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Hawaiian Electric (HE) Beats on Q3 Earnings, Hikes'21 EPS View
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Shares of Hawaiian Electric Industries, Inc. (HE - Free Report) appreciated 1.4% to $40.66 on Nov 5, reflecting investor optimism following the company’s third-quarter 2021 results.
Hawaiian Electric reported third-quarter earnings per share (EPS) of 58 cents, which surpassed the Zacks Consensus Estimate of 53 cents by 9.4%. However, the bottom line declined 1.7% from 59 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $756.9 million in the third quarter improved 18% from the prior-year quarter’s $641.4 million. The upside can be attributed to increased contributions from the Electric Utility segment.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Electric Utility: Revenues in this segment totaled $679.5 million, up 20.8% year over year.
Banking: In this segment, revenues amounted to$76.2 million, down 3.1% year over year.
Others: Revenues from other sources rose significantlyto $1,197 million, reflecting a whopping increase of 456.7% from $215 million in the year-ago quarter.
Operating Statistics
Total expenses surged 21.7% year over year to $659.6 million inthe third quarter. The increase was due to higher expenses in the Electric Utility and Other segments.
Total operating income decreased 2.3% year over year to $97.3 million in the third quarter.
Net interest expenses inthe quarter under review were $23.5 million, up 6.3% from $22.1 million in the prior-year quarter.
Guidance 2021
Hawaiian Electric raised its 2021 EPS guidance to the range of $2.10-$2.20, compared with the prior guidance of $2.00-$2.20. The Zacks Consensus Estimate for earnings is pegged at $2.13, which lies below the mid-point of the company’s newly guided range.
Zacks Rank
Hawaiian Electric currently has a Zacks Rank #4 (Sell).
American Electric Power (AEP - Free Report) reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. The bottom line declined 2.7% from $1.47 per share in the year-ago quarter. The company’s third-quarter revenues of $4.60 billion beat the Zacks Consensus Estimate of $4.44 billion by 3.6%.
American Electric narrowed its 2021 operating earnings guidance to the range of $4.65-$4.75 per share, from the prior guidance of $4.55-$4.75. The Zacks Consensus Estimate for 2021 earningsis pegged at $4.69 per share, which lies just below the mid-point of the new guidance. In the past month,shares of American Electric have gained 2%.
NextEra Energy (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%. The bottom line improved 11.9% from 67 cents per share in the prior-year quarter. The company’s third-quarter operating revenues were $4,370 million, which lagged the Zacks Consensus Estimate of $5,896 million by 25.9%. The top line declined 8.7% year over year.
NextEra reiterated 2021 earnings expectations in the range of $2.40-$2.54 per share. The metric is projected to see a CAGR of 6-8% during the 2021-2023 period. Thus, its earnings per share guided range for 2022 and 2023 is anticipated at $2.55-$2.75 and $2.77-$2.97, respectively.NextEra stock has returned 8% in the past month.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 adjusted earnings of $1.72 per share, which lagged the Zacks Consensus Estimate of $1.83 by 6%. The bottom line declined 19.6% from the year-ago quarter’s $2.14. Operating net income for DTE Energy in the reported quarter amounted to $334 million compared with $415 million in the year-ago quarter.
DTE Energy updated its 2021 operating earnings per share guidance to the range $5.70-$5.98 from $5.62-$5.92.The Zacks Consensus Estimate for the same is pegged at $5.98. It provided a 2022 operating EPS outlook of $5.70-$5.97.In the past month, DTE Energy has returned 0.3%.
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Hawaiian Electric (HE) Beats on Q3 Earnings, Hikes'21 EPS View
Shares of Hawaiian Electric Industries, Inc. (HE - Free Report) appreciated 1.4% to $40.66 on Nov 5, reflecting investor optimism following the company’s third-quarter 2021 results.
Hawaiian Electric reported third-quarter earnings per share (EPS) of 58 cents, which surpassed the Zacks Consensus Estimate of 53 cents by 9.4%. However, the bottom line declined 1.7% from 59 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $756.9 million in the third quarter improved 18% from the prior-year quarter’s $641.4 million. The upside can be attributed to increased contributions from the Electric Utility segment.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote
Segment Details
Electric Utility: Revenues in this segment totaled $679.5 million, up 20.8% year over year.
Banking: In this segment, revenues amounted to$76.2 million, down 3.1% year over year.
Others: Revenues from other sources rose significantlyto $1,197 million, reflecting a whopping increase of 456.7% from $215 million in the year-ago quarter.
Operating Statistics
Total expenses surged 21.7% year over year to $659.6 million inthe third quarter. The increase was due to higher expenses in the Electric Utility and Other segments.
Total operating income decreased 2.3% year over year to $97.3 million in the third quarter.
Net interest expenses inthe quarter under review were $23.5 million, up 6.3% from $22.1 million in the prior-year quarter.
Guidance 2021
Hawaiian Electric raised its 2021 EPS guidance to the range of $2.10-$2.20, compared with the prior guidance of $2.00-$2.20. The Zacks Consensus Estimate for earnings is pegged at $2.13, which lies below the mid-point of the company’s newly guided range.
Zacks Rank
Hawaiian Electric currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
American Electric Power (AEP - Free Report) reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. The bottom line declined 2.7% from $1.47 per share in the year-ago quarter. The company’s third-quarter revenues of $4.60 billion beat the Zacks Consensus Estimate of $4.44 billion by 3.6%.
American Electric narrowed its 2021 operating earnings guidance to the range of $4.65-$4.75 per share, from the prior guidance of $4.55-$4.75. The Zacks Consensus Estimate for 2021 earningsis pegged at $4.69 per share, which lies just below the mid-point of the new guidance. In the past month,shares of American Electric have gained 2%.
NextEra Energy (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%. The bottom line improved 11.9% from 67 cents per share in the prior-year quarter. The company’s third-quarter operating revenues were $4,370 million, which lagged the Zacks Consensus Estimate of $5,896 million by 25.9%. The top line declined 8.7% year over year.
NextEra reiterated 2021 earnings expectations in the range of $2.40-$2.54 per share. The metric is projected to see a CAGR of 6-8% during the 2021-2023 period. Thus, its earnings per share guided range for 2022 and 2023 is anticipated at $2.55-$2.75 and $2.77-$2.97, respectively.NextEra stock has returned 8% in the past month.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 adjusted earnings of $1.72 per share, which lagged the Zacks Consensus Estimate of $1.83 by 6%. The bottom line declined 19.6% from the year-ago quarter’s $2.14. Operating net income for DTE Energy in the reported quarter amounted to $334 million compared with $415 million in the year-ago quarter.
DTE Energy updated its 2021 operating earnings per share guidance to the range $5.70-$5.98 from $5.62-$5.92.The Zacks Consensus Estimate for the same is pegged at $5.98. It provided a 2022 operating EPS outlook of $5.70-$5.97.In the past month, DTE Energy has returned 0.3%.