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Hawaiian Electric Industries diluted EPS $1.64

Staff writer ▼ | February 14, 2015
Hawaiian Electric Industries, Inc. (HEI) reported 2014 year-end consolidated net income for common stock of $168.3 million, or diluted earnings per share (EPS) of $1.64.
Hawaiian Electric Industries
HEI   Consolidated net income for common stock of $168.3 million
For the fourth quarter of 2014, consolidated net income for common stock was $33.2 million, or $0.32 EPS. Excluding $4.9 million after-tax of merger-related costs associated with the pending merger with NextEra Energy, Inc. and the spin-off of ASB Hawaii, core earnings[1] for 2014 were $173.2 million or $1.68 EPS, compared to $161.5 million or $1.62 EPS in 2013.

For the fourth quarter of 2014, core earnings[1] were $37.5 million or $0.36 EPS compared to $39.0 million or $0.39 EPS for the same quarter last year.

"We continued to grow our businesses in steady fashion and delivered a competitive core return on equity[1] of 9.8% for the year as HEI's combination of companies continues to provide us with the financial resources to efficiently invest in future opportunities," said Constance Lau, HEI president and chief executive officer.

"Our utility continued to invest in the modernization and improvement of our electric grid as we integrated more renewable energy. These investments helped us achieve an energy portfolio powered by 21% renewable sources in 2014, far in excess of Hawaii's 2015 RPS target of 15%.

"Thirteen percent of Oahu residential customers now have customer-sited solar, a rate of integration that leads the nation. Even as recent oil price decreases have brought our customers bill relief, we remain focused on further reducing costs for our customers with proposed grid-scale solar and wind projects.

"We also are working with other stakeholders to bring liquefied natural gas to Hawaii as a cleaner, lower-cost alternative to oil while we continue to aggressively pursue more renewable generation sources.

"Furthermore, as we did earlier in 2014 for Hawaiian Electric, we recently filed our abbreviated rate case for Maui Electric in which we offered to forgo the opportunity to request additional base revenues."


 

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