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Hawaiian Electric (HE) Q1 Earnings In Line, Revenues Beat

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Hawaiian Electric Industries (HE - Free Report) reported earnings per share (EPS) of 37 cents in first-quarter 2018, which came in line with the Zacks Consensus Estimate. On a year-over-year basis, the bottom-line figure improved a solid 19.4% from the prior-year quarter’s 31 cents.

The year-over-year upside was driven by higher revenues as well as operating income.


Total Revenues

Total revenues came in at $645.9 million, surpassing the Zacks Consensus Estimate of $596 million by 8.4%. The top line improved 9.2% year over year owing to higher contributions from the Electric Utility and the Banking segments of the company.

Operating Statistics

Total expenses were up 10% year over year to $574 million in the first quarter.

Total operating income totaled $71.9 million, up 3.1%, driven by higher contributions from the Bank and the Electric Utility segments.

Net interest expenses amounted to $17.7 million, up from $17.5 million in the prior-year quarter.

Segment Details

Electric Utility: Revenues came in at $570.4 million, up 10% year over year. Net income rose 2% to $51.4 million from $50.4 million a year ago.

Banking: Revenues totaled $75.4 million, up 3.5%. Net income came in at $24.9 million, up 2.2% on year-over-year basis.

Other: Revenues summed $0.03 million, down 70.5% year over year. Moreover, the segment incurred a quarterly net loss of approximately $4.4 million compared with the year-ago loss of $5 million.


Hawaiian Electric reaffirmed its 2018 guidance. The company continues to expect EPS in the range of $1.80-$2.00.

Additionally, for the Electric Utility segment, it continues to project EPS in the band of $1.33-$1.46 while the same for the Bank segment is still expected in the range of 68-74 cents.

Zacks Rank

Hawaiian Electric carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

Eversource Energy (ES - Free Report) reported first-quarter 2018 operating earnings of 85 cents per share, in line with the Zacks Consensus Estimate.

The AES Corporation’s (AES - Free Report) first-quarter 2018 adjusted earnings per share of 28 cents surpassed the Zacks Consensus Estimate of 25 cents by 12%.

CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2018 adjusted earnings of 55 cents per share, which outpaced the Zacks Consensus Estimate of 44 cents by 25%.

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