Wednesday, November 25, 2009
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Hawaiian Electric earnings fall 10.2%
POSTED: 07:26 a.m. HST, Nov 02, 2009
Hawaiian Electric Industries Inc.’s net income fell 10.2 percent in the third quarter, but cost cutting helped the state’s largest electric utility provider beat analysts’ estimates by 8 cents.
The company said today that net income fell to $33.5 million, or 37 cents a share, compared with $37.3 million, or 44 cents a share, a year ago.
Analysts were expecting earnings per share of 29 cents.
Revenue declined 32.2 percent to $620.3 million from $915.4 million.
“Given our expectations at the outset of the quarter for continued difficult economic conditions and delays in the regulatory process, our operating companies instituted disciplined efforts to control costs which contributed commendably to mitigating these effects and we are pleased with our companies’ overall performance,” said Connie Lau, HEI president and chief executive officer.
Electric utility net income was $26.5 million compared with $25.9 million in the year-earlier quarter.
HEI subsidiary American Savings Bank’s net income fell to $11.3 million, up from $4 million in the second quarter but down from $15.4 million at the same time a year ago.
Hawaiian Electric Industries Inc.’s net income fell 10.2 percent in the third quarter, but cost cutting helped the state’s largest electric utility provider beat analysts’ estimates by 8 cents.
The company said today that net income fell to $33.5 million, or 37 cents a share, compared with $37.3 million, or 44 cents a share, a year ago.
Analysts were expecting earnings per share of 29 cents.
Revenue declined 32.2 percent to $620.3 million from $915.4 million.
“Given our expectations at the outset of the quarter for continued difficult economic conditions and delays in the regulatory process, our operating companies instituted disciplined efforts to control costs which contributed commendably to mitigating these effects and we are pleased with our companies’ overall performance,” said Connie Lau, HEI president and chief executive officer.
Electric utility net income was $26.5 million compared with $25.9 million in the year-earlier quarter.
HEI subsidiary American Savings Bank’s net income fell to $11.3 million, up from $4 million in the second quarter but down from $15.4 million at the same time a year ago.
Today’s Edition
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- Legislators cancel party plans
- Teachers willing to return for restored furlough days
- Harbor officials eye fee increase
- Mammograms: Do I really need this?
- Thanksgiving Day events serve food to those in need
- Kokua Line: Insurance verification uses Social Security info
- Newswatch
- Police and Fire
- Australia's move on credit card fees may have lessons for U.S.
- At Iraqi museum, Google chief announces plan to put artifacts online
- Kona holiday fundraiser helps culinary students
- By Request: Help others and collect the year's best recipes
- The Electric Kitchen: Desserts offer options to usual pumpkin pie
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- Da Kine
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- Wahine advance to WAC final
- Medeiros catches on at slot
- Prep World: Jamora ready for Govs
- Prep World: Athletes of the Week
- Prep briefs
- Say and Look have Aiea and 'Iolani talking, watching wins
- Cincinnati rolls through Maryland at Maui Invitational
- Couples will play in Hawaii
- Local aces
- Hawaii Beat
- Scoreboard
- TV & Radio
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