Vistra Corp · Q2 2020 earnings

Briefing

Reported second quarter results above expectations, tracking above midpoint of guidance.

Vistra reported a Net Income of $164 million and an Ongoing Operations Adjusted EBITDA of $929 million for Q2 2020, exceeding expectations. The company reaffirmed its 2020 Ongoing Operations Adjusted EBITDA and FCFbG guidance and is currently tracking above the midpoint of the guidance range.

• Delivered second quarter 2020 Net Income of $164 million and Net Income from Ongoing Operations of $178 million.
• Second quarter 2020 Ongoing Operations Adjusted EBITDA was $929 million—results above expectations for the quarter.
• Reaffirmed 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance ranges of $3,285 to $3,585 million and $2,160 to $2,460 million, respectively.
• Projected to achieve nearly $700 million of the ~$760 million of identified Dynegy, Crius Energy (Crius), and Ambit Energy (Ambit) transaction synergies and Operations Performance Initiative (OPI) EBITDA value lever targets by year-end 2020.

Headline financials

Revenue & EPS history

Vistra is reaffirming its 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges of $3,285 to $3,585 million and $2,160 to $2,460 million, respectively, while currently tracking above both guidance midpoints.