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Hawaiian Electric's (HE) Q2 Earnings & Revenues Decline Y/Y

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Hawaiian Electric Industries Inc. (HE - Free Report) 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.

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

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

Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote

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.

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

CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share (EPS) of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.

FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.

NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.

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