POSTED: 8:13 a.m. HST, Aug 11, 2014
LAST UPDATED: 8:13 a.m. HST, Aug 11, 2014
Hawaiian Electric Industries Inc. posted a 2 percent increase in second-quarter earnings Monday at the same time that its utility subsidiary was ramping up efforts to restore full power to storm-ravaged Hawaii island.
The holding company for the state's largest utility and American Savings Bank said net income in the April-June period rose to $41.4 million, or 41 cents a share, from $40.6 million, or 41 cents a share, in the year-earlier quarter.
Revenue edged up 0.5 percent to $798.7 million from $794.5 million.
On Sunday, Hawaiian Electric Co. on Oahu and Maui Electric Co. sent crews and equipment to Hawaii island to help Hawaii Electric Light Co. in restoring power to the roughly 10 percent, or 8,100 customers, who are still without electricity.
HEI said that its utility subsidiary posted earnings of $34.2 million, up 19.3 percent from $28.7 million in the second quarter of 2013. Revenue rose 1.4 percent to $738.4 million from $728.5 million.
"HEI's financial results were in line with internal expectations," HEI President and Chief Executive Officer Connie Lau said in a statement. "Our utilities are aggressively managing costs and redirecting savings to accelerate investments for the benefit of our customers. We are making investments to improve reliability, increase the amount of renewables and pave the way for expected lower costs to customers."
American Savings Bank, which reported its earnings on July 30 ahead of the utility and holding company, previously said its second-quarter earnings fell 26.7 percent to $11.7 million from $15.9 million amid lower merchant fees and reduced mortgage income.