Markets
NI

Hawaiian Electric Earnings Meet Estimates; Revenues Fall

Hawaiian Electric Industries Inc.HE reported adjusted earnings of 49 cents per share in the third quarter of 2015, on par with the Zacks Consensus Estimate.

Including after-tax merger-related costs associated with the pending merger with NextEra Energy, Inc. NEE and the spin-off of ASB Hawaii, the company's third-quarter earnings were 47 cents per share.

Hawaiian Electric Industries Inc. - Earnings Surprise | FindTheBest

Total Revenue

Total revenues in the reported quarter were $717.2 million, down 17.3% year over year. The decline in total revenues is primarily owing to lower contribution from Electric Utility, partially offset by higher contribution from Bank.

Operating Statistics

Total expenses were down 20% year over year to $620.1 million. Total operating income was $97.1 million, up 5.5% year over year mainly due to higher contributions from Electric Utility.

Interest expenses remained almost flat at $19.2 million.

Segment Details

Electric Utility : Segment revenues in the reported quarter were $648.1 million, down 19.3% year over year. Net income increased 10.5% to $43 million from $38.9 million a year ago. The upside resulted primarily from lower expenses year over year.

Banking : Segment revenues in the reported quarter were $69.1 million, up 8.8% year over year. Net income came in at $13.5 million, up 1.5% from the year-ago quarter.

Other : The segment reported a quarterly net loss of approximately $5.8 million, wider than the year-ago loss of about $4.3 million.

Financial Update

Cash and cash equivalents as of Sep 30, 2015, were $228.4 million, up from $175.5 million as of Dec 31, 2014. Long-term debt, net other than bank, was $1,506.5 million, unchanged from the 2014-end level.

Other Peer Releases

Duke Energy Corporation DUK reported third-quarter 2015 operating earnings of $1.47 per share, lagging the Zacks Consensus Estimate of $1.52 by 3.3%.

NiSource Inc. NI reported adjusted operating earnings per share of 6 cents in the third quarter of 2015, outpacing the Zacks Consensus Estimate of 2 cents by 200%.

Zacks Rank

Hawaiian Electric currently carries a Zacks Rank #3 (Hold).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

HAWAIIAN ELEC (HE): Free Stock Analysis Report

NEXTERA ENERGY (NEE): Free Stock Analysis Report

NISOURCE INC (NI): Free Stock Analysis Report

DUKE ENERGY CP (DUK): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NI DUK HE NEE

Other Topics

Earnings Stocks

Latest Markets Videos

Zacks

Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

Learn More