Summary
Vistra Corp. reported a net loss of $306 million for the first quarter of 2018, a significant decrease from a net income of $78 million in the prior year's first quarter. This shift was primarily driven by substantial unrealized mark-to-market losses on commodity risk management activities, which impacted the Wholesale Generation segment negatively. Despite the overall net loss, the Retail Electricity segment demonstrated strong performance, with increased sales volumes and positive contributions from hedging activities. The company also completed the merger with Dynegy on the "Merger Date" (which occurred after the reporting period ended), aiming for strategic benefits such as increased scale and market diversification. Significant events during the quarter included the retirement of three power plants totaling 4,167 MW and continued development of the Upton Solar facility, which began test operations. The company's liquidity remains a focus, with available liquidity decreasing due to increased letter of credit postings and operational cash usage.
Financial Highlights
46 data points| Revenue | $765.00M |
| SG&A Expenses | $162.00M |
| Operating Income | -$394.00M |
| Interest Expense | -$9.00M |
| Net Income | -$306.00M |
| EPS (Basic) | $-0.71 |
| EPS (Diluted) | $-0.71 |
| Shares Outstanding (Basic) | 428.45M |
| Shares Outstanding (Diluted) | 428.45M |
Key Highlights
- 1Reported a net loss of $306 million for Q1 2018, a significant decline from a net income of $78 million in Q1 2017.
- 2Unrealized mark-to-market losses from commodity risk management activities heavily impacted the Wholesale Generation segment, contributing to the overall loss.
- 3The Retail Electricity segment showed strong performance with increased sales volumes and positive hedging gains, driving its net income up.
- 4Completed the merger with Dynegy (post-period end), aiming for enhanced scale, market diversification, and rebalanced asset portfolio.
- 5Retired three power plants with a total capacity of 4,167 MW in January and February 2018 due to uneconomic operations.
- 6Upton Solar facility commenced test operations in March 2018, with commercial operations expected in May 2018.
- 7Available liquidity decreased to $1.981 billion by the end of Q1 2018, primarily due to increased letter of credit postings and higher cash used for margin deposits.