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    Hawaiian Electric (HE) Q1 Earnings Top, Revenues Rise Y/Y

    May 13, 2022 - Zacks Equity Research


      Shares of Hawaiian Electric Industries, Inc. HE slipped 0.2% to $41.90 on May 12, reflecting investors' disappointment following its first-quarter results.

      The company reported earnings per share (EPS) of 63 cents for the first quarter of 2022, which surpassed the Zacks Consensus Estimate of 42 cents by 50%. The bottom line also improved 6.8% from 59 cents per share in the prior-year quarter.

      Total Revenues

      Hawaiian Electric's total revenues of $785.1 million in the first quarter improved 22.1% from the prior-year quarter's $642.9 million. The rise in revenues can be attributed to increased contributions from the Electric Utility and Other segments.

      Segment Details

      Electric Utility: Revenues in this segment totaled $708.8 million, up 25.4% year over year.

      Banking: In this segment, revenues totaled $75.1 million, down 2.6% year over year.

      Others: Revenues from other sources surged 22.1% to $1,161 million from $951 million in the year-ago quarter.

      Operating Statistics

      Total expenses increased 25.9% year over year to $685.8 million during the first quarter. The increase can be attributed to higher expenses in the Electric Utility and Bank segments.

      Total operating income rose 1.3% year over year to $99.3 million in the first quarter.

      Net interest expenses during the quarter amounted to $24.3 million, up 2.6% from $23.7 million in the prior-year quarter.

      2022 Guidance

      Hawaiian Electric reiterated its 2022 EPS guidance in the range of $2.00-$2.20. The Zacks Consensus Estimate for earnings, pegged at $2.16, is more than the mid-point of the company's guided range.

      Zacks Rank

      Hawaiian Electric currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

      Other Utility Releases

      FirstEnergy Corporation FE delivered first-quarter 2022 operating EPS of 60 cents, which missed the Zacks Consensus Estimate of 62 cents by 3.2%. The bottom line declined 13% from the year-ago earnings of 69 cents per share.

      FirstEnergy generated operating revenues of $2,991 million in the first quarter, which surpassed the Zacks Consensus Estimate of $2,782 million by 7.5%. FE's top line improved 8.7% from $2,752 million in the year-ago quarter.

      NextEra Energy NEE reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.

      NextEra Energy's operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE's top line also decreased by 22.4% year over year.

      Entergy Corporation ETR reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined 10.2% from $1.47 per share in the year-ago quarter.

      Entergy's first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.

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      It's a little-known chemical company that's up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.

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      NextEra Energy, Inc. (NEE): Free Stock Analysis Report

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      Hawaiian Electric Industries, Inc. (HE): Free Stock Analysis Report

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