Hawaiian Electric (HE) Tops Q3 Earnings, Sales Down Y/Y
Zacks Investment Research | Nov 06, 2016 08:12PM ET
Hawaiian Electric Industries Inc. (NYSE:HE) reported adjusted earnings of 58 cents per share in the third quarter of 2016, beating both the Zacks Consensus Estimate as well as the year-ago quarter’s equivalent of 49 cents by 18.4%.
Total revenue in the reported quarter was $646.1 million, down 9.9% year over year. The top line declined primarily due to lower contributions from Electric Utility, partially offset by higher contributions from Bank and Other.
Operating Statistics
Total expenses were down 12.8% year over year to $540.6 million. Meanwhile, total operating income was $105.4 million, up 8.6% mainly on higher contributions from Electric Utility and Bank. Interest expenses amounted to $19.4 million, up from $19.2 million in the prior-year quarter.
HAWAIIAN ELEC Price, Consensus and EPS Surprise
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