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Vistra Corp. (VST+1.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing operating revenues of $6,288 million, compared to $4,086 million in the same quarter the previous year. This increase is primarily attributed to the addition of Energy Harbor assets and changes in unrealized mark-to-market activity.
Operating income for the quarter was $2,588 million, up from $834 million in the previous year. The increase is driven by favorable changes in unrealized mark-to-market gains on derivative positions due to power and natural gas forward market curves.
Net income for the quarter was $1,837 million, compared to $502 million in the previous year. The improvement reflects higher operating income and other income, including NDT net gains and insurance proceeds.
Vistra reported a net income per weighted average share of common stock outstanding of $5.36 on a basic basis and $5.25 on a diluted basis for the quarter, compared to $1.27 and $1.25, respectively, in the previous year.
Cash provided by operating activities was $3,210 million for the nine months ended September 30, 2024, while cash used in investing and financing activities was $4,959 million and $850 million, respectively.
Vistra's total assets as of September 30, 2024, were $37,878 million, compared to $32,966 million at the end of 2023. The increase is mainly due to the acquisition of Energy Harbor.
The company continues to focus on its strategic initiatives, including the integration of Energy Harbor's assets and the potential expansion of its gas-fueled electricity capacity in Texas.
Vistra's management discusses the impact of the Inflation Reduction Act of 2022, highlighting the potential benefits from the nuclear production tax credit and other energy-related tax incentives.
The filing also details various financial agreements, including amendments to the Revolving Credit Facility and the Commodity-Linked Facility.
Vistra does not anticipate cash dividend payments to common stockholders in the near future, as it continues to prioritize strategic investments and financial flexibility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vistra Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.