HEI says profits up 17.7 percent for quarter
By Frank Cho
Advertiser Staff Writer
Hawaiian Electric Industries Inc. said fourth-quarter profit from continuing operations rose 17.7 percent from a year ago, reflecting increased bank and electric utility income.
HEI, the parent of Hawai'i's biggest utility company and third-largest financial institution, said profit from continuing operations for the quarter that ended Dec. 31 rose to $25.2 million, 73 cents a share, from $21.4 million, or 65 cents, in the same year-earlier period.
The company said last year it would divest all of its overseas operations to focus on its Hawaii Electric Co. utility and American Savings Bank subsidiary.
On an annual basis, the company said net income from continuing operations fell 1.5 percent last year to $107.8 million, or $3.19 per share, compared with $109.3 million, or $3.36, in 2000.
"The downturn in Hawai'i tourism post-Sept. 11 continues to present challenges to maintaining earnings," said Robert Clarke, HEI's chairman, president and chief executive officer, in a statement. "We managed to meet these challenges in 2001 through cost containment efforts at the utility and active asset and liability management."
Utility net income was $88.3 million for 2001, up 1.2 percent from $87.3 million in the previous year. Kilowatt-hour sales were up 1.1 percent during that same period because of warmer weather and a growing state economy before Sept. 11, the company said.
The quarterly and the annual earnings beat Wall Street's average forecasts of 67 cents a share in the fourth quarter and $3.12 for the year.
The company said it will pay a dividend of 62 cents per share to shareholders of record as of March 11.
Reach Frank Cho at fcho@honoluluadvertiser.com or 525-8088.
