Shares of Vistra rose after the company posted a higher-than expected profit and revenue in the third quarter, driven by high demand.

Shares rose 10% to $124.45 Friday. The stock is down 23% year to date.

The electricity and power generation company posted a profit of $1.14 billion compared with $652 million last year, topping analyst estimates of $1.01 billion. The increase in profit included an unrealized gain from hedges expected to settle in future years of $559 million, the company said.

Revenue rose to $6.35 billion from $4.97 billion. Analysts expected $6.03 billion.

Chief Executive Jim Burke said this summer brought record weather across markets, including peak demand records in July for two of the company's core markets. Through that period, the company's fleet achieved commercial availability of nearly 95%.

Vistra's board on Friday authorized an additional $1.5 billion of share repurchases, which is expected to be used by the end of 2028.