UPDATE: Vistra Energy (VST) Reports Q3 Revenues Below Consensus
Vistra Energy (NYSE: VST) reported revenue for the quarter came in at $3.19 billion versus the consensus estimate of $3.27 billion.
Financial Highlights
- Delivered strong third quarter 2019 Ongoing Operations Adjusted EBITDA1 of $1,064 million and Net Income from Ongoing Operations of $122 million—results in-line with management expectations for the quarter, which already embedded an assumption of high wholesale power prices.
- Narrowed 2019 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance ranges to $3.32 to $3.42 billion and $2.2 to $2.3 billion, respectively1—the top half of Vistra\'s prior 2019 guidance ranges, reflecting higher guidance midpoints and an expected EBITDA to free cash flow conversion of approximately 67%.
- Initiated 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance ranges of $3.285 to $3.585 billion and $2.160 to $2.460 billion, respectively.1 The midpoint of Vistra\'s 2020 Ongoing Operations Adjusted EBITDA guidance range is above the higher 2019 guidance midpoint and represents an increase of more than 20%, or more than $600 million, as compared to the 2020 Adjusted EBITDA estimate for the business in connection with the Dynegy merger.
Curt Morgan, Vistra's president and chief executive officer, commented, "As we have been saying all year, 2019 is the year of execution—and we continue to demonstrate the benefits of our integrated model with strong third quarter results. Our initial guidance range for 2019 was based on robust forward curves, in particular in ERCOT which embedded material summer scarcity pricing, and we were able to execute and generate expected EBITDA results despite mild June and July weather. We believe we are well-positioned to deliver strong, stable EBITDA and free cash flow over the long term with our efficient and highly flexible, in-the-money generation fleet and industry-leading retail operations. Our strong free cash flow should enable us to continue to make attractive investments to grow our business, while also returning significant capital to shareholders."
For earnings history and earnings-related data on Vistra Energy (VST) click here.