Hawaiian Electric Industries Inc. HE reported adjusted earnings per share (EPS) of 31 cents in the first quarter of 2017, which surpassed the Zacks Consensus Estimate of 29 cents by 6.9%. On a year-over-year basis, the figure was in line with the prior-year quarter level.
Total Revenue
Hawaiian Electric’s total revenue of $591.6 million in the reported quarter also surpassed the Zacks Consensus Estimate of $555 million by 6.6% and was up 7.4% year over year. The top line improved primarily due to higher contributions from Electric Utility, Bank and Other.
Operating Statistics
Total expenses were up 8.6% year over year to $523.7 million during the first quarter.
Total operating income was $67.9 million, down 1.4% mainly on lower contributions from Electric Utility.
Interest expenses amounted to $19.6 million, down from $20.1 million in the prior-year quarter.
Segment Details
Electric Utility: Segment revenues in the reported quarter were $518.6 million, up 7.6% year over year. Net income, however, declined 3.4% to $48.9 million from $55.3 million a year ago.
Banking: Segment revenues in the reported quarter were $72.9 million, up 5.8%. Net income came in at $24.2 million, up 23.3%.
Other: Segment revenues in the reported quarter were $0.1 million, up 39.7% year over year. However, it reported a quarterly net loss of approximately $5.2 million compared with the year-ago loss of $6.1 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 Mar 31, 2017 were $234.2 million, down from $278.5 million as of Dec 31, 2016.
Long-term debt, net other than bank, at the end of first quarter was $1,618.7 million, down from $1,619 million at year-end 2016.
Guidance
Hawaiian Electric reaffirmed its 2017 adjusted EPS in the range of $1.55–$1.70 with EPS in the Electric Utility segment expected in the band of $1.17–$1.27 and that at the Banking segment in the range of 53–56 cents.
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 reported first-quarter 2017 operating earnings per share of $1.79, which beat the Zacks Consensus Estimate of $1.57 by 14%. Total revenue came in at $3.24 billion, which surpassed the Zacks Consensus Estimate of $2.58 billion by 25.6%. The company has a Zacks Rank #3.
Entergy Corporation ETR a Zacks Rank #3 company reported first-quarter 2017 operational earnings of 99 cents per share, missing the Zacks Consensus Estimate of $1.06 by 6.6%. However, total revenue of $2,588.5 million topped the Zacks Consensus Estimate of $2,566 million by 0.9%.
NextEra Energy, Inc. NEE is also a Zacks Rank #3 company. It reported first-quarter 2017 adjusted EPS of $1.75, beating the Zacks Consensus Estimate of $1.56 by 12.2%. Operating revenues totaled $3,972 million, beating the Zacks Consensus Estimate of $3,943 million by nearly 0.7%.
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