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Hawaiian Electric (HE) Q3 Earnings Miss, Revenues Up Y/Y

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Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 60 cents in the third quarter of 2018, which missed the Zacks Consensus Estimate of 62 cents by 3.2%. However, on a year-over-year basis, the bottom line improved 9.1% from the prior-year quarter’s level of 55 cents.

Total Revenues

Hawaiian Electric’s total revenues of $768.1 million in the reported quarter surpassed the Zacks Consensus Estimate of $672 million by 14.2%. The top line was also up 14.1% year over year. The metric improved on higher contributions from Electric Utility and Bank segments.

Operating Statistics

Total expenses were up 19.3% year over year to $670 million during the third quarter.

Total operating income was $98.1 million, down 12% due to lower contributions from Electric Utility segment.

Interest expenses amounted to $22.5 million, up from $19.2 million in the prior-year quarter.

Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise

Segment Details

Electric Utility: Segment revenues in the reported quarter were $687.4 million, up 14.8% year over year. Net income increased to $49.7 million from $47.5 million a year ago.

Banking: Segment revenues were $80.5 million, up 8.4%. Net income came in at $21.2 million, up 20.6%.

Other: Segment revenues were $0.14 million, up 12.6% year over year. Moreover, this unit incurred a quarterly net loss of approximately $5 million, in line with the year-ago loss.

Financial Update

Cash and cash equivalents as of Sep 30, 2018 were $172.1 million, down from $261.9 million as of Dec 31, 2017.

Net long-term debt at the end of the third quarter was $1.78 billion, up from $1.68 billion at 2017-end.

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) delivered third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.

NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.

American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.

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