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Hawaiian Electric (HE) Q3 Earnings Beat, Sales Rise Y/Y

Shares of Hawaiian Electric Industries, Inc. HE rose 1.9%, following the company’s third-quarter 2022 results, reflecting investors’ optimism about the outcome.

The company reported earnings per share (EPS) of 57 cents for the third quarter of 2022, which surpassed the Zacks Consensus Estimate of 54 cents by 5.6%. The bottom line however declined 1.7% from 58 cents per share in the prior-year quarter.

Total Revenues

Hawaiian Electric’s total revenues of $1,042.2 million in the third quarter improved 37.7% from the prior-year quarter’s $756.9 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank as well as Other 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

Segment Details

Electric Utility: Revenues in this segment totaled $956 million, up 40.7% year over year.

Banking: In this segment, revenues totaled $81.4 million, up 6.8% year over year.

Others: Revenues from other sources surged a havoc 302.3% to $4,815 million from $1,197 million in the year-ago quarter.

Operating Statistics

Total expenses increased 42.5% year over year to $940.1 million in the third quarter. The increase can be attributed to higher expenses in the Electric Utility, Bank as well as Other segments.

The total operating income also improved 4.9% year over year to $102.1 million in the third quarter.

Net interest expenses during the quarter amounted to $26.6 million, up 13.4% from $23.5 million in the prior-year quarter.

2022 Guidance

Hawaiian Electric raised the lower end of its 2022 EPS guidance. The company currently expects to generate EPS in the range of $2.08-$2.20 compared with the earlier outlook of $2.00-$2.20. The Zacks Consensus Estimate for earnings, pegged at $2.13, lies just below the mid-point of the company’s newly guided range.

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.

Recent Utility Releases

Edison International EIX reported third-quarter 2022 adjusted earnings of $1.48 per share, which came in line with the Zacks Consensus Estimate. However, the bottom declined 12.4% from $1.69 in the year-ago quarter.

Edison International's third-quarter revenues totaled $5,228 million, which surpassed the Zacks Consensus Estimate of $4,988 million by 4.8%. However, the top line declined 1.3% from the year-ago quarter’s $5,299 million.

American Electric Power Company, Inc. AEP reported third-quarter 2022 operating EPS of $1.62, which beat the Zacks Consensus Estimate of $1.57 by 3.2%. The bottom line also improved 13.3% from $1.43 per share in the year-ago quarter.

American Electric’s third-quarter revenues of $5,486.9 million beat the Zacks Consensus Estimate of $4,985.2 million by 10.1%. The reported figure also improved 21.3% from the year-ago quarter’s $4,522.6 million.

DTE Energy Company DTE reported third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.

The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.


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