Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 31 cents in the first quarter of 2020, which declined 26.2% from 42 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $677.2 million in the first quarter rose 2.4% from the prior-year quarter’s $661.6 million. The improvement can be attributed to increased contributions from the Electric Utility segment.
Hawaiian Electric Industries Inc Price, Consensus and EPS Surprise
Operating Statistics
Total expenses grew 5.8% year over year to $617.5 million during the first quarter, led by an increase in expenses in both Electric Utility and Bank segments.
Hawaiian Electric’s total operating income declined 23.4% year over year to $59.7 million, driven by lower contributions from the Electric Utility and Bank segments.
Net interest expenses amounted to $21.8 million, down from $23.1 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues at this segment totaled $597.4 million, down 3.3% year over year. Also, net income declined to $44 million from $56.6 million a year ago.
Banking: At this segment, revenues summed $79.7 million, down 4% year over year. Meanwhile, net income declined to $19.4 million from $26.1 million a year ago.
Guidance
Hawaiian Electric reaffirmed its earnings guidance for 2020. The company continues to expect earnings in the range of $1.90-$2.10 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $1.88 per share, just below the company’s guided range.
Zacks Rank & Stock to Consider
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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 31 cents in the first quarter of 2020, which declined 26.2% from 42 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $677.2 million in the first quarter rose 2.4% from the prior-year quarter’s $661.6 million. The improvement can be attributed to increased contributions from the Electric Utility segment.
Hawaiian Electric Industries Inc Price, Consensus and EPS Surprise
Operating Statistics
Total expenses grew 5.8% year over year to $617.5 million during the first quarter, led by an increase in expenses in both Electric Utility and Bank segments.
Hawaiian Electric’s total operating income declined 23.4% year over year to $59.7 million, driven by lower contributions from the Electric Utility and Bank segments.
Net interest expenses amounted to $21.8 million, down from $23.1 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues at this segment totaled $597.4 million, down 3.3% year over year. Also, net income declined to $44 million from $56.6 million a year ago.
Banking: At this segment, revenues summed $79.7 million, down 4% year over year. Meanwhile, net income declined to $19.4 million from $26.1 million a year ago.
Guidance
Hawaiian Electric reaffirmed its earnings guidance for 2020. The company continues to expect earnings in the range of $1.90-$2.10 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $1.88 per share, just below the company’s guided range.
Zacks Rank & Stock to Consider
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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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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