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HEI (HE) Up 17.8% Since Last Earnings Report: Can It Continue?

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A month has gone by since the last earnings report for Hawaiian Electric (HE). Shares have added about 17.8% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is HEI due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Hawaiian Electric Q4 Earnings Fall Y/Y

Hawaiian Electric reported earnings per share of 46 cents in the fourth quarter of 2020, which declined 24.6% from 61 cents in the prior-year quarter.

In 2020, the company reported earnings per share of $1.81, which dropped 9% from the year-ago earnings of $1.99.

Total Revenues

Hawaiian Electric’s total revenues of $652.2 million in the fourth quarter declined 10.2% 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.

In 2020, the company generated total revenues of $2,265.3 million, which fell 11% from the year-ago tally.

Operating Statistics

Total expenses declined 8.6% year over year to $571.5 million during the fourth quarter. The decline can be attributed to lower expenses in the Electric Utility segment.

Total operating income declined 19.9% year over year to $80.7 million in the fourth quarter due to lower contributions from the Electric Utility and Bank segment.

Net interest expenses during the quarter amounted to $22.2 million, slightly up from $21.8 million in the prior-year quarter.

Segment Details

Electric Utility: Revenues in this segment totaled $571.1 million, down 11.5% year over year. Meanwhile, net income declined 2.9% to $68.2 million from $70.3 million a year ago.

Banking: In this segment, revenues totaled $80.4 million, down 0.3% year over year. Meanwhile, net income came in at $18.4 million, plunging 47.7% year over year.

Guidance 2021

Hawaiian Electric has reaffirmed its earnings guidance for the Electric Utility unit in the range of $1.53-$1.61 per share for 2021.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.


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