It has been about a month since the last earnings report for Hawaiian Electric (HE). Shares have lost about 0.5% in that time frame, outperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is HEI due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Hawaiian Electric Q2 Earnings Miss, Revenues Up Y/YHawaiian Electric Industries reported earnings per share (EPS) of 39 cents in the second quarter of 2019, which missed the Zacks Consensus Estimate of 44 cents by 11.4%. The bottom line also declined 7.1% from 42 cents in the prior-year quarter.Total RevenuesHawaiian Electric’s total revenues of $715.5 million in the second quarter outpaced the Zacks Consensus Estimate of $593 million by 20.7% and rose 4.4% year over year. The improvement can be attributed to increased contributions from both the Electric Utility and Bank segments.Operating StatisticsTotal expenses increased 6% year over year to $642.9 million during the second quarter.Moreover, total operating income declined 7.8% year over year to $72.6 million, due to lower contributions from the Bank segment.Net interest expenses amounted to $23.5 million, up from $22 million in the prior-year quarter.Segment DetailsElectric Utility: Revenues at this segment totaled $633.8 million, up 4.2% year over year. Also, net income increased 1% to $55.7 million from $55.1 million a year ago.Banking: At this segment, revenues summed $81.7 million, up 6% year over year. Meanwhile, net income came in at $21.3 million, down 21%.Financial PositionHawaiian Electric had cash and cash equivalents of $198.5 million as of Jun 30, 2019, compared with $169.2 million as of Dec 30, 2018.Long-term debt, other than bank, was $1,884 million as of Jun 30, 2019, compared with $1,879.6 million as of Dec 31, 2018.In the first half of 2019, net cash inflow from operating activities totaled $133.4 million compared to the cash inflow of $108.3 million in the first half of 2018.GuidanceHawaiian Electric reaffirmed its earnings guidance for 2019. The company continues to expect earnings of $1.85-$2.05 per share. The Zacks Consensus Estimate for 2019 earnings is pegged at $1.95, which lies at the midpoint of the company’s guided range.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresAt this time, HEI has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, HEI has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hawaiian Electric Industries, Inc. (HE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research