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Hawaiian Electric (HE) Q3 Earnings Meet Estimates, Revenues Fall
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Hawaiian Electric Industries, Inc. (HE - Free Report) reported earnings per share (EPS) of 56 cents in the third quarter of 2023, meeting the Zacks Consensus Estimate. The bottom line, however, dropped 1.7% from 57 cents reported in the prior-year quarter.
Including special items, the company reported GAAP EPS of 37 cents per share compared with 57 cents reported in the prior-year quarter.
Total Revenues
Hawaiian Electric reported total revenues of $901.9 million in the third quarter of 2023. Revenues declined 13.5% year over year from $1,042.2 million.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
DTE Energy Company(DTE - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of $1.44 per share, missing the Zacks Consensus Estimate of $1.72 by 16.3%. The bottom line declined 10% from the year-ago quarter’s reported figure of $1.60 per share.
The operating net income in the quarter was $298 million compared with $311 million in the year-ago period.
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line fell 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s levels. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, lagging the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line rose 6.7% year over year.
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Hawaiian Electric (HE) Q3 Earnings Meet Estimates, Revenues Fall
Hawaiian Electric Industries, Inc. (HE - Free Report) reported earnings per share (EPS) of 56 cents in the third quarter of 2023, meeting the Zacks Consensus Estimate. The bottom line, however, dropped 1.7% from 57 cents reported in the prior-year quarter.
Including special items, the company reported GAAP EPS of 37 cents per share compared with 57 cents reported in the prior-year quarter.
Total Revenues
Hawaiian Electric reported total revenues of $901.9 million in the third quarter of 2023. Revenues declined 13.5% year over year from $1,042.2 million.
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 $794.9 million, down 16.8% year over year.
Banking: In this segment, revenues totaled $100.9 million, up 24% year over year.
Others: Revenues from other sources improved 22.8% to $5.9 million from $4.8 million in the year-ago quarter.
Operating Statistics
Total expenses dropped 12.1% year over year to $826.8 million in the third quarter.
Total operating income fell 26.4% year over year to $75.1 million in the third quarter.
Net interest expenses amounted to $32.6 million in the quarter, up 22.6% from $26.6 million in the prior-year quarter.
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
DTE Energy Company(DTE - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of $1.44 per share, missing the Zacks Consensus Estimate of $1.72 by 16.3%. The bottom line declined 10% from the year-ago quarter’s reported figure of $1.60 per share.
The operating net income in the quarter was $298 million compared with $311 million in the year-ago period.
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line fell 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s levels. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, lagging the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line rose 6.7% year over year.