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Mar 31, 2024
Vistra Q1 2024 Earnings Report
Reported first quarter 2024 results, exceeding expectations for Energy Harbor and consolidated Adjusted EBITDA.
Key Takeaways
Vistra reported a net income of $18 million and Ongoing Operations Adjusted EBITDA of $813 million for Q1 2024. The company increased synergy expectations for Energy Harbor and announced targeted Operational Performance Improvement initiatives. Vistra also initiated a combined midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA of $4,800 million and was added to the S&P 500.
GAAP first quarter 2024 Net Income of $18 million and Cash Flow from Operations of $312 million.
Net Income from Ongoing Operations of $39 million and Ongoing Operations Adjusted EBITDA of $813 million.
Initiated a combined midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA, excluding any potential contribution from the nuclear production tax credit, of $4,800 million.
Increased synergy expectations for Energy Harbor and announced targeted Operational Performance Improvement (OPI) initiatives totaling $200 million run-rate on a combined basis by year end 2026.
Forward Guidance
Vistra initiated combined 2024 guidance ranges for Ongoing Operations Adjusted EBITDA of $4,550 million to $5,050 million and Ongoing Operations Adjusted FCFbG of $2,200 million to $2,700 million.
Positive Outlook
- Approximately 95% of expected generation volumes for the balance of 2024 are hedged.
- Approximately 80% of expected generation volumes for 2025 are hedged.
- Approximately 50% of expected generation volumes for 2026 are hedged.
- Potential midpoint opportunities for Ongoing Operations Adjusted EBITDA to be in the range of $5,000 million to $5,500 million for 2025.
- Potential midpoint opportunities for Ongoing Operations Adjusted EBITDA to be more than $6,000 million for 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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