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Vistra Energy (VST) Q3 Earnings Miss Mark, Revenues Fall Y/Y

Vistra Energy (VST) posts significantly lower-than-expected earnings for the third quarter. It lifts its 2021 outlook for adjusted EBITDA and initiates the same for 2022.

This story originally appeared on Zacks

Vistra Energy Corp. VST reported adjusted earnings of 3 cents per share for the third quarter of 2021, missing the Zacks Consensus Estimate of $1.52 by 98%. Also, the bottom line fell 97.1% from the year-ago quarter’s earnings.

- Zacks


In the third quarter of 2021, operating revenues of $2,991 million fell 15.8% from $3,552 million in the prior-year quarter.

Vistra Corp. Price, Consensus and EPS Surprise Vistra Corp. Price, Consensus and EPS Surprise

Vistra Corp. price-consensus-eps-surprise-chart | Vistra Corp. Quote

Highlights of the Release

Operating costs for the quarter amounted to $372 million, down 18.6% from 2020’s third-quarter figure of $457 million.

Operating income came in at $119 million, down 82.4% from the prior-year quarter’s number of $676 million.

In the third quarter of 2021, the company’s residential customer count slipped 0.7% from the prior-year quarter's level. Retail electric volumes in the third quarter inched up 0.4% year over year.

Financial Position

As of Sep 30, 2021, Vistra Energy had cash and cash equivalents of $351 million compared with $406 million as of Dec 31, 2020.

As of Sep 30, 2021, the company had a long-term debt (less amounts due currently) of $10,493 million, up from $9,235 million on Dec 31, 2020.

The company’s cash used in operating activities in the first three quarters was $493 million compared with the cash provided by operating activities of $2,350 million in the comparable period of 2020.

Capital expenditures including nuclear fuel purchases and long-term service agreement prepayments in the first nine months of 2021 were $790 million compared with $838 million in the comparable period of 2020.

The utility announced plans to retire $1.5 billion worth of debt by the end of 2022 and up to $3 billion by the end of 2026. It also announced plans to return a minimum $7.5 billion to its shareholders through 2026 end via share repurchases and dividends. In October 2021, it announced a $2-billion share repurchase program, which is expected to be executed by 2022 end. Management also informs about adding at least $1 billion per year to the authorization, thus totaling $4 billion worth of share repurchases between 2023 and 2026.


The company raised its 2021 adjusted EBITDA view to the range of $1,890-$2,090 million from the prior guided range of $1,475-$1,875 million. Also, it expected the same for 2022 in the range of $2,810-$3,310 million. It anticipates total current-year and next-year capital expenditures to be $1,095 million and $812 million each.

Zacks Rank

Vistra Energy has a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Releases

NextEra Energy, Inc. NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.

Avangrid, Inc. AGR reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.

DTE Energy Company DTE reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.

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