Hawaiian Electric Industries (HE) Tops Q4 EPS by 10c, Revenues Miss

Hawaiian Electric Industries (NYSE: HE) reported Q4 EPS of $0.61, $0.10 better than the analyst estimate of $0.51. Revenue for the quarter came in at $725.97 million versus the consensus estimate of $758.9 million.

• For the fourth quarter of 2019, consolidated net income for common stock was $66.3 million and EPS was $0.61 compared to $49.6 million and EPS of $0.45 for the fourth quarter of 2018.

"HEI's fourth quarter and 2019 earnings reflect continued solid performance across our companies," said Constance H. Lau, president and CEO of HEI. "With another year of strong consolidated performance in 2019, and continued confidence in our future prospects, we announced a 3% increase in our dividend yesterday."

"In addition to strong financial performance, in 2019 we made significant strides on key initiatives. Our utility launched one of the nation\'s largest-ever renewable procurement efforts, which will add significantly to our renewable energy mix once completed. And we're proud that Hawaiian Electric was named "Utility of the Year" by Utility Dive, a prominent industry publication, for advancing many initiatives that are transforming the power sector today, including renewable energy, electric vehicles, and performance-based regulation," said Lau.

"American Savings Bank completed the sale of two former properties and moved into its state-of-the-art campus, and achieved strong loan growth and an above-peer net interest margin despite the challenging interest rate environment for banks," said Lau.

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

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