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HEI earnings drop 12.1 percent

By Dave Segal

POSTED:
LAST UPDATED: 11:43 a.m. HST, May 08, 2013

<br />HECO <br />Hawaiian Electric Co. officials said November's decline in Oahu electric rates was mainly due to lower prices for the low-sulfur fuel oil that powers most of its generators. The rate is at its lowest since February.<br />

Hawaiian Electric Industries Inc. said today its net income fell 12.1 percent in the first quarter as its utility and bank subsidiaries both posted lower earnings.

Net income was $33.7 million, or 34 cents a share, missing by 4 cents analysts’ estimate of 38 cents a share. In the year-earlier quarter, HEI earned $38.3 million, or 40 cents a share.

Revenue fell 3.8 percent percent to $784.1 million from $814.9 million. 

Subsidiary Hawaiian Electric Co., the state’s largest utility, saw its earnings drop 10.5 percent to $24.4 million from $27.3 million.

HEI’s earnings included the results from its other subsidiary, American Savings Bank, which announced separately on April 30 that its net income fell 10.8 percent to $14.2 million from $15.9 million in the year-earlier quarter when the bank had a $1 million tax-related benefit.

HEI’s stock declined 13 cents today to $27.97 on the New York Stock Exchange. The results were released before the market opened.






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