Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) stated recently merged net income for common stock for the 3rd-quarter of 2k19 of $63.40M and diluted earnings for each share of $0.580 contrast to $65.90M and EPS of $0.600 for the 3rd-quarter of 2k18.
“HEI’s 3rd-quarter earnings were consistent with our expectations, and we continue to execute well on key programs across our enterprise,” said Constance H. Lau, president and CEO of HEI. “Our utilities continue to work together with our communities and other stakeholders toward achieving a renewable energy future that’s affordable, reliable and resilient. This work includes the ongoing performance-based regulation process and our most recent renewable energy and grid services request for proposals.”
“Our bank’s results and earnings growth reflect good performance in a volatile market environment. American continued to deliver strong loan growth and steady net interest margins despite the continued challenges of lower interest rates. In October, American accomplished the sale of its former headquarters,” said Lau.
HAWAIIAN ELECTRIC COMPANY EARNINGS
Hawaiian Electric Company’s (Hawaiian Electric)1 net income for the 3rd-quarter of 2k19 was $46.80M contrast to $49.70M in the 3rd-quarter of 2k18, mainly driven by the following after-tax items:
- $6.00M revenue incline resulting from rate inclines and higher rate adjustment mechanism (RAM) revenues, counting $2.00M from Hawaiian Electric (Oahu), $3.00M from Maui Electric (Maui County), and $1.00M from Hawaii Electric Light (Hawaii Island);
- $2.00M revenue incline from recovery of the Schofield generation project under the major project interim recovery (MPIR) mechanism;
- $2.00M from higher AFUDC and lower interest cost; and
- $1.00M in revenues from pole attachment fees.
These items were partially offset by the following after-tax items:
- $8.00M higher operations and maintenance costs2 contrast to the 3rd-quarter of 2k18, mainly because of higher overhaul and maintenance costs for generating facilities and higher vegetation administration costs;
- $5.00M in net income impact practiced in the 3rd-quarter of 2k18 because of net favorable tax adjustments mainly related to differences between the 2k17 year-end tax accrual and the filing of the 2k17 tax return. There were no noteworthydifferences between the 2k18 year-end tax accrual and the filing of the 2k18 tax return that influenced net income in 2k19; and
- $2.00M higher depreciation cost because of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency.