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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.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
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.
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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Hawaiian Electric (HE) Q1 Earnings Up Y/Y, 2021 View Raised
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.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote
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%.
Zacks' Top Picks to Cash in on Artificial Intelligence
In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.
See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>