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Hawaiian Electric (HE) Q3 Earnings Miss, Revenues Up Y/Y

Zacks

Hawaiian Electric Industries Inc. HE reported earnings per share (EPS) of 60 cents in the third quarter of 2018, which missed the Zacks Consensus Estimate of 62 cents by 3.2%. However, on a year-over-year basis, the bottom line improved 9.1% from the prior-year quarter’s level of 55 cents.

Total Revenues

Hawaiian Electric’s total revenues of $768.1 million in the reported quarter surpassed the Zacks Consensus Estimate of $672 million by 14.2%. The top line was also up 14.1% year over year. The metric improved on higher contributions from Electric Utility and Bank segments.

Operating Statistics

Total expenses were up 19.3% year over year to $670 million during the third quarter.

Total operating income was $98.1 million, down 12% due to lower contributions from Electric Utility segment.

Interest expenses amounted to $22.5 million, up from $19.2 million in the prior-year quarter.

Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise

Segment Details

Electric Utility: Segment revenues in the reported quarter were $687.4 million, up 14.8% year over year. Net income increased to $49.7 million from $47.5 million a year ago.

Banking: Segment revenues were $80.5 million, up 8.4%. Net income came in at $21.2 million, up 20.6%.

Other: Segment revenues were $0.14 million, up 12.6% year over year. Moreover, this unit incurred a quarterly net loss of approximately $5 million, in line with the year-ago loss.

Financial Update

Cash and cash equivalents as of Sep 30, 2018 were $172.1 million, down from $261.9 million as of Dec 31, 2017.

Net long-term debt at the end of the third quarter was $1.78 billion, up from $1.68 billion at 2017-end.

Zacks Rank

Hawaiian Electric currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

DTE Energy Company DTE delivered third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.

NextEra Energy NEE posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.

American Electric Power AEP released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.

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