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Vistra Energy (VST) Posts Wider Q1 Loss Due to Storm Uri Woes
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Vistra Energy Corp. (VST - Free Report) reported a loss of $4.21 per share in the first quarter of 2021, much wider than the Zacks Consensus Estimate of $1.34. Also, the bottom line came against the year-ago quarter’s earnings of 11 cents per share due to the negative impact of the winter storm Uri.
Revenues
In the first quarter of 2021, operating revenues of $3,207 million improved 12.2% from $2,858 million in the prior-year quarter.
Total operating expenses for the quarter amounted to $371 million, down 2.1% from 2020’s first-quarter figure of $379 million.
Operating loss came in at $2,583 million against the prior-year quarter’s income of $391 million.
In the first quarter of 2021, the company’s residential customer count slipped 2.3% from the prior-year quarter's level. Retail electric volumes in the first quarter rose 21.9% year over year.
Financial Position
As of Mar 31, 2021, Vistra Energy had cash and cash equivalents of $561 million compared with $406 million as of Dec 31, 2020.
As of Mar 31, 2021, the company had long-term debt of $9,312 million, up from $9,235 million on Dec 31, 2020.
The company’s cash used in operating activities in the to-be-reported quarter was $1,653 million compared with the cash provided by operating activities of $552 million in the first three months of 2020.
Capital expenditures including nuclear fuel purchases and LTSA prepayments in the first three months of 2021 were $192 million compared with $261 million in the comparable period of 2020.
Guidance
After considering the impact of the winter storm Uri, the company expects 2021 adjusted EBITDA in the range of $1,475-$1,875 million, down from the prior expectation of $3,075-$3,475 million. Also, it anticipates total capital expenditures for 2021 to be $1,116 million.
Zacks Rank
Vistra Energy has a Zacks Rank #4 (Sell), currently.
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.
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Vistra Energy (VST) Posts Wider Q1 Loss Due to Storm Uri Woes
Vistra Energy Corp. (VST - Free Report) reported a loss of $4.21 per share in the first quarter of 2021, much wider than the Zacks Consensus Estimate of $1.34. Also, the bottom line came against the year-ago quarter’s earnings of 11 cents per share due to the negative impact of the winter storm Uri.
Revenues
In the first quarter of 2021, operating revenues of $3,207 million improved 12.2% from $2,858 million in the prior-year quarter.
Vistra Corp. Price, Consensus and EPS Surprise
Vistra Corp. price-consensus-eps-surprise-chart | Vistra Corp. Quote
Highlights of the Release
Total operating expenses for the quarter amounted to $371 million, down 2.1% from 2020’s first-quarter figure of $379 million.
Operating loss came in at $2,583 million against the prior-year quarter’s income of $391 million.
In the first quarter of 2021, the company’s residential customer count slipped 2.3% from the prior-year quarter's level. Retail electric volumes in the first quarter rose 21.9% year over year.
Financial Position
As of Mar 31, 2021, Vistra Energy had cash and cash equivalents of $561 million compared with $406 million as of Dec 31, 2020.
As of Mar 31, 2021, the company had long-term debt of $9,312 million, up from $9,235 million on Dec 31, 2020.
The company’s cash used in operating activities in the to-be-reported quarter was $1,653 million compared with the cash provided by operating activities of $552 million in the first three months of 2020.
Capital expenditures including nuclear fuel purchases and LTSA prepayments in the first three months of 2021 were $192 million compared with $261 million in the comparable period of 2020.
Guidance
After considering the impact of the winter storm Uri, the company expects 2021 adjusted EBITDA in the range of $1,475-$1,875 million, down from the prior expectation of $3,075-$3,475 million. Also, it anticipates total capital expenditures for 2021 to be $1,116 million.
Zacks Rank
Vistra Energy has a Zacks Rank #4 (Sell), currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>