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Vistra Energy (VST) Q2 Earnings Miss Mark, Revenues Rise Y/Y
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Vistra Energy Corp. (VST - Free Report) reported adjusted earnings of 10 cents per share for the second quarter of 2021, missing the Zacks Consensus Estimate of 25 cents by 60%. Also, the bottom line fell significantly from the year-ago quarter’s earnings due to the negative impact of the winter storm Uri.
Revenues
In the second quarter of 2021, operating revenues of $2,565 million improved 2.2% from $2,509 million in the prior-year quarter.
Total operating costs for the quarter amounted to $429 million, up 4.1% from 2020’s second-quarter figure of $412 million.
Operating income came in at $62 million, down 83.6% from the prior-year quarter’s number of $377 million.
In the second quarter of 2021, the company’s residential customer count slipped 1.7% from the prior-year quarter's level. Retail electric volumes in the second quarter rose 2.8% year over year.
During the quarter, the company completed phase II of the Moss Landing Energy Storage Facility. This improved its lithium-ion battery storage system's capacity to 400 MW/1,600 MWh.
Financial Position
As of Jun 30, 2021, Vistra Energy had cash and cash equivalents of $444 million compared with $406 million as of Dec 31, 2020.
As of Jun 30, 2021, the company had a long-term debt of $10,484 million, up from $9,235 million on Dec 31, 2020.
The company’s cash used in operating activities in the first two quarters was $1,057 million compared with the cash provided by operating activities of $1,309 million in the first six months of 2020.
Capital expenditures including nuclear fuel purchases and long-term service agreement prepayments in the first six months of 2021 were $546 million compared with $588 million in the comparable period of 2020.
In the reported quarter, the company issued 4.375% senior unsecured notes worth $1,250 million due May 1, 2029.
Guidance
Excluding the impact of the winter storm Uri, the company expects 2021 adjusted EBITDA in the range of $1,475-$1,875 million. It anticipates total current-year capital expenditures to be $1,116 million.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
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Vistra Energy (VST) Q2 Earnings Miss Mark, Revenues Rise Y/Y
Vistra Energy Corp. (VST - Free Report) reported adjusted earnings of 10 cents per share for the second quarter of 2021, missing the Zacks Consensus Estimate of 25 cents by 60%. Also, the bottom line fell significantly from the year-ago quarter’s earnings due to the negative impact of the winter storm Uri.
Revenues
In the second quarter of 2021, operating revenues of $2,565 million improved 2.2% from $2,509 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 costs for the quarter amounted to $429 million, up 4.1% from 2020’s second-quarter figure of $412 million.
Operating income came in at $62 million, down 83.6% from the prior-year quarter’s number of $377 million.
In the second quarter of 2021, the company’s residential customer count slipped 1.7% from the prior-year quarter's level. Retail electric volumes in the second quarter rose 2.8% year over year.
During the quarter, the company completed phase II of the Moss Landing Energy Storage Facility. This improved its lithium-ion battery storage system's capacity to 400 MW/1,600 MWh.
Financial Position
As of Jun 30, 2021, Vistra Energy had cash and cash equivalents of $444 million compared with $406 million as of Dec 31, 2020.
As of Jun 30, 2021, the company had a long-term debt of $10,484 million, up from $9,235 million on Dec 31, 2020.
The company’s cash used in operating activities in the first two quarters was $1,057 million compared with the cash provided by operating activities of $1,309 million in the first six months of 2020.
Capital expenditures including nuclear fuel purchases and long-term service agreement prepayments in the first six months of 2021 were $546 million compared with $588 million in the comparable period of 2020.
In the reported quarter, the company issued 4.375% senior unsecured notes worth $1,250 million due May 1, 2029.
Guidance
Excluding the impact of the winter storm Uri, the company expects 2021 adjusted EBITDA in the range of $1,475-$1,875 million. It anticipates total current-year capital expenditures to be $1,116 million.
Zacks Rank
Vistra Energy has a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.