Hawaiian Electric Industries Inc.’s net income dipped 3.8% in the third quarter as the company remained on pace to reach its goal of 100% renewable energy by 2045.
The holding company for the state’s largest utility and American Savings Bank said today it had earnings of $63.4 million, or 58 cents a share, compared with $65.9 million, or 60 cents a share, in the year-earlier period. Revenue ticked up 0.5% to $771.5 million from $768 million. Both the net income and revenue numbers missed analysts’ estimates of 60 cents a share and $814.5 million, respectively.
Connie Lau, president and CEO of HEI, said its earnings were consistent with expectations while the bank’s results and earnings growth reflected good performance in a volatile market environment.
The net income for the utility, Hawaiian Electric Companies, fell 5.9% to $46.8 million while its revenue edged up 0.1% to $688.3 million. The utility’s earnings would have been nearly 5% higher than the year-earlier quarter excluding a one-time tax adjustment in the third quarter of 2018.
“We’re on track for our next renewable portfolio milestone of 30% by 2020 and our record Stage 2 renewable storage and grid services procurement launched earlier this year will help us make further strides,” HEI President and CEO Connie Lau said.
The bank, which reported its earnings separately Wednesday, posted a 7.9% increase in profit to $22.9 million.