Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 42 cents in the second quarter of 2018, which came in line with the Zacks Consensus Estimate. On a year-over-year basis, the bottom line rose 16.7% from the prior-year quarter level of 36 cents.
Hawaiian Electric’s total revenues of $685.3 million in the reported quarter surpassed the Zacks Consensus Estimate of $638 million by 7.4% and was up 8.4% year over year. The top line improved owing to higher contributions from Electric Utility and Bank segments.
Total expenses were up 9.4% year over year to $606.5 million during the second quarter.
Total operating income was $78.8 million, up 1.3%, due to higher contributions from Bank.
Interest expenses amounted to $22 million, up from $20.4 million in the prior-year quarter.
Electric Utility: Segment revenues in the reported quarter were $608.1 million, up 9.2% year over year. Net income increased 21.5% to $31.2 million from $25.6 million a year ago.
Banking: Segment revenues were $77.1 million, up 2.4%. Net income came in at $20.6 million, up 22.9%.
Other: Segment revenues were $0.05 million, down 39% year over year. Moreover, this unit incurred a quarterly net loss of approximately $5.7 million compared with the year-ago loss of $3.7 million.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise