Hawaiian Electric (HE) Beats On Q1 Earnings, Keeps '17 View
Zacks Investment Research | May 08, 2017 06:46AM ET
Hawaiian Electric Industries Inc. (NYSE:HE) reported adjusted earnings per share (EPS) of 31 cents in the first quarter of 2017, which surpassed the Zacks Consensus Estimate of 29 cents by 6.9%. On a year-over-year basis, the figure was in line with the prior-year quarter level.
Total Revenue
Hawaiian Electric’s total revenue of $591.6 million in the reported quarter also surpassed the Zacks Consensus Estimate of $555 million by 6.6% and was up 7.4% year over year. The top line improved primarily due to higher contributions from Electric Utility, Bank and Other.
Operating Statistics
Total expenses were up 8.6% year over year to $523.7 million during the first quarter.
Total operating income was $67.9 million, down 1.4% mainly on lower contributions from Electric Utility.
Interest expenses amounted to $19.6 million, down from $20.1 million in the prior-year quarter.
Segment Details
Electric Utility: Segment revenues in the reported quarter were $518.6 million, up 7.6% year over year. Net income, however, declined 3.4% to $48.9 million from $55.3 million a year ago.
Banking: Segment revenues in the reported quarter were $72.9 million, up 5.8%. Net income came in at $24.2 million, up 23.3%.
Other: Segment revenues in the reported quarter were $0.1 million, up 39.7% year over year. However, it reported a quarterly net loss of approximately $5.2 million compared with the year-ago loss of $6.1 million.
Hawaiian Electric Industries, Inc. Price, Consensus and EPS Surprise
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