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HEI earnings drop 12.1 percent

By Dave Segal

LAST UPDATED: 11:43 a.m. HST, May 8, 2013

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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