.15 per share in Q1 2025, compared to a loss of $0.14 in Q1 2024 [2][17] Earnings Adjustments - The decline in GAAP and ongoing earnings per share in Q1 2025 was attributed to the issuance of additional shares in December 2024 and net unrealized losses on investment securities amounting to $8.2 million, contrasting with $12.2 million in gains in Q1 2024 [3][17] - Regulatory disallowances of $4.5 million in Q1 2024 also impacted the comparative earnings [3][9] Revenue and Expenses - Electric operating revenues for Q1 2025 were reported at $482.8 million, an increase from $436.9 million in Q1 2024 [18] - Total operating expenses rose to $410.9 million in Q1 2025 from $356.3 million in Q1 2024, driven by increased costs in energy, administrative, and depreciation expenses [18] Strategic Focus - Management emphasized a commitment to customer needs and long-term investment plans, highlighting strong growth and capital recovery in TNMP and ongoing regulatory processes for PNM [2][9]

Q1 2025 Earnings Call Alliant Energy Corporation Cautionary Statements Forward-looking Statements The information regarding forecasted earnings per share, forecasted effective income tax rates, capital expenditure plans, financing plans and sources of funding, and regulatory plans contain forward-looking statements. Actual results could differ materially because the realization of those results is subject to many uncertainties, including: the state of the economy in the service territories of IPL and WPL; s ...

Doug Mokoid, FirstEnergy's President, New Jersey: "When our crews respond to disasters, both in our territory or as part of mutual aid, it is the American Red Cross that is routinely there, providing the support that sustains communities in the immediate aftermath. Last month's wildfire burned close to home for many of our customers and employees, and once again, the Red Cross stepped up when people needed them most." The fast-moving fire threatened more than 1,300 structures and put 3,000 residents in Ocea ...