Summary
Vistra Corp. reported a strong second quarter of 2019, with net income increasing significantly to $354 million, or $0.70 per diluted share, compared to $105 million, or $0.20 per diluted share, in the prior year's second quarter. This improvement was driven by robust performance across its segments, particularly ERCOT and the Retail segment, bolstered by favorable power prices and effective hedging strategies. The company also continued its proactive capital allocation, refinancing approximately $2.9 billion in debt to reduce interest expense and extend maturities, while repurchasing approximately $212 million of its common stock. For the first six months of 2019, Vistra Corp. posted a net income of $578 million, a substantial turnaround from a net loss of $201 million in the same period of 2018. This performance was significantly aided by increased unrealized gains on hedging activities and the positive impact of operations acquired in the Dynegy merger. The company's liquidity position also strengthened, with total available liquidity increasing by $1.366 billion to $3.137 billion as of June 30, 2019, reflecting strong operational cash flows and new financing facilities.
Financial Highlights
48 data points| Revenue | $2.83B |
| SG&A Expenses | $210.00M |
| Operating Income | $729.00M |
| Interest Expense | $274.00M |
| Net Income | $356.00M |
| EPS (Basic) | $0.71 |
| EPS (Diluted) | $0.70 |
| Shares Outstanding (Basic) | 499.78M |
| Shares Outstanding (Diluted) | 507.50M |
Key Highlights
- 1Vistra Corp. reported a substantial increase in net income for the second quarter of 2019, reaching $354 million ($0.70/share), a significant jump from $105 million ($0.20/share) in Q2 2018.
- 2For the first six months of 2019, net income was $578 million, a marked improvement from a net loss of $201 million in the same period of 2018.
- 3The company successfully refinanced approximately $2.9 billion of debt in Q2 2019, aiming to reduce interest expense and extend debt maturities.
- 4Vistra Corp. repurchased approximately $212 million of its common stock during the second quarter of 2019 as part of its ongoing capital allocation program.
- 5Total available liquidity improved by $1.366 billion to $3.137 billion by the end of Q2 2019, driven by strong operating cash flows and financing activities.
- 6The acquisition of Crius was completed on July 15, 2019, for approximately $400 million, expected to enhance generation-to-load profile matching and provide a platform for future growth.
- 7Adjusted EBITDA increased by $34 million to $692 million for the three months ended June 30, 2019, compared to the same period in 2018, indicating improved operating performance.