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Hawaiian Electric (HE) Q3 Earnings Rise Y/Y, Stock Rallies

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Shares of Hawaiian Electric Industries Inc. HE rose 12% to reach $37.05 on Nov 11, reflecting investor optimism following the company's third-quarter results.

The company reported earnings per share of 59 cents in the third quarter of 2020, which rose 1.7% from 58 cents in the prior-year quarter.

Total Revenues

Hawaiian Electric’s total revenues of $641.4 million in the third quarter declined 16.8% from the prior-year quarter’s $770.9 million. The decline in revenues can be attributed to decreased contributions from both the Electric Utility and Bank segments.

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

Operating Statistics

Total expenses declined 19.6% year over year to $541.9 million during the third quarter. The decline can be attributed to lower expenses at the Electric Utility segment.

Total operating income improved 3% year over year to $99.6 million in the third quarter due to lower contributions from the Bank segment.

Net interest expenses amounted to $22.1 million, slightly down from $22.4 million in the prior-year quarter.

Segment Details

Electric Utility: Revenues in this segment totaled $562.6 million, down 18.3% year over year. Meanwhile, net income surged 28.4% to $60.1 million from $46.8 million a year ago.

Banking: In this segment, revenues totaled $78.6 million, down 4.7% year over year. Meanwhile, net income came in at $12.2 million, plunging 49.6% year over year.

Financial Position

Hawaiian Electric had cash and cash equivalents of $193.1 million as of Sep 30, 2020, compared with $196.8 million as of Dec 30, 2019.

Long-term debt was $2,068.9 million as of Jun 30, 2020, compared with $1,964.4 million as of Dec 31, 2019.

During the first nine months of 2020, net cash inflow from operating activities totaled $312.3 million compared with cash inflow of $3141.4 million in the first nine months of 2019.

Guidance

Hawaiian Electric has reaffirmed its earnings guidance for the electric utility unit in the range of $1.46-$1.54 for 2020.

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.

Other Utility Releases

WEC Energy Group WEC recorded third-quarter 2020 earnings per share of 84 cents, which beat the Zacks Consensus Estimate of 76 cents by 10.5%.

Xcel Energy XEL posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.

CMS Energy CMS reported third-quarter 2020 adjusted earnings per share of 77 cents, which surpassed the Zacks Consensus Estimate of 68 cents by 13.2%.

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