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HEI earnings drop 12.1 percent

By Dave Segal

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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olos73 wrote:
Earnings drop, my bill goes up.
on May 8,2013 | 11:52AM
allie wrote:
will they cut old gal Connie Lau's bloated salary now?
on May 8,2013 | 02:22PM
kennie1933 wrote:
All their profits went to pay off their CEO.
on May 8,2013 | 11:54AM
Shawn211 wrote:
That's odd??? Today's Pacific Business News (online) say's they made a profit for the 1st quarter of 33.7 M. Interesting ??????
on May 8,2013 | 12:20PM
Sunny wrote:
They made a profit but not as much as last 1st quarter last year!
on May 8,2013 | 12:52PM
Shawn211 wrote:
Oh.... I C..... so they still ripped us off but not as much as last year? I get it !!!
on May 8,2013 | 01:52PM
Skyler wrote:
Hear a collective, "Awwwww!" from your customers? NOT.
on May 8,2013 | 12:39PM
Ripoff wrote:
Constance's still going to make her $5 mill...
on May 8,2013 | 01:29PM
Maneki_Neko wrote:
Probably get a raise for managing through tough times.
on May 8,2013 | 01:59PM
allie wrote:
what a ludicrous salary for a monopoly
on May 8,2013 | 02:23PM
Bully wrote:
Earnings drop, all that means is that they are going to raise our rates.
on May 8,2013 | 02:27PM
DAGR81 wrote:
CEO will get another raise,..then HEI will raise rates.
on May 8,2013 | 04:59PM
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