We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share of 45 cents in the second quarter of 2020, which increased 15.4% from 39 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $608.9 million in the second quarter declined 14.9% from the prior-year quarter’s $715.5 million. The decline in revenues can be attributed to decreased contributions from the Electric Utility and Bank segment.
Operating Statistics
Total expenses declined 16.4% year over year to $537.4 million during the second quarter. The decline can be attributed to lower expenses at the Electric Utility segment.
Total operating income declined 1.4% year over year to $71.6 million in the second quarter due to lower contributions from the Bank segment.
Net interest expenses amounted to $22.6 million, down from $23.5 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues in this segment totaled $534.2 million, down 15.7% year over year. Also, net income increased 21.7% to $67.8 million from $55.7 million a year ago.
Banking: In this segment, revenues summed $74.7 million, down 8.5% year over year. Meanwhile, net income came in at $8.5 million, plunging 60% year over year.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric had cash and cash equivalents of $574.8 million as of Jun 30, 2020, compared with $196.8 million as of Dec 30, 2019.
Long-term debt was $2,070.2 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.
In the first half of 2020, net cash inflow from operating activities totaled $197.4 million compared to the cash inflow of $133.4 million in the first half of 2019.
Guidance
Hawaiian Electric is currently providing full-year bank provision guidance, given the uncertainty regarding the impacts of COVID-19.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share (EPS) of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Image: Bigstock
Hawaiian Electric's (HE) Q2 Earnings & Revenues Decline Y/Y
Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share of 45 cents in the second quarter of 2020, which increased 15.4% from 39 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $608.9 million in the second quarter declined 14.9% from the prior-year quarter’s $715.5 million. The decline in revenues can be attributed to decreased contributions from the Electric Utility and Bank segment.
Operating Statistics
Total expenses declined 16.4% year over year to $537.4 million during the second quarter. The decline can be attributed to lower expenses at the Electric Utility segment.
Total operating income declined 1.4% year over year to $71.6 million in the second quarter due to lower contributions from the Bank segment.
Net interest expenses amounted to $22.6 million, down from $23.5 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues in this segment totaled $534.2 million, down 15.7% year over year. Also, net income increased 21.7% to $67.8 million from $55.7 million a year ago.
Banking: In this segment, revenues summed $74.7 million, down 8.5% year over year. Meanwhile, net income came in at $8.5 million, plunging 60% year over year.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote
Financial Position
Hawaiian Electric had cash and cash equivalents of $574.8 million as of Jun 30, 2020, compared with $196.8 million as of Dec 30, 2019.
Long-term debt was $2,070.2 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.
In the first half of 2020, net cash inflow from operating activities totaled $197.4 million compared to the cash inflow of $133.4 million in the first half of 2019.
Guidance
Hawaiian Electric is currently providing full-year bank provision guidance, given the uncertainty regarding the impacts of COVID-19.
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
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share (EPS) of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>