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Hawaiian Electric parent lowers earnings forecast

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Hawaiian Electric Industries Inc., parent company of the electric utilities on most islands, has revised its earnings forecast based on a new Public Utilities Commission ruling.

HEI lowered its 2013 earnings per share guidance from its previous range of $1.58 to $1.68, to a revised range of $1.52 to $1.62, among other adjustments.

The decision was made based on a decision and order by the state Public Utilities Commission issued May 31 regarding a Maui Electric Co. 2012 test case.

The PUC decision and order approved an increase in annual revenues of $5.3 million, which is $7.8 million less than the interim increase that had been in effect since June 1 of last year.

See related story in today’s paper.

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