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Hawaiian Electric's (HE) Q1 Earnings Down Y/Y, Revenues Up

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Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 31 cents in the first quarter of 2020, which declined 26.2% from 42 cents in the prior-year quarter.

Total Revenues

Hawaiian Electric’s total revenues of $677.2 million in the first quarter rose 2.4% from the prior-year quarter’s $661.6 million. The improvement can be attributed to increased contributions from the Electric Utility segment.

Hawaiian Electric Industries Inc Price, Consensus and EPS Surprise

Operating Statistics

Total expenses grew 5.8% year over year to $617.5 million during the first quarter, led by an increase in expenses in both Electric Utility and Bank segments.

Hawaiian Electric’s total operating income declined 23.4% year over year to $59.7 million, driven by lower contributions from the Electric Utility and Bank segments.

Net interest expenses amounted to $21.8 million, down from $23.1 million in the prior-year quarter.

Segment Details

Electric Utility: Revenues at this segment totaled $597.4 million, down 3.3% year over year. Also, net income declined to $44 million from $56.6 million a year ago.

Banking: At this segment, revenues summed $79.7 million, down 4% year over year. Meanwhile, net income declined to $19.4 million from $26.1 million a year ago.

Guidance

Hawaiian Electric reaffirmed its earnings guidance for 2020. The company continues to expect earnings in the range of $1.90-$2.10 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $1.88 per share, just below the company’s guided range.

Zacks Rank & Stock to Consider

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

FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.

NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.

CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.

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