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Hawaiian Electric (HE) Q2 Earnings Miss, Revenues Up Y/Y
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Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 39 cents in the second quarter of 2019, which missed the Zacks Consensus Estimate of 44 cents by 11.4%. The bottom line also declined 7.1% from 42 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $715.5 million in the second quarter outpaced the Zacks Consensus Estimate of $593 million by 20.7% and rose 4.4% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses increased 6% year over year to $642.9 million during the second quarter.
Moreover, total operating income declined 7.8% year over year to $72.6 million, due to lower contributions from the Bank segment.
Net interest expenses amounted to $23.5 million, up from $22 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues at this segment totaled $633.8 million, up 4.2% year over year. Also, net income increased 1% to $55.7 million from $55.1 million a year ago.
Banking: At this segment, revenues summed $81.7 million, up 6% year over year. Meanwhile, net income came in at $21.3 million, down 21%.
Financial Position
Hawaiian Electric had cash and cash equivalents of $198.5 million as of Jun 30, 2019, compared with $169.2 million as of Dec 30, 2018.
Long-term debt, other than bank, was $1,884 million as of Jun 30, 2019, compared with $1,879.6 million as of Dec 31, 2018.
In the first half of 2019, net cash inflow from operating activities totaled $133.4 million compared to the cash inflow of $108.3 million in the first half of 2018.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
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 $1.95, which lies at the midpoint of the company’s guided range.
American Electric Power Co., Inc. (AEP - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of $1.00, surpassing the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, earnings were up 12.9% on a year-over-year basis.
CMS Energy Corporation (CMS - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of 33 cents, down 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
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Hawaiian Electric (HE) Q2 Earnings Miss, Revenues Up Y/Y
Hawaiian Electric Industries Inc. (HE - Free Report) reported earnings per share (EPS) of 39 cents in the second quarter of 2019, which missed the Zacks Consensus Estimate of 44 cents by 11.4%. The bottom line also declined 7.1% from 42 cents in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $715.5 million in the second quarter outpaced the Zacks Consensus Estimate of $593 million by 20.7% and rose 4.4% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments.
Operating Statistics
Total expenses increased 6% year over year to $642.9 million during the second quarter.
Moreover, total operating income declined 7.8% year over year to $72.6 million, due to lower contributions from the Bank segment.
Net interest expenses amounted to $23.5 million, up from $22 million in the prior-year quarter.
Segment Details
Electric Utility: Revenues at this segment totaled $633.8 million, up 4.2% year over year. Also, net income increased 1% to $55.7 million from $55.1 million a year ago.
Banking: At this segment, revenues summed $81.7 million, up 6% year over year. Meanwhile, net income came in at $21.3 million, down 21%.
Financial Position
Hawaiian Electric had cash and cash equivalents of $198.5 million as of Jun 30, 2019, compared with $169.2 million as of Dec 30, 2018.
Long-term debt, other than bank, was $1,884 million as of Jun 30, 2019, compared with $1,879.6 million as of Dec 31, 2018.
In the first half of 2019, net cash inflow from operating activities totaled $133.4 million compared to the cash inflow of $108.3 million in the first half of 2018.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote
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 $1.95, which lies at the midpoint of the company’s guided range.
Zacks Rank
Hawaiian Electric 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
American Electric Power Co., Inc. (AEP - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of $1.00, surpassing the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, earnings were up 12.9% on a year-over-year basis.
CMS Energy Corporation (CMS - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of 33 cents, down 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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