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Hawaiian Electric (HE) Q1 Earnings Beat, Revenues Up Y/Y
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Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 42 cents in the first quarter of 2019, which surpassed the Zacks Consensus Estimate of 39 cents by 7.7%. The bottom line also improved 13.5% from 37 cents registered in the prior-year quarter. Solid revenues and operating income in the quarter under review led to the uptick.
Total Revenues
Hawaiian Electric’s total revenues of $661.6 million in the first quarter outpaced the Zacks Consensus Estimate of $579 million by 14.3% and also rose 2.4% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses increased 1.7% year over year to $538.7 million during the first quarter.
However, total operating income rose 8.4% year over year to $77.9 million driven by higher contributions from both the Electric Utility and Bank segments.
Net interest expenses amounted to $23.1 million, up from $21.5 million in the prior-year quarter.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Electric Utility: Revenues at this segment totaled $578.5 million, up 1.4% year over year. Also, net income increased to $32.6 million from $28 million a year ago.
Banking: At this segment revenues summed $83.1 million, up 10.1% year over year. Meanwhile, net income came in at $20.8 million, up 9.9%.
Quarterly Highlights
In the first quarter, the Public Utilities Commission approved the company’s six renewable power purchase agreements. This, in turn, is expected to bring a significant amount of solar-plus-battery-storage projects for Hawaiian Electric in Oahu, Maui and Hawaii Island.
Guidance
Hawaiian Electric reaffirmed its earnings guidance for 2019. The company continues to expect earnings in the range of $1.85-$2.05 per share. The Zacks Consensus Estimate for 2019 earnings is pegged at $1.94, just below the midpoint of the company’s guided range.
Zacks Rank & Stock to Consider
Hawaiian Electric currently carries a Zacks Rank #4 (Sell).
PG&E Corp surpassed the Zacks Consensus Estimate for earnings in the trailing four quarters, the average being 16.9%. It has an expected long-term earnings growth rate of 2.3%.
Recent Utility Releases
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc.’s (NEE - Free Report) first-quarter 2019 adjusted earnings came in at $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
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Hawaiian Electric (HE) Q1 Earnings Beat, Revenues Up Y/Y
Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 42 cents in the first quarter of 2019, which surpassed the Zacks Consensus Estimate of 39 cents by 7.7%. The bottom line also improved 13.5% from 37 cents registered in the prior-year quarter. Solid revenues and operating income in the quarter under review led to the uptick.
Total Revenues
Hawaiian Electric’s total revenues of $661.6 million in the first quarter outpaced the Zacks Consensus Estimate of $579 million by 14.3% and also rose 2.4% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses increased 1.7% year over year to $538.7 million during the first quarter.
However, total operating income rose 8.4% year over year to $77.9 million driven by higher contributions from both the Electric Utility and Bank segments.
Net interest expenses amounted to $23.1 million, up from $21.5 million in the prior-year quarter.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise | Hawaiian Electric Industries, Inc. Quote
Segment Details
Electric Utility: Revenues at this segment totaled $578.5 million, up 1.4% year over year. Also, net income increased to $32.6 million from $28 million a year ago.
Banking: At this segment revenues summed $83.1 million, up 10.1% year over year. Meanwhile, net income came in at $20.8 million, up 9.9%.
Quarterly Highlights
In the first quarter, the Public Utilities Commission approved the company’s six renewable power purchase agreements. This, in turn, is expected to bring a significant amount of solar-plus-battery-storage projects for Hawaiian Electric in Oahu, Maui and Hawaii Island.
Guidance
Hawaiian Electric reaffirmed its earnings guidance for 2019. The company continues to expect earnings in the range of $1.85-$2.05 per share. The Zacks Consensus Estimate for 2019 earnings is pegged at $1.94, just below the midpoint of the company’s guided range.
Zacks Rank & Stock to Consider
Hawaiian Electric currently carries a Zacks Rank #4 (Sell).
A better-ranked stock in the same industry is PG&E Corp. (PCG - Free Report) carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PG&E Corp surpassed the Zacks Consensus Estimate for earnings in the trailing four quarters, the average being 16.9%. It has an expected long-term earnings growth rate of 2.3%.
Recent Utility Releases
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc.’s (NEE - Free Report) first-quarter 2019 adjusted earnings came in at $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
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