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Hawaiian Electric (HE) Q3 Earnings Match Estimates, Fall Y/Y
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Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 58 cents in the third quarter of 2019, which came in line with the Zacks Consensus Estimate. The bottom line declined 3.3% from 60 cents in the prior-year quarter.
The year-over-year downside in earnings can be attributed to higher expenses incurred in the reported quarter.
Total Revenues
Hawaiian Electric’s total revenues of $771.5 million in the third quarter surpassed the Zacks Consensus Estimate of $771 million by 0.01%. The top line rose 0.5% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments. Operating Statistics
Total expenses increased 0.6% year over year to $674.2 million during the third quarter.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Total operating income declined 0.8% year over year to $97.3 million due to lower contributions from the Electric Utility segment.
Net interest expenses amounted to $22.4 million, up from $22.5 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues at this segment totaled $688.3 million, up a mere 0.1% year over year. Also, net income decreased 5.9% to $46.8 million from $49.7 million a year ago.
Banking: At this segment, revenues totaled $83.2 million, up 3.4% year over year. Net income came in at $22.8 million, up 7.9%.
Financial Position
Hawaiian Electric had cash and cash equivalents of $177 million as of Sep 30, 2019, compared with $169.2 million as of Dec 30, 2018.
Long-term debt, other than bank, was $1,885.5 million as of Sep 30, 2019, compared with $1,879.6 million as of Dec 31, 2018.
In the first nine months of 2019, net cash inflow from operating activities totaled $341.4 million compared with cash inflow of $257.7 million in the first nine months of 2018.
Guidance
Hawaiian Electric reaffirmed its earnings guidance for 2019. The company continues to expect earnings of $1.85-$2.05 per share. The Zacks Consensus Estimate for 2019 earnings is pegged at $1.88, which lies below the midpoint of the company guided range. Zacks Rank
Hawaiian Electric carries a Zacks Rank #4 (Sell).
Recent Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, earnings were up 10.1% on a year-over-year basis. It carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Xcel Energy (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%. The bottom line increased 5.2% from the year-ago quarter. It carries a Zacks Rank #3.
American Electric Power Co., Inc. (AEP - Free Report) reported third-quarter 2019 adjusted earnings per share of $1.46, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%. It carries a Zacks Rank #3.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Hawaiian Electric (HE) Q3 Earnings Match Estimates, Fall Y/Y
Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 58 cents in the third quarter of 2019, which came in line with the Zacks Consensus Estimate. The bottom line declined 3.3% from 60 cents in the prior-year quarter.
The year-over-year downside in earnings can be attributed to higher expenses incurred in the reported quarter.
Total Revenues
Hawaiian Electric’s total revenues of $771.5 million in the third quarter surpassed the Zacks Consensus Estimate of $771 million by 0.01%. The top line rose 0.5% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses increased 0.6% year over year to $674.2 million during the third quarter.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote
Total operating income declined 0.8% year over year to $97.3 million due to lower contributions from the Electric Utility segment.
Net interest expenses amounted to $22.4 million, up from $22.5 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues at this segment totaled $688.3 million, up a mere 0.1% year over year. Also, net income decreased 5.9% to $46.8 million from $49.7 million a year ago.
Banking: At this segment, revenues totaled $83.2 million, up 3.4% year over year. Net income came in at $22.8 million, up 7.9%.
Financial Position
Hawaiian Electric had cash and cash equivalents of $177 million as of Sep 30, 2019, compared with $169.2 million as of Dec 30, 2018.
Long-term debt, other than bank, was $1,885.5 million as of Sep 30, 2019, compared with $1,879.6 million as of Dec 31, 2018.
In the first nine months of 2019, net cash inflow from operating activities totaled $341.4 million compared with cash inflow of $257.7 million in the first nine months of 2018.
Guidance
Hawaiian Electric reaffirmed its earnings guidance for 2019. The company continues to expect earnings of $1.85-$2.05 per share. The Zacks Consensus Estimate for 2019 earnings is pegged at $1.88, which lies below the midpoint of the company guided range.
Zacks Rank
Hawaiian Electric carries a Zacks Rank #4 (Sell).
Recent Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, earnings were up 10.1% on a year-over-year basis. It carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Xcel Energy (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%. The bottom line increased 5.2% from the year-ago quarter. It carries a Zacks Rank #3.
American Electric Power Co., Inc. (AEP - Free Report) reported third-quarter 2019 adjusted earnings per share of $1.46, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%. It carries a Zacks Rank #3.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>