Hawaiian Electric (HE) Q1 Earnings Top, Revenues Rise Y/Y
Shares of Hawaiian Electric Industries, Inc. HE slipped 0.2% to $41.90 on May 12, reflecting investors’ disappointment following its first-quarter results.
The company reported earnings per share (EPS) of 63 cents for the first quarter of 2022, which surpassed the Zacks Consensus Estimate of 42 cents by 50%. The bottom line also improved 6.8% from 59 cents per share in the prior-year quarter.
Total Revenues
Hawaiian Electric’s total revenues of $785.1 million in the first quarter improved 22.1% from the prior-year quarter’s $642.9 million. The rise in revenues can be attributed to increased contributions from the Electric Utility and Other segments.
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 $708.8 million, up 25.4% year over year.
Banking: In this segment, revenues totaled $75.1 million, down 2.6% year over year.
Others: Revenues from other sources surged 22.1% to $1,161 million from $951 million in the year-ago quarter.
Operating Statistics
Total expenses increased 25.9% year over year to $685.8 million during the first quarter. The increase can be attributed to higher expenses in the Electric Utility and Bank segments.
Total operating income rose 1.3% year over year to $99.3 million in the first quarter.
Net interest expenses during the quarter amounted to $24.3 million, up 2.6% from $23.7 million in the prior-year quarter.
2022 Guidance
Hawaiian Electric reiterated its 2022 EPS guidance in the range of $2.00-$2.20. The Zacks Consensus Estimate for earnings, pegged at $2.16, is more than the mid-point of the company’s guided range.
Zacks Rank
Hawaiian Electric currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
FirstEnergy Corporation FE delivered first-quarter 2022 operating EPS of 60 cents, which missed the Zacks Consensus Estimate of 62 cents by 3.2%. The bottom line declined 13% from the year-ago earnings of 69 cents per share.
FirstEnergy generated operating revenues of $2,991 million in the first quarter, which surpassed the Zacks Consensus Estimate of $2,782 million by 7.5%. FE’s top line improved 8.7% from $2,752 million in the year-ago quarter.
NextEra Energy NEE reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.
NextEra Energy’s operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE’s top line also decreased by 22.4% year over year.
Entergy Corporation ETR reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined 10.2% from $1.47 per share in the year-ago quarter.
Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.
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