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Vistra Energy's (VST) Q3 Earnings Surpass, Revenues Rise Y/Y

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Zacks Equity Research
·4 min read
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Vistra Energy Corp. VST delivered third-quarter 2020 earnings per share of $1.02, which beat the Zacks Consensus Estimate of 40 cents by 155%. The bottom line also soared 291% from the year-ago quarter’s 23 cents per share.

Revenues

Operating revenues of $3,552 million improved 11.2% from $3,194 million in the year-ago quarter.

Vistra Energy Corp. Price, Consensus and EPS Surprise

Vistra Energy Corp. Price, Consensus and EPS Surprise
Vistra Energy Corp. Price, Consensus and EPS Surprise

Vistra Energy Corp. price-consensus-eps-surprise-chart | Vistra Energy Corp. Quote

Highlights of the Release

Total operating expenses for the third quarter amounted to $2,876 million, up 4.4% from the year ago quarter’s $2,754 million.

Operating income came in at $676 million, increasing 53.6% from the prior-year period’s $440 million.

At the end of the third quarter of 2020, the company was serving additional 696,000 residential customers from the year-ago quarter's levels. Retail electric volumes in the third quarter rose 13.5% year over year.

Financial Position

As of Sep 30, 2020, Vistra Energy had cash and cash equivalents of $500 million compared with $300 million as of Dec 31, 2019.

As of Sep 30, 2020, the company had long-term debt of $9,253 million, down from $10,102 million on Dec 31, 2019.

The company’s cash provided by operating activities at the end of the first nine months of 2020 was $2,350 million compared with $1,823 million at the end of the comparable period of 2019.

Capital expenditures including nuclear fuel purchases and LTSA prepayments at the end of the first nine months of this year were $838 million compared with $474 million at the end of the year-ago period.

Project & Capital Details

Vistra Energy inked a deal to acquire the Texas electric retail customers of Infinite Energy and Veteran Energy at an estimated EV/EBITDA multiple of 3.7 times. This agreement will expand the company’s retail footprint by adding 60,000 residential customer equivalents.

Moreover, the company announced the development of 1,000 Megawatt (MW) of renewable generation projects in Texas. This will include six solar and one battery energy storage facilities. Also, it decided to retire an incremental 6,800 MW of coal-fueled generation in Illinois and Ohioto transform its portfolio into cleaner sources of energy.

Also, the company announced plans to return $2.7 billion to its financial stakeholders over the next two years out of which $2.12 billion will be used in share repurchases and payment of dividends.

Guidance

2020- The company reaffirmed 2020 ongoing operations adjusted EBITDA and free cash flow expectations of $3,485-$3,685 million and $1,625-$1,825 million, respectively.

2021- The company reiterated 2021 ongoing operations adjusted EBITDA and free cash flow projections of $3,075-$3,475 million and $1,072-$1,472 million, respectively.

Zacks Rank

Vistra Energy has a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

Pinnacle West Capital Corporation’s PNW adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.

Xcel Energy Inc. XEL posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.

NiSource Inc NI delivered net operating earnings of 9 cents per share in third-quarter 2020, which surpassed the Zacks Consensus Estimate of 2 cents by 85.7%.

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