Why Is HEI (HE) Down 65.1% Since Last Earnings Report?
It has been about a month since the last earnings report for Hawaiian Electric (HE). Shares have lost about 65.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is HEI due for a breakout? 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 catalysts.
Hawaiian Electric Q2 Earnings Lag Estimates, Rise Y/Y
Hawaiian Electricreported earnings per share (EPS) of 50 cents for the second quarter of 2023. Earnings lagged the Zacks Consensus Estimate of 54 cents by 7.4%. The bottom line, however, increased 4.2% from 48 cents per share in the prior-year quarter.
Total Revenues
Hawaiian Electric reported total revenues of $895.7 million in the second quarter of 2023. Revenues remained almost flat year over year.
Segment Details
Electric Utility: Revenues in this segment totaled $794.2 million, down 3% year over year.
Banking: In this segment, revenues totaled $96.9 million, up 28.6% year over year.
Others: Revenues from other sources surged 226.9% to $4.6 million from $1.4 million in the year-ago quarter.
Operating Statistics
Total expenses decreased 0.8% year over year to $802.7 million in the second quarter.
Total operating income increased 7.3% year over year to $93 million in the second quarter.
Net interest expenses amounted to $29.8 million in the quarter, up 19.5% from $25 million in the prior-year quarter.
2023 Guidance
Hawaiian Electric revised its 2023 EPS guidance. The company lowered the EPS guidance to $2.00-$2.10 from the prior guidance range of $2.15-$2.35. The Zacks Consensus Estimate for earnings pegged at $2.12 lies above the company-guided range.
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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Hawaiian Electric Industries, Inc. (HE) : Free Stock Analysis Report
