Hawaiian Electric (HE) Q3 Earnings Meet Estimates, Revenues Fall
Hawaiian Electric Industries, Inc. HE reported earnings per share (EPS) of 56 cents in the third quarter of 2023, meeting the Zacks Consensus Estimate. The bottom line, however, dropped 1.7% from 57 cents reported in the prior-year quarter.
Including special items, the company reported GAAP EPS of 37 cents per share compared with 57 cents reported in the prior-year quarter.
Total Revenues
Hawaiian Electric reported total revenues of $901.9 million in the third quarter of 2023. Revenues declined 13.5% year over year from $1,042.2 million.
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 $794.9 million, down 16.8% year over year.
Banking: In this segment, revenues totaled $100.9 million, up 24% year over year.
Others: Revenues from other sources improved 22.8% to $5.9 million from $4.8 million in the year-ago quarter.
Operating Statistics
Total expenses dropped 12.1% year over year to $826.8 million in the third quarter.
Total operating income fell 26.4% year over year to $75.1 million in the third quarter.
Net interest expenses amounted to $32.6 million in the quarter, up 22.6% from $26.6 million in the prior-year quarter.
Zacks Rank
Hawaiian Electric currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
DTE Energy CompanyDTE reported third-quarter 2023 operating earnings per share (EPS) of $1.44 per share, missing the Zacks Consensus Estimate of $1.72 by 16.3%. The bottom line declined 10% from the year-ago quarter’s reported figure of $1.60 per share.
The operating net income in the quarter was $298 million compared with $311 million in the year-ago period.
PG&E Corporation’s PCG adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line fell 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. NEE released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s levels. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, lagging the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line rose 6.7% year over year.
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