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Hawaiian Electric (HE) Q1 Earnings Lag Estimates, Sales Up Y/Y

Hawaiian Electric Industries, Inc. HE shares have decreased 1.1% since its earnings release on May 9.

The company reported earnings per share (EPS) of 50 cents in the first quarter of 2023, lagging the Zacks Consensus Estimate by 10.7%. The bottom line declined 20.6% from 63 cents per share in the prior-year quarter.

Total Revenues

Hawaiian Electric’s total revenues of $928.2 million in the first quarter improved 18.2% from the prior-year quarter’s $785.1 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and 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 $830.4 million, up 17.2% year over year.

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Banking: In this segment, revenues totaled $93.9 million, up 24.9% year over year.

Others: Revenues from other sources surged havoc 246.2% to $4,019 million from $1,161 million in the year-ago quarter.

Operating Statistics

Total expenses increased 21.7% year over year to $834.7 million in the first quarter. The rise can be attributed to higher expenses in the Electric Utility, Bank and other segments.

The total operating income declined 5.8% year over year to $93.5 million in the first quarter. Net interest expenses amounted to $28.8 million in the quarter, up 18.2% from $24.3 million in the prior-year quarter.

2023 Guidance

Hawaiian Electric reaffirmed its 2023 EPS guidance. The company expects the EPS in the lower half of the $2.15-$2.35 range. The Zacks Consensus Estimate for earnings is pegged at $2.24.

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

Ameren Corporation’s AEE first-quarter 2023 earnings of $1.00 per share surpassed the Zacks Consensus Estimate of 94 cents by 6.4%. The reported figure increased 3.1% year over year.

Total revenues came in at $2,062 million in the reported quarter, which improved 9.7% year over year due to higher electric revenues. Revenues also beat the Zacks Consensus Estimate of $1,939 million by 6.4%.

Public Service Enterprise Group Incorporated PEG, or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.

Operating revenues came in at $3,755 million in the first quarter, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased by 62.3% from the year-ago quarter’s $2,313 million.

Entergy Corporation ETR reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.

Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.

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