Free Post Earnings Research Report: Hawaiian Electric’s Quarterly Earnings Advanced 19.35%
LONDON, UK / ACCESSWIRE / June 19, 2018 / If you want access to our free earnings report on Hawaiian Electric Industries, Inc. (NYSE: HE) ("HEI"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HE. The Company reported its financial results on May 10, 2018, for the first quarter of the fiscal year 2018, ended March 31, 2018. For the reported quarter, HEI's earnings were in-line with analysts' estimates, while its revenues surpassed forecasts. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Hawaiian Electric Industries most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=HE
Earnings Highlights and Summary
For Q1 FY18 HEI's total revenues reached $645.87 million, reflecting an increase of 9.18% from $591.56 million in Q1 FY17. The Company's revenue numbers surpassed analysts' consensus estimates of $596 million.
HEI incurred total expenses of $573.99 million in the quarter ended March 31, 2018, 10% higher than $521.82 million in Q1 FY17. The Company's operating income advanced 3.08% to $71.89 million in the reported quarter from $69.74 million in the previous year's same quarter.
For Q1 FY18, HEI's net income for common stockholders was $40.25 million, up 17.71% from $34.19 million in Q1 FY17. The Company's diluted earnings per common share also jumped 19.35% to $0.37 in the quarter under review from $0.31 in the year ago comparable quarter. This was consistent with analysts' forecasts for Q1 FY18.
Segment Details
During Q1 FY18, HEI's Hawaiian Electric Co. subsidiary reported revenues of $570.43 million, up 9.99% on a y-o-y basis. The subsidiary's operating income advanced 2% to $51.37 million in Q1 FY18 from $50.36 million in Q1 FY17. Besides, the subsidiary's net income also increased 28% to $27.48 million in the reported quarter from $21.47 million in the year ago corresponding quarter.
HEI's American Savings Bank subsidiary had total revenues of $75.42 million in Q1 FY18, 3.52% higher than in Q1 FY17. The Bank had a net income of $18.96 million in Q1 FY18, up 19.90% from $15.81 million in Q1 FY17. This was the Bank's highest quarterly net income in its history, reflecting a higher net interest margin, good deposit and loan growth, and the benefits of the tax reform for the subsidiary, including a lower tax expense and higher wage rates for entry level and lower wage positions.
HEI's Others segment reported revenues of $0.28 million in Q1 FY18, 70.53% lower than Q1 FY17. The segment had a net loss of $6.19 million in the reported quarter compared to $3.09 million in the previous year's same quarter.
Cash Matters
HEI had cash and cash equivalents of $244.79 million, and a long-term debt, net other than bank, of $1.68 billion as on March 31, 2018.
For Q1 FY18 HEI's cash flow from operating activities was $34.68 million. The Company incurred a capital expenditure of $133.35 million in the reported quarter.
During Q1 FY18, HEI distributed common stock dividends of $33.74 million and preferred stock dividend of subsidiaries of $0.47 million.
Outlook
HEI reaffirmed its 2018 guidance. The Company expects its earnings per share to be in the range of $1.80 to $2.00 for FY18.
On May 09, 2018, HEI's Board of Directors declared a quarterly cash dividend of $0.31 per share, which was paid on June 12, 2018, to shareholders of record at the close of business on May 23, 2018 (ex-dividend date is May 22, 2018). The dividend is equivalent to an annual rate of $1.24 per share. At the indicated annual dividend rate and based on the closing price per share on May 09, 2018, of $33.87, HEI's dividend yield is 3.70%.
Stock Performance Snapshot
June 18, 2018 - At Monday's closing bell, Hawaiian Electric Industries' stock slightly rose 0.36%, ending the trading session at $33.13.
Volume traded for the day: 451.29 thousand shares, which was above the 3-month average volume of 437.78 thousand shares.
After yesterday's close, Hawaiian Electric Industries' market cap was at $3.59 billion.
Price to Earnings (P/E) ratio was at 19.53.
The stock has a dividend yield of 3.74%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry. This sector was up 0.2% at the end of the session.
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