Hawaiian Electric Industries (HE) Tops Q1 EPS by 23c, Revenues Beat

May 7, 2021 6:07 AM EDT

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Hawaiian Electric Industries (NYSE: HE) reported Q1 EPS of $0.59, $0.23 better than the analyst estimate of $0.36. Revenue for the quarter came in at $642.95 million versus the consensus estimate of $637.3 million.

"Both our utility and bank reported stronger earnings for the first quarter of 2021 as Hawaii's economy began to recover," said Constance H. Lau, HEI president and CEO. "I am proud of the dedication of our employees and the resilience of our companies to continue to provide essential electricity and banking services for our customers while helping Hawaii reach its aggressive climate goals and 'build back better.'

"Our utility's strong performance reflects continued savings from the cost management program we began last year, with the benefits to be reflected in customer rates later this year. We're also focused on collaborating with stakeholders to ensure all interests are aligned as we continue the transition to performance-based regulation (PBR) and working together to bring projects from our renewable procurements to fruition.

"Our bank's strong first quarter results reflect good execution in an environment that remains challenging for bank profitability. Strong residential mortgage production and new ASB CARES or paycheck protection program loans are bright spots, while record deposit growth continues to outpace lending opportunities in this early stage of Hawaii's economic recovery. Our bank's results benefited from a reduction of reserves for credit losses, as certain commercial credits earned upgrades and our exposure to riskier unsecured consumer loans declined," said Lau.

For earnings history and earnings-related data on Hawaiian Electric Industries (HE) click here.

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