Hawaiian Electric Industries, Inc. ( HE Quick Quote HE - Free Report) reported earnings per share (EPS) of 50 cents for the fourth quarter of 2021, which surpassed the Zacks Consensus Estimate of 45 cents by 11.1%. The bottom line also improved 8.7% from 46 cents per share in the prior-year quarter.
Hawaiian Electric reported EPS of $2.25 for full-year 2021, which increased 24.3% from $1.81 reported in 2020 and beat the Zacks Consensus Estimate of $2.20 by 2.3%.
Hawaiian Electric’s total revenues of $770.3 million in the fourth quarter improved 18.1% from the prior-year quarter’s $652.2 million. The increase in revenues can be attributed to increased contributions from the Electric Utility and Other segments.
In 2021, HE generated sales worth $2.85 billion, up 10.5% from the year-ago figure.
Segment Details Electric Utility: Revenues in this segment totaled $693.4 million, up 21.4% year over year. Banking: In this segment, revenues totaled $75.8 million, down 5.7% year over year. Others:Revenues from other sources surged 52.6% to $1,079 million from $707 million in the year-ago quarter. Operating Statistics
Total expenses increased 19.2% year over year to $681.4 million during the fourth quarter. The increase can be attributed to higher expenses in the Electric Utility as well as Other segments.
Total operating income increased 10.2% year over year to $88.9 million in the fourth quarter.
Net interest expenses during the quarter amounted to $23.8 million, up 7.3% from $22.2 million in the prior-year quarter.
The company’s Board of Directors increased the quarterly cash dividend to 35 cents per share from 34 cents payable on Mar 10, 2022, to shareholders of record at the close of business on Feb 24, 2022.
Hawaiian Electric initiated its 2022 EPS guidance in the range of $2.00-$2.20. The Zacks Consensus Estimate for earnings, pegged at $2.21, is more than the company’s guided range.
Hawaiian Electric currently carries a Zacks Rank #2 (Buy). You can see
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