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 (HE) Q2 Earnings Miss, Revenues Up Y/Y
Read MoreHide Full Article
Hawaiian Electric Industries Inc. (HE - Free Report) reported adjusted earnings per share (EPS) of 36 cents in the second quarter of 2017, which missed the Zacks Consensus Estimate of 39 cents by 7.7%. On a year-over-year basis, the figure declined 16.3% from the prior-year quarter level of 43 cents.
Total Revenue
Hawaiian Electric’s total revenue of $632.3 million in the reported quarter surpassed the Zacks Consensus Estimate of $568 million by 11.4% and was up 11.7% year over year. The top line improved primarily owing to higher contributions from Electric Utility and Bank.
Operating Statistics
Total expenses were up 15.7% year over year to $556.4 million during the second quarter.
Total operating income was $75.9 million, down 11.2%, mainly due to lower contributions from Electric Utility.
Interest expenses amounted to $20.4 million, up from $17.3 million in the prior-year quarter.
Segment Details
Electric Utility: Segment revenues in the reported quarter were $556.9 million, up 12.4% year over year. Net income, however, declined 28.5% to $25.6 million from $35.9 million a year ago.
Banking: Segment revenues were $75.3 million, up 6.5%. Net income came in at $16.7 million, up 26%.
Other: Segment revenues were $0.1 million, down 23% year over year. But it incurred a quarterly net loss of approximately $3.7 million compared with the year-ago loss of $5 million.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Cash and cash equivalents as of Jun 30 were $210.4 million, down from $278.5 million as of Dec 31, 2016.
Long-term debt, net other than bank, at the end of the second quarter was $1,618.6 million, down from $1,619 million at 2016-end.
Guidance
Hawaiian Electric reaffirmed its 2017 adjusted EPS in the range of $1.55–$1.70.
In the Electric Utility segment it expects EPS in the band of $1.17–$1.27 and the same at the Banking segment is anticipated to be in 53–56 cents range.
DTE Energy Company (DTE - Free Report) reported second-quarter 2017 operating earnings per share of $1.07, which surpassed the Zacks Consensus Estimate of 97 cents by 10.3%. Operating earnings also grew 9.2% from the year-ago figure of 98 cents.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. The bottom line was also up by 11.4% year over year.
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, surpassing the Zacks Consensus Estimate of 59 cents by 6.8%, and the year-ago figure of 57 cents by 10.5%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Hawaiian Electric (HE) Q2 Earnings Miss, Revenues Up Y/Y
Hawaiian Electric Industries Inc. (HE - Free Report) reported adjusted earnings per share (EPS) of 36 cents in the second quarter of 2017, which missed the Zacks Consensus Estimate of 39 cents by 7.7%. On a year-over-year basis, the figure declined 16.3% from the prior-year quarter level of 43 cents.
Total Revenue
Hawaiian Electric’s total revenue of $632.3 million in the reported quarter surpassed the Zacks Consensus Estimate of $568 million by 11.4% and was up 11.7% year over year. The top line improved primarily owing to higher contributions from Electric Utility and Bank.
Operating Statistics
Total expenses were up 15.7% year over year to $556.4 million during the second quarter.
Total operating income was $75.9 million, down 11.2%, mainly due to lower contributions from Electric Utility.
Interest expenses amounted to $20.4 million, up from $17.3 million in the prior-year quarter.
Segment Details
Electric Utility: Segment revenues in the reported quarter were $556.9 million, up 12.4% year over year. Net income, however, declined 28.5% to $25.6 million from $35.9 million a year ago.
Banking: Segment revenues were $75.3 million, up 6.5%. Net income came in at $16.7 million, up 26%.
Other: Segment revenues were $0.1 million, down 23% year over year. But it incurred a quarterly net loss of approximately $3.7 million compared with the year-ago loss of $5 million.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise | Hawaiian Electric Industries, Inc. Quote
Financial Update
Cash and cash equivalents as of Jun 30 were $210.4 million, down from $278.5 million as of Dec 31, 2016.
Long-term debt, net other than bank, at the end of the second quarter was $1,618.6 million, down from $1,619 million at 2016-end.
Guidance
Hawaiian Electric reaffirmed its 2017 adjusted EPS in the range of $1.55–$1.70.
In the Electric Utility segment it expects EPS in the band of $1.17–$1.27 and the same at the Banking segment is anticipated to be in 53–56 cents range.
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.
Peer Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2017 operating earnings per share of $1.07, which surpassed the Zacks Consensus Estimate of 97 cents by 10.3%. Operating earnings also grew 9.2% from the year-ago figure of 98 cents.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. The bottom line was also up by 11.4% year over year.
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, surpassing the Zacks Consensus Estimate of 59 cents by 6.8%, and the year-ago figure of 57 cents by 10.5%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>