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Demand for utilities, gains at bank boost HEI revenue | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, July 26, 2005

Demand for utilities, gains at bank boost HEI revenue

Advertiser Staff

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Hawaiian Electric Industries Inc. said its income from continuing operations for the second quarter of 2005 more than doubled to $27.6 million because of the robust local economy and strong consumer demand.


NUMBER HIGHLIGHTS

Revenue: $522.3 million, up 13 percent from a year ago

Net income: $27.6 million, up 146 percent from a year ago

Earnings per share: 34 cents per share, up 14.3 percent from a year ago

HECO net income: $19.6 million, down 9.6 percent from a year ago


REASONS

American Savings Bank net income: $13.6 million, compared with a loss of $6.9 million a year ago

  • HECO's net income fell despite robust demand brought on by the warmer weather and increased use from Hawai'i's hotels.

  • The healthy local real-estate market boosted results at American Savings Bank, which saw gains in loans, deposits and net income during the second quarter 2005.

  • HECO's maintenance costs and other expenses increased by $8.8 million during the quarter.


    WHAT THEY ARE SAYING

    "Consistent with the continued expansion of the Hawai'i economy in the second quarter, the utilities experienced increased demand and the bank experienced strong core deposit and loan growth ... "

    Robert clarke | HEI's chairman and chief executive officer


    WHAT'S NEXT

  • HECO filed for a 7.3 percent rate increase with the state Public Utilities Commission back in November 2004. The company said it expects an interim ruling in the fourth quarter.

  • Analysts expect HEI to earn about $124 million this year, or about $1.55 per share.

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