Hawaiian Electric Industries (HE) Reports In-Line Q2 EPS, Revenues Beat

Hawaiian Electric Industries (NYSE: HE) reported Q2 EPS of $0.42, in-line with the analyst estimate of $0.42. Revenue for the quarter came in at $685.28 million versus the consensus estimate of $616.37 million.

"HEI delivered solid results for the second quarter of 2018 as we continue to make significant progress on our strategies across our companies," said Constance H. Lau, president and CEO of HEI.

"In the second quarter our utilities continued to pave the way to add more renewables while increasing resilience, reliability and customer options. We brought our state-of-the-art, flexible, Schofield Generating Station online in June, under budget. The facility uses biofuels and conventional fuels, enhances reliability as we add more solar and wind resources and is the first project approved for recovery under the Major Projects Interim Recovery (MPIR) mechanism. In addition, we applied to implement the first phase of our grid modernization plan to make our grid more renewable-ready and provide greater customer options. Our utilities are receiving national attention for their efforts and were named Investor-Owned Utility of the Year by Smart Electric Power Alliance for their grid modernization work and innovation."

"Our bank again delivered solid performance, with increased profitability and its second consecutive quarter of record earnings. American continues to execute well and benefit from the bottom line impacts of tax reform, and remains focused on making banking easier for customers and deepening customer relationships," said Lau.

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

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