HONOLULU - Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) today reported consolidated net income for common stock for the second quarter of 2017 of $38.7 million and diluted earnings per share (EPS) of $0.36 compared to $44.1 million and EPS of $0.41 for the second quarter of 2016. Second quarter 2016 core earnings1 and core EPS1 were $46.9 million and $0.43, respectively.
“Our utilities continue to bring more renewable resources online, strengthen our energy delivery networks to make them more reliable and resilient and promote sustainable communities. We are encouraged by our regulators’ acceptance of our Power Supply Improvement Plan, which describes the near-term steps to move Hawaii closer to its 100 percent renewable energy goal. At American Savings Bank, we continued to deliver strong performance through the second quarter with higher returns from improving credit quality, higher yields and greater efficiency while maintaining healthy capital levels,” said Constance H. Lau, HEI president and chief executive officer.
HAWAIIAN ELECTRIC COMPANY EARNINGS
Hawaiian Electric Company’s2 net income for the second quarter of 2017 was $25.6 million compared to $35.9 million in the second quarter of 2016. Core earnings1 were $25.6 million and $36.6 million in the second quarters of 2017 and 2016, respectively. The $11.0 million core net income decrease from the prior year quarter was primarily driven by the following after-tax items:
Note: Amounts indicated as “after-tax” in this earnings release are based upon adjusting items for the composite statutory tax rates of 39% for the utilities and 40% for the bank.
1 Non-GAAP measure that excludes after-tax income and costs related to the terminated merger with NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc., and the termination of the liquefied natural gas (LNG) contract which required PUC approval of the merger with NextEra Energy, Inc. (the “Transaction Adjustments”). See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP measures” and the related reconciliation.
Hawaiian Electric Company refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.
The following information was filed by Hawaiian Electric Industries Inc (HE) on Thursday, August 3, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: HE CIK: 354707 Form Type:10-Q Quarterly Report Accession Number: 0000354707-17-000061 Submitted to the SEC: Thu Aug 03 2017 2:23:01 PM EST Accepted by the SEC: Thu Aug 03 2017 Period: Friday, June 30, 2017 Industry: Electric Services