A month has gone by since the last earnings report for Hawaiian Electric (HE - Free Report) . Shares have added about 8.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is HEI due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Hawaiian Electric Q3 Earnings Rise Y/Y
Hawaiian Electric reported earnings per share of 59 cents in the third quarter of 2020, which rose 1.7% from 58 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $641.4 million in the third quarter declined 16.8% from the prior-year quarter’s $770.9 million. The decline in revenues can be attributed to decreased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses declined 19.6% year over year to $541.9 million during the third quarter. The decline can be attributed to lower expenses at the Electric Utility segment.
Total operating income improved 3% year over year to $99.6 million in the third quarter due to lower contributions from the Bank segment.
Net interest expenses amounted to $22.1 million, slightly down from $22.4 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues in this segment totaled $562.6 million, down 18.3% year over year. Meanwhile, net income surged 28.4% to $60.1 million from $46.8 million a year ago.
Banking: In this segment, revenues totaled $78.6 million, down 4.7% year over year. Meanwhile, net income came in at $12.2 million, plunging 49.6% year over year.
Financial Position
Hawaiian Electric had cash and cash equivalents of $193.1 million as of Sep 30, 2020, compared with $196.8 million as of Dec 30, 2019.
Long-term debt was $2,068.9 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.
During the first nine months of 2020, net cash inflow from operating activities totaled $312.3 million compared with cash inflow of $3141.4 million in the first nine months of 2019.
Guidance
Hawaiian Electric has reaffirmed its earnings guidance for the electric utility unit in the range of $1.46-$1.54 for 2020.
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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A month has gone by since the last earnings report for Hawaiian Electric (HE - Free Report) . Shares have added about 8.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is HEI due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Hawaiian Electric Q3 Earnings Rise Y/Y
Hawaiian Electric reported earnings per share of 59 cents in the third quarter of 2020, which rose 1.7% from 58 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $641.4 million in the third quarter declined 16.8% from the prior-year quarter’s $770.9 million. The decline in revenues can be attributed to decreased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses declined 19.6% year over year to $541.9 million during the third quarter. The decline can be attributed to lower expenses at the Electric Utility segment.
Total operating income improved 3% year over year to $99.6 million in the third quarter due to lower contributions from the Bank segment.
Net interest expenses amounted to $22.1 million, slightly down from $22.4 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues in this segment totaled $562.6 million, down 18.3% year over year. Meanwhile, net income surged 28.4% to $60.1 million from $46.8 million a year ago.
Banking: In this segment, revenues totaled $78.6 million, down 4.7% year over year. Meanwhile, net income came in at $12.2 million, plunging 49.6% year over year.
Financial Position
Hawaiian Electric had cash and cash equivalents of $193.1 million as of Sep 30, 2020, compared with $196.8 million as of Dec 30, 2019.
Long-term debt was $2,068.9 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.
During the first nine months of 2020, net cash inflow from operating activities totaled $312.3 million compared with cash inflow of $3141.4 million in the first nine months of 2019.
Guidance
Hawaiian Electric has reaffirmed its earnings guidance for the electric utility unit in the range of $1.46-$1.54 for 2020.
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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