Vistra Corporation’s ( VST Quick Quote VST - Free Report) second-quarter 2022 earnings of $1.48 per share surpassed the Zacks Consensus Estimate of 17 cents by a whopping 770.6%. Total Revenues
Vistra's second-quarter total revenues of $1,588 million missed the Zacks Consensus Estimate of $2,578 million by 38.7%. The top line decreased 38.1% from the year-ago figure of $2,565 million.
Highlights of the Release
Vistra's second-quarter fuel, purchased power costs and delivery fees were $2,162 million, up 63.8% year over year. Similarly, operating costs increased 1.4%, and selling, general and administrative expenses grew 11.1%.
Due to the overall increase in operating expenses, Vistra reported an operating loss of $1,683 million in the second quarter against an operating income of $62 million in second-quarter 2021. Interest expenses and related charges totaled $109 million, down 19.3% from the year-ago quarter. As of Aug 2, 2022, Vistra completed $1.6 billion worth of share repurchases under its existing $2-billion share repurchase program. Vistra has purchased 70.5 million shares since Nov 2, 2021, representing 14.6% of the shares outstanding at that time. Taking into account the incremental $1.25-billion authorization, $1.65 billion remains available for execution under the program, which Vistra expects to execute by the end of 2023. Financial Highlights
Cash and cash equivalents were $1,871 million as of Jun 30, 2022, compared with $1,325 million as of Dec 31, 2021. As of Jun 30, 2022, Vistra had total available liquidity of nearly $3,439 million, including cash and cash equivalents of $1,871 million, $368 million of availability under its corporate revolving credit facility, and $1,200 million of availability under its commodity-linked revolving credit facility, assuming the borrowing base equals the aggregate commitments of $2.25 billion.
Long-term debt was $11,949 million as of Jun 30, 2022, compared with $10,477 million as of Dec 31, 2021. Cash used in operating activities for the first six months of 2022 was $723 million compared with $1,057 million in the first six months of 2021. Guidance
Vistra is reaffirming its 2022 ongoing operations adjusted EBITDA in the range of $2,810-$3,310 million.
Vistra has a Zacks Rank #2 (Buy) at present. You can see
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