Posted at 3:23 p.m., Thursday, November 1, 2007
Customer refund pressures HEI's 3rd-quarter earnings
Advertiser Staff
Hawaiian Electric Industries Inc.'s third quarter earnings fell 38 percent in large part because of a regulatory requirement that its utility subsidiary refund $15 million to customers on Oahu.The parent of Hawaiian Electric Co. and American Savings Bank said it earned $19.9 million, or 24 cents per share, during the three months ending Sept. 30, 2007.
That compares with earnings of $32.3 million, or 40 cents per share, in the year-earlier period.
"Third quarter results were significantly impacted by the recognition of a reserve for a potential refund to Oahu electric customers of $15 million," said Constance Lau, the company's chief executive officer.
