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Hawaiian Electric (HE) Q4 Earnings and Sales Increase Y/Y
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Hawaiian Electric Industries, Inc. (HE - Free Report) reported earnings per share (EPS) of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents per share in the prior-year quarter.
For the full-year 2022, HE reported earnings of $2.20 per share compared with $2.25 in the previous year’s quarter.
Total Revenues
Hawaiian Electric’s total revenues of $1,019.1 million in the fourth quarter improved 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and other segments.
For the full-year 2022, total revenues came in at $3,408.6 billion. Total revenues increased 31.3% year over year.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Electric Utility: Revenues in this segment totaled $924.9 million, up 33.4% year over year.
Banking: In this segment, revenues totaled $89.2 million, up 17.7% year over year.
Others: Revenues from other sources surged havoc 358.2% to $4,944 million from $1,079 million in the year-ago quarter.
Operating Statistics
Total expenses increased 35.9% year over year to $926.1 million in the fourth quarter. The increase can be attributed to higher expenses in the Electric Utility, Bank and other segments.
The total operating income also improved 4.7% year over year to $93 million in the fourth quarter. Net interest expenses amounted to $27.5 million in the quarter, up 15.2% from $23.8 million in the prior-year quarter.
2022 Guidance
Hawaiian Electric initiated its 2023 EPS guidance. The company expects to generate EPS in the range of $2.15-$2.35. The Zacks Consensus Estimate for earnings, pegged at $2.25, is in line with the midpoint of the company’s guided range.
CMS Energy Corporation (CMS - Free Report) reported a fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which exceeded the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%. The bottom line was also up 24.4% from the prior-year quarter.
For the fourth quarter, NextEra’s operating revenues were $6,164 million, which surpassed the Zacks Consensus Estimate of $5,743 million by 7.3%. The top line improved 22.2% year over year.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.
Total operating revenues came in at $7,351 million, which improved 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.
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Hawaiian Electric (HE) Q4 Earnings and Sales Increase Y/Y
Hawaiian Electric Industries, Inc. (HE - Free Report) reported earnings per share (EPS) of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents per share in the prior-year quarter.
For the full-year 2022, HE reported earnings of $2.20 per share compared with $2.25 in the previous year’s quarter.
Total Revenues
Hawaiian Electric’s total revenues of $1,019.1 million in the fourth quarter improved 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and other segments.
For the full-year 2022, total revenues came in at $3,408.6 billion. Total revenues increased 31.3% year over year.
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 $924.9 million, up 33.4% year over year.
Banking: In this segment, revenues totaled $89.2 million, up 17.7% year over year.
Others: Revenues from other sources surged havoc 358.2% to $4,944 million from $1,079 million in the year-ago quarter.
Operating Statistics
Total expenses increased 35.9% year over year to $926.1 million in the fourth quarter. The increase can be attributed to higher expenses in the Electric Utility, Bank and other segments.
The total operating income also improved 4.7% year over year to $93 million in the fourth quarter. Net interest expenses amounted to $27.5 million in the quarter, up 15.2% from $23.8 million in the prior-year quarter.
2022 Guidance
Hawaiian Electric initiated its 2023 EPS guidance. The company expects to generate EPS in the range of $2.15-$2.35. The Zacks Consensus Estimate for earnings, pegged at $2.25, is in line with the midpoint of the company’s guided range.
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 a fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which exceeded the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%. The bottom line was also up 24.4% from the prior-year quarter.
For the fourth quarter, NextEra’s operating revenues were $6,164 million, which surpassed the Zacks Consensus Estimate of $5,743 million by 7.3%. The top line improved 22.2% year over year.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.
Total operating revenues came in at $7,351 million, which improved 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.