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Vistra Energy Reports
First Quarter 2017 Results
May 18, 2017
DALLAS Vistra Energy (NYSE: VST), the parent company for TXU Energy and Luminant, today reported first quarter 2017 net income of $78 million and cash provided by operating activities of $141 million. Adjusted EBITDA for the first quarter 2017 was $276 million and adjusted free cash flow was $(48) million.
Curt Morgan, Vistra Energys chief executive officer, remarked, Vistra Energy is off to a great start in 2017, delivering solid earnings despite some headwinds created by mild winter weather in Texas, once again demonstrating the resilience of our integrated model. Our retail team continues to excel at customer acquisition and retentiongrowing residential customer counts in the quarter. The teams performance resulted in lower levels of customer churn than anticipated, which partially offset lower than expected earnings driven by reduced consumption from the mild winter.
Morgan added, Complementing our premier retail business, our wholesale generation operations were highly reliable during the quarter, achieving commercial availability of 95%, and our wholesale commercial operations team achieved realized prices nearly 55% higher than settled prices during the quarter.
Further, our corporate team concluded the process for our shares to be uplisted to the New York Stock Exchange as planned, with our first day of trading on the NYSE last Wednesday, Morgan said. We are executing on our commitments and we will continue to work tirelessly to deliver value to our shareholders.
Vistra Energy is reaffirming its 2017 guidance ranges, reflecting an adjusted EBITDA range of $1,350 million to $1,500 million and an adjusted free cash flow range of $745 million to $925 million.
As of March 31, 2017, Vistra Energy had total available liquidity of approximately $1.99 billion, including cash and cash equivalents of $916 million, $210 million in available letter of credit capacity under its term loan C facility, and $860 million of availability under its revolving credit facility, which remained undrawn at March 31, 2017. Liquidity increased by approximately $150 million in the first quarter of 2017 due to increased available cash and reduced letter of credit postings.
The following information was filed by Vistra Energy Corp. (VST) on Thursday, May 18, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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