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Hawaiian Electric Industries Q1 net income $32.4 million

Staff writer ▼ | May 4, 2016
Hawaiian Electric Industries (HEI) reported consolidated net income for common stock for the first quarter of 2016 of $32.4 million.
Hawaiian Electric   100 organizations support the HEI, NextEra merger
Diluted earnings per share (EPS) of $0.30 compared to $31.9 million and EPS of $0.31 for the first quarter of 2015.

Excluding after-tax costs associated with the pending merger with NextEra Energy and the spin-off of ASB Hawaii of $1.6 million and $4.7 million in the first quarter of 2016 and 2015, respectively, core earnings for the first quarter of 2016 were $33.9 million and core EPS of $0.31 compared to $36.6 million and $0.35, respectively for the first quarter of 2015.

Operations and maintenance expenses were relatively flat compared to the prior year quarter.

The first quarter of 2016 included higher than expected power supply improvement plan and liquefied natural gas consulting expenses compared to the first quarter of 2015 which included higher storm repair costs, bad debt reserves for one customer account and costs related to the damage to a combined heat and power generating unit.

NextEra Energy and Hawaiian Electric Industries expressed their gratitude to the more than 100 diverse Hawaii-based organizations that have publicly endorsed the Hawaiian Electric-NextEra Energy merger.

Those supporting the proposed merger comprise a diverse statewide coalition including multiple chambers of commerce, labor unions, small and large businesses, Native Hawaiian and non-profit organizations.

"As the regulatory review process comes to a close, we want to express our deep appreciation for all the support we have received from so many across the state," said Eric Gleason, president of NextEra Energy Hawaii.

"We are particularly pleased that such a broad and diverse group of organizations, including labor and community groups, small and large businesses, local chambers of commerce and Native Hawaiian organizations, recognize the many benefits the Hawaiian Electric-NextEra Energy merger will bring to Hawaii.

"As we await a decision by the Public Utilities Commission, NextEra Energy stands ready to be a strong, long-term energy service provider for Hawaiian Electric's customers and partner for its communities."

We thank everyone for participating in a process that is so important to the future of Hawaii's economy and quality of life and for supporting this merger as the right path forward to realize the energy future we all want for Hawaii," said Alan Oshima, Hawaiian Electric's president and chief executive officer.