Hawaiian Electric Industries Inc. HE reported adjusted earnings of 49 cents per share in the third quarter of 2015, on par with the Zacks Consensus Estimate.
Including after-tax merger-related costs associated with the pending merger with NextEra Energy, Inc. NEE and the spin-off of ASB Hawaii, the company’s third-quarter earnings were 47 cents per share.
Total Revenue
Total revenues in the reported quarter were $717.2 million, down 17.3% year over year. The decline in total revenues is primarily owing to lower contribution from Electric Utility, partially offset by higher contribution from Bank.
Operating Statistics
Total expenses were down 20% year over year to $620.1 million. Total operating income was $97.1 million, up 5.5% year over year mainly due to higher contributions from Electric Utility.
Interest expenses remained almost flat at $19.2 million.
Segment Details
Electric Utility: Segment revenues in the reported quarter were $648.1 million, down 19.3% year over year. Net income increased 10.5% to $43 million from $38.9 million a year ago. The upside resulted primarily from lower expenses year over year.
Banking: Segment revenues in the reported quarter were $69.1 million, up 8.8% year over year. Net income came in at $13.5 million, up 1.5% from the year-ago quarter.
Other: The segment reported a quarterly net loss of approximately $5.8 million, wider than the year-ago loss of about $4.3 million.
Financial Update
Cash and cash equivalents as of Sep 30, 2015, were $228.4 million, up from $175.5 million as of Dec 31, 2014. Long-term debt, net other than bank, was $1,506.5 million, unchanged from the 2014-end level.
Other Peer Releases
Duke Energy Corporation DUK reported third-quarter 2015 operating earnings of $1.47 per share, lagging the Zacks Consensus Estimate of $1.52 by 3.3%.
NiSource Inc. NI reported adjusted operating earnings per share of 6 cents in the third quarter of 2015, outpacing the Zacks Consensus Estimate of 2 cents by 200%.
Zacks Rank
Hawaiian Electric currently carries a Zacks Rank #3 (Hold).
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