Hawaiian Electric Industries (NYSE: HE) reported Q1 EPS of $0.31, $0.06 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $551 million versus the consensus estimate of $588.65 million.

"With regard to our bank spin and utility merger transactions, our bank accomplished an important step towards its planned spin-off by filing its updated Form 10 with the Securities and Exchange Commission on April 1st. And both NextEra Energy and the Hawaiian Electric companies just filed their post-evidentiary hearing reply briefs with the Hawaii Public Utilities Commission on May 2nd which was the final step before the PUC can render its decision. We continue to believe that the right partner for Hawaiian Electric is NextEra Energy, which brings a powerful combination of renewable energy experience, operational and technological know-how and financial strength necessary for achieving Hawaii's 100 percent renewable energy goal."

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