Hawaiian Electric Industries (NYSE: HE) reported Q1 EPS of $0.31, $0.14 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $677.19 million versus the consensus estimate of $682.31 million.

"Hawaii is facing an unprecedented challenge from the COVID-19 pandemic, and we're especially mindful of the essential roles our companies play," said Constance H. Lau, president and CEO of HEI. "Through our utility, we provide reliable electricity to keep our hospitals, homes and essential businesses running, and through our bank, we help ensure that money keeps flowing through our economy. I'm proud of the dedication of our employees in continuing to provide these essential services to our customers and communities throughout this challenging time, even with personal risk to themselves and their families.

"HEI entered this crisis in a strong financial position, and that has served us well to weather the challenges of COVID-19. We've also taken steps to further enhance our strong liquidity position, which has further enabled our companies to implement a number of programs to support our customers and communities through this uncertain time. We're also focused on how we can help support and advance our state's recovery, and we continue to partner with stakeholders to progress clean energy projects and identify opportunities to rebuild our economy with Hawaii's green economy goals in mind.

"American Savings Bank's results reflect solid execution and good loan and deposit growth as the team kicked off 2020, however an increase in the allowance for credit losses was necessary to reflect the challenges customers face due to the economic crisis that began towards quarter end. The bank's healthy capital and liquidity position has enabled it to help customers and the community move toward recovery, particularly through helping customers and non-customers obtain needed funding under the Small Business Administration's Paycheck Protection Program. We are proud that American secured over $300 million in federal loans to approximately 2,500 small businesses employing roughly 40,000 in the first authorization, and that Hawaii banks in total obtained funding for 78% of our state's eligible payrolls. American remains focused on helping our customers through this challenging time and supporting our state as we move toward recovery." said Lau.

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