It has been about a month since the last earnings report for Hawaiian Electric (HE - Free Report) . Shares have lost about 2.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is HEI due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Hawaiian Electric's Q2 Earnings & Revenues Decline Y/Y
Hawaiian Electric Industries reported earnings per share of 45 cents in the second quarter of 2020, which increased 15.4% from 39 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $608.9 million in the second quarter declined 14.9% from the prior-year quarter’s $715.5 million. The decline in revenues can be attributed to decreased contributions from the Electric Utility and Bank segment.
Operating Statistics
Total expenses declined 16.4% year over year to $537.4 million during the second quarter. The decline can be attributed to lower expenses at the Electric Utility segment.
Total operating income declined 1.4% year over year to $71.6 million in the second quarter due to lower contributions from the Bank segment.
Net interest expenses amounted to $22.6 million, down from $23.5 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues in this segment totaled $534.2 million, down 15.7% year over year. Also, net income increased 21.7% to $67.8 million from $55.7 million a year ago.
Banking: In this segment, revenues summed $74.7 million, down 8.5% year over year. Meanwhile, net income came in at $8.5 million, plunging 60% year over year.
Financial Position
Hawaiian Electric had cash and cash equivalents of $574.8 million as of Jun 30, 2020, compared with $196.8 million as of Dec 30, 2019.
Long-term debt was $2,070.2 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.
In the first half of 2020, net cash inflow from operating activities totaled $197.4 million compared to the cash inflow of $133.4 million in the first half of 2019.
Guidance
Hawaiian Electric is currently providing full-year bank provision guidance, given the uncertainty regarding the impacts of COVID-19.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
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It has been about a month since the last earnings report for Hawaiian Electric (HE - Free Report) . Shares have lost about 2.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is HEI due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Hawaiian Electric's Q2 Earnings & Revenues Decline Y/Y
Hawaiian Electric Industries reported earnings per share of 45 cents in the second quarter of 2020, which increased 15.4% from 39 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $608.9 million in the second quarter declined 14.9% from the prior-year quarter’s $715.5 million. The decline in revenues can be attributed to decreased contributions from the Electric Utility and Bank segment.
Operating Statistics
Total expenses declined 16.4% year over year to $537.4 million during the second quarter. The decline can be attributed to lower expenses at the Electric Utility segment.
Total operating income declined 1.4% year over year to $71.6 million in the second quarter due to lower contributions from the Bank segment.
Net interest expenses amounted to $22.6 million, down from $23.5 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues in this segment totaled $534.2 million, down 15.7% year over year. Also, net income increased 21.7% to $67.8 million from $55.7 million a year ago.
Banking: In this segment, revenues summed $74.7 million, down 8.5% year over year. Meanwhile, net income came in at $8.5 million, plunging 60% year over year.
Financial Position
Hawaiian Electric had cash and cash equivalents of $574.8 million as of Jun 30, 2020, compared with $196.8 million as of Dec 30, 2019.
Long-term debt was $2,070.2 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.
In the first half of 2020, net cash inflow from operating activities totaled $197.4 million compared to the cash inflow of $133.4 million in the first half of 2019.
Guidance
Hawaiian Electric is currently providing full-year bank provision guidance, given the uncertainty regarding the impacts of COVID-19.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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