Summary
Vistra Corp. reported a net loss of $35 million for the first quarter of 2024, a significant decrease from a net income of $699 million in the same period last year. This decline is largely attributed to a substantial shift in unrealized mark-to-market gains on commodity derivatives, which swung from a $1.085 billion gain in Q1 2023 to a $176 million loss in Q1 2024. Despite the net loss, the company's operational performance, as measured by Adjusted EBITDA, remained strong, coming in at $790 million for Q1 2024 compared to $513 million in Q1 2023, boosted by the inclusion of Energy Harbor's results and favorable hedging strategies. The company completed the significant acquisition of Energy Harbor on March 1, 2024, which is expected to provide diversification and scale in carbon-free technologies. This acquisition, along with ongoing investments in renewables and energy storage, contributed to a substantial increase in cash used in investing activities. Vistra also reported a strong increase in cash from financing activities, primarily due to net borrowings to fund the Energy Harbor acquisition and ongoing debt management. Looking ahead, Vistra is focused on managing its debt, optimizing its generation fleet, and navigating evolving regulatory landscapes, including those related to greenhouse gas emissions. The company maintains a strong liquidity position and continues to execute its share repurchase program.
Financial Highlights
53 data points| Revenue | $3.05B |
| SG&A Expenses | $351.00M |
| Operating Income | $86.00M |
| Interest Expense | $170.00M |
| Net Income | -$35.00M |
| EPS (Basic) | $-0.24 |
| EPS (Diluted) | $-0.24 |
| Shares Outstanding (Basic) | 348.97M |
| Shares Outstanding (Diluted) | 348.97M |
Key Highlights
- 1Net loss of $35 million for Q1 2024, a sharp decrease from $699 million net income in Q1 2023, primarily due to mark-to-market accounting on derivatives.
- 2Adjusted EBITDA significantly increased to $790 million in Q1 2024 from $513 million in Q1 2023, driven by strong operational performance and the inclusion of Energy Harbor.
- 3Completed the acquisition of Energy Harbor on March 1, 2024, expanding its portfolio of carbon-free technologies and retail business.
- 4Cash used in investing activities surged to $3.528 billion in Q1 2024, largely due to the Energy Harbor acquisition.
- 5Cash provided by financing activities was $793 million in Q1 2024, a substantial improvement from $874 million used in Q1 2023, driven by increased borrowing to fund the acquisition.
- 6Total assets increased to $38.178 billion as of March 31, 2024, up from $32.966 billion as of December 31, 2023, reflecting the Energy Harbor acquisition.
- 7The company has repurchased approximately 98% of its initial Tax Receivable Agreement (TRA) rights, with only 8.195 million TRA rights remaining outstanding as of March 31, 2024.