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Hawaiian Electric (HE) Q1 Earnings Up Y/Y, 2021 View Raised

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Shares of Hawaiian Electric Industries Inc. (HE - Free Report) rose 0.9% to reach $43.84 on May 12, reflecting investors’ optimism, following the company's first-quarter results.

The company reported earnings per share (EPS) of 59 cents for the first quarter of 2021, which improved 90% from 31 cents in the prior-year quarter.

Total Revenues

Hawaiian Electric’s total revenues of $642.9 million in the first quarter declined 5.1% from the prior-year quarter’s $677.2 million. The decline in revenues can be attributed to decreased contributions from both the Electric Utility and Bank segments.

 

Operating Statistics

Total expenses declined 11.8% year over year to $544.9 million during the first quarter. The decline can be attributed to lower expenses in the Electric Utility as well as Bank segments.

Total operating income improved 64.2% year over year to $98 million in the first quarter driven by higher contributions from the Electric Utility and Bank segment.

Net interest expenses during the quarter amounted to $23.7 million, up from $21.8 million in the prior-year quarter.

Segment Details

Electric Utility: Revenues in this segment totaled $564.8 million, down 5.4% year over year. Meanwhile, net income improved 81.6% to $43.4 million from $23.9 million a year ago.

Banking: In this segment, revenues totaled $77.1 million, down 3.3% year over year. Meanwhile, net income was $29.6 million, up 87.3% year over year.

Guidance 2021

The company raised its 2021 EPS guidance to the range of $1.90-$2.05, compared with the prior guidance range of $1.75-$1.95. The Zacks Consensus Estimate for earnings, pegged at $1.81, lies below the company’s newly guided range.

Zacks Rank

Hawaiian Electric currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%.

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

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