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Hawaiian Electric (HE) Q2 Earnings In Line, Revenues Up Y/Y

Hawaiian Electric Industries Inc . HE reported earnings per share (EPS) of 42 cents in the second quarter of 2018, which came in line with the Zacks Consensus Estimate. On a year-over-year basis, the bottom line rose 16.7% from the prior-year quarter level of 36 cents.

Total Revenues

Hawaiian Electric's total revenues of $685.3 million in the reported quarter surpassed the Zacks Consensus Estimate of $638 million by 7.4% and was up 8.4% year over year. The top line improved owing to higher contributions from Electric Utility and Bank segments.

Operating Statistics

Total expenses were up 9.4% year over year to $606.5 million during the second quarter.

Total operating income was $78.8 million, up 1.3%, due to higher contributions from Bank.

Interest expenses amounted to $22 million, up from $20.4 million in the prior-year quarter.

Segment Details

Electric Utility : Segment revenues in the reported quarter were $608.1 million, up 9.2% year over year. Net income increased 21.5% to $31.2 million from $25.6 million a year ago.

Banking : Segment revenues were $77.1 million, up 2.4%. Net income came in at $20.6 million, up 22.9%.

Other : Segment revenues were $0.05 million, down 39% year over year. Moreover, this unit incurred a quarterly net loss of approximately $5.7 million compared with the year-ago loss of $3.7 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, 2018, were $254.7 million, down from $261.9 million as of Dec 31, 2017.

Net long-term debt, at the end of the second quarter, was $1.47 billion, up from $1.37 billion at 2017-end.

Guidance

Hawaiian Electric reaffirmed its 2018 guidance. The company continues to expect EPS in the range of $1.80-$2.00.

Additionally, for the Electric Utility segment, it continues to project EPS in the band of $1.33-$1.46 while the same for the Bank segment is still expected in the range of 68-74 cents.

Zacks Rank

Hawaiian Electric currently carries a Zacks Rank #4 (Sell).

Recent Utility Releases

Xcel Energy XEL recorded second-quarter 2018 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 47 cents by 10.6%. Also, the bottom line was 15.6% higher than the year-ago quarter's tally. The company currently carries a Zacks Rank #3 (Hold).

DTE Energy DTE reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

American Electric Power AEP reported second-quarter 2018 adjusted earnings per share of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%. The company currently carries a Zacks Rank #3.

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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.

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