U.S. Markets closed
  • S&P 500

    4,410.13
    +12.19 (+0.28%)
     
  • Dow 30

    34,364.50
    +99.13 (+0.29%)
     
  • Nasdaq

    13,855.13
    +86.21 (+0.63%)
     
  • Russell 2000

    1,987.92
    -36.12 (-1.78%)
     
  • Crude Oil

    0 (0)
     
  • Gold

    1,836.10
    -6.50 (-0.35%)
     
  • Silver

    24.34
    -0.37 (-1.50%)
     
  • EUR/USD

    1.1348
    +0.0031 (+0.2724%)
     
  • 10-Yr Bond

    1.7350
    -0.0120 (-0.69%)
     
  • Vix

    28.85
    +3.26 (+12.74%)
     
  • GBP/USD

    1.3555
    -0.0045 (-0.3321%)
     
  • USD/JPY

    113.6500
    -0.4500 (-0.3944%)
     
  • BTC-USD

    37,002.27
    +1,727.20 (+4.90%)
     
  • CMC Crypto 200

    842.18
    +31.57 (+3.90%)
     
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • Nikkei 225

    27,522.26
    -250.64 (-0.90%)
     

Hawaiian Electric (HE) Beats on Q3 Earnings, Hikes'21 EPS View

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·4 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • HE
  • DTY
  • NEE

Shares of Hawaiian Electric Industries, Inc. HE appreciated 1.4% to $40.66 on Nov 5, reflecting investor optimism following the company’s third-quarter 2021 results.

Hawaiian Electric reported third-quarter earnings per share (EPS) of 58 cents, which surpassed the Zacks Consensus Estimate of 53 cents by 9.4%. However, the bottom line declined 1.7% from 59 cents in the prior-year quarter.

Total Revenues

Hawaiian Electric’s total revenues of $756.9 million in the third quarter improved 18% from the prior-year quarter’s $641.4 million. The upside can be attributed to increased contributions from the Electric Utility segment.

Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise

Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise

Hawaiian Electric Industries, Inc. price-consensus-eps-surprise-chart | Hawaiian Electric Industries, Inc. Quote

Segment Details

Electric Utility: Revenues in this segment totaled $679.5 million, up 20.8% year over year.

Banking: In this segment, revenues amounted to$76.2 million, down 3.1% year over year.

Others: Revenues from other sources rose significantlyto $1,197 million, reflecting a whopping increase of 456.7% from $215 million in the year-ago quarter.

Operating Statistics

Total expenses surged 21.7% year over year to $659.6 million inthe third quarter. The increase was due to higher expenses in the Electric Utility and Other segments.

Total operating income decreased 2.3% year over year to $97.3 million in the third quarter.

Net interest expenses inthe quarter under review were $23.5 million, up 6.3% from $22.1 million in the prior-year quarter.

Guidance 2021

Hawaiian Electric raised its 2021 EPS guidance to the range of $2.10-$2.20, compared with the prior guidance of $2.00-$2.20. The Zacks Consensus Estimate for earnings is pegged at $2.13, which lies below the mid-point of the company’s newly guided range.

Zacks Rank

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

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

American Electric Power AEP reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. The bottom line declined 2.7% from $1.47 per share in the year-ago quarter. The company’s third-quarter revenues of $4.60 billion beat the Zacks Consensus Estimate of $4.44 billion by 3.6%.

American Electric narrowed its 2021 operating earnings guidance to the range of $4.65-$4.75 per share, from the prior guidance of $4.55-$4.75. The Zacks Consensus Estimate for 2021 earningsis pegged at $4.69 per share, which lies just below the mid-point of the new guidance. In the past month,shares of American Electric have gained 2%.

NextEra Energy NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%. The bottom line improved 11.9% from 67 cents per share in the prior-year quarter. The company’s third-quarter operating revenues were $4,370 million, which lagged the Zacks Consensus Estimate of $5,896 million by 25.9%. The top line declined 8.7% year over year.

NextEra reiterated 2021 earnings expectations in the range of $2.40-$2.54 per share. The metric is projected to see a CAGR of 6-8% during the 2021-2023 period. Thus, its earnings per share guided range for 2022 and 2023 is anticipated at $2.55-$2.75 and $2.77-$2.97, respectively.NextEra stock has returned 8% in the past month.

DTE Energy Company DTE reported third-quarter 2021 adjusted earnings of $1.72 per share, which lagged the Zacks Consensus Estimate of $1.83 by 6%. The bottom line declined 19.6% from the year-ago quarter’s $2.14. Operating net income for DTE Energy in the reported quarter amounted to $334 million compared with $415 million in the year-ago quarter.

DTE Energy updated its 2021 operating earnings per share guidance to the range $5.70-$5.98 from $5.62-$5.92.The Zacks Consensus Estimate for the same is pegged at $5.98. It provided a 2022 operating EPS outlook of $5.70-$5.97.In the past month, DTE Energy has returned 0.3%.


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

NextEra Energy, Inc. (NEE) : Free Stock Analysis Report

DTE Energy Company (DTE) : Free Stock Analysis Report

American Electric Power Company, Inc. (AEP) : Free Stock Analysis Report

Hawaiian Electric Industries, Inc. (HE) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research