Eye Catching Stock: Hawaiian Electric Industries, Inc. (NYSE: HE)

On Friday, Hawaiian Electric Industries, Inc. (NYSE: HE) changed -0.02% to recent value of $43.74. The stock transacted 188103 shares during most recent day however it has an average volume of 356.51K shares. It spotted trading -4.82% off 52-week high price. On the other end, the stock has been noted 24.76% away from the low price over the last 52-weeks.

Hawaiian Electric Industries, Inc. (HE) (HEI) recently stated consolidated net income for ordinary stock for the third quarter of 2019 of $63.4M and diluted earnings per share of $0.58 contrast to $65.9M and EPS of $0.60 for the third quarter of 2018.

“HEI’s third quarter earnings were consistent with our expectations, and we continue to execute well on key initiatives across our enterprise,” stated Constance H. Lau, president and CEO of HEI. “Our utilities continue to work together with our communities and other stakeholders toward achieving a renewable energy future that’s affordable, reliable and resilient. This work includes the ongoing performance-based regulation process and our recent renewable energy and grid services request for proposals.”

HAWAIIAN ELECTRIC COMPANY EARNINGS

Hawaiian Electric Company’s (Hawaiian Electric)1 net income for the third quarter of 2019 was $46.8M contrast to $49.7M in the third quarter of 2018, primarily driven by the following after-tax items:

  • $6M revenue increase resulting from rate increases and higher rate adjustment mechanism (RAM) revenues, including $2M from Hawaiian Electric (Oahu), $3M from Maui Electric (Maui County), and $1M from Hawaii Electric Light (Hawaii Island);
  • $2M revenue increase from recovery of the Schofield generation project under the major project interim recovery (MPIR) mechanism;
  • $2M from higher AFUDC and lower interest expense; and
  • $1M in revenues from pole attachment fees.
    These items were partially offset by the following after-tax items:
  • $8M higher operations and maintenance expenses2contrast to the third quarter of 2018, primarily Because of higher overhaul and maintenance expenses for generating facilities and higher vegetation management expenses;
  • $5M in net income impact experienced in the third quarter of 2018Because of net favorable tax adjustments primarily related to differences between the 2017 year-end tax accrual and the filing of the 2017 tax return. There were no important differences between the 2018 year-end tax accrual and the filing of the 2018 tax return that influenced net income in 2019; and
  • $2M higher depreciation expense Because of increasing investments for the integration of more renewable energy, improved consumer reliability and greater system efficiency.

HE has a gross margin of 11.40% and an operating margin of 11.40% while its profit margin remained 6.90% for the last 12 months. Its earnings per share (EPS) expected to touch remained 7.40% for this year while earning per share for the next 5-years is expected to reach at 3.40%. The company has 110.34M of outstanding shares and 107.92M shares were floated in the market. The price moved ahead of -0.83% from the mean of 20 days, -1.96% from mean of 50 days SMA and performed 2.30% from mean of 200 days price. Company’s performance for the week was 0.28%, -4.12% for month and YTD performance remained 19.44%.

 

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