Toronto-headquartered energy retailer Crius Energy Trust on March 14 reported fourth-quarter 2018 adjusted EBITDA of $19.1 million, compared with $18.0 million in the comparable quarter of 2017.
Distributable cash came in at $10.0 million, a decline from $13.0 million in the year-ago quarter. Revenues for the quarter totaled $284.8 million, rising from $248.5 million in the fourth quarter of 2017.
The company, which is in middle of being acquired by Irving, Texas-headquarterd Vistra Energy Corp., reported fourth-quarter of $1.7 million, a drop from $36.0 million in the corresponding quarter of 2017.
Vistra on Feb. 20 announced it had upped its purchase price for the energy retailer to $378 million, amending an earlier agreement to purchase the company for $328 million, after the target received what Morgan described as an "unexpected and hostile" unsolicited third-party bid.
For the full year of 2018, Crius Energy posted adjusted EBITDA of $70.2 million, an improvement from $64.7 million in the previous year.
Distributable cash was $21.9 million, representing a payout ratio of 167.9% in 2018, which is elevated over recent levels due to the impacts of negative contribution from the solar business and certain nonrecurring costs. Normalizing for those impacts, the distributable cash and payout ratio for the year were $40.4 million and 90.8%, respectively.
Revenues grew to $1.24 billion from $875.9 million in the full year of 2017. Net income for the year came in at $19.0 million, compared with $20.1 million in 2017.
"In 2018, Crius executed on a 'return to core' strategy focused on the deregulated energy business," said Michael Fallquist, CEO of Crius Energy. "It was a year of strategic shifts and resetting of our focus, and after achieving our cost reduction targets during the year, and substantially exiting the solar business, we are excited to enter 2019 with a simplified, streamlined organization."
Crius Energy is a competitive residential and commercial electricity and natural gas provider with more than 1 million residential customer equivalents in 19 states and Washington, D.C.