A month has gone by since the last earnings report for Hawaiian Electric (HE). Shares have added about 17.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is HEI due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Hawaiian Electric Q4 Earnings Fall Y/YHawaiian Electric reported earnings per share of 46 cents in the fourth quarter of 2020, which declined 24.6% from 61 cents in the prior-year quarter.In 2020, the company reported earnings per share of $1.81, which dropped 9% from the year-ago earnings of $1.99.Total RevenuesHawaiian Electric’s total revenues of $652.2 million in the fourth quarter declined 10.2% from the prior-year quarter’s $770.9 million. The decline in revenues can be attributed to decreased contributions from both theElectric Utility and Bank segments.In 2020, the company generated total revenues of $2,265.3 million, which fell 11% from the year-ago tally.Operating StatisticsTotal expenses declined 8.6% year over year to $571.5 million during the fourth quarter. The decline can be attributed to lower expenses in the Electric Utility segment.Total operating income declined 19.9% year over year to $80.7 million in the fourth quarter due to lower contributions from the Electric Utility and Bank segment.Net interest expenses during the quarter amounted to $22.2 million, slightly up from $21.8 million in the prior-year quarter.Segment DetailsElectric Utility: Revenues in this segment totaled $571.1 million, down 11.5% year over year. Meanwhile, net income declined 2.9% to $68.2 million from $70.3 million a year ago.Banking: In this segment, revenues totaled $80.4 million, down 0.3% year over year. Meanwhile, net income came in at $18.4 million, plunging 47.7% year over year.Guidance 2021Hawaiian Electric has reaffirmed its earnings guidance for the Electric Utility unit in the range of $1.53-$1.61 per share for 2021.How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.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.