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Hawaiian Electric Industries Q2 consolidated net income $35 million

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Staff writer ▼ | August 10, 2015
Hawaiian Electric Industries reported consolidated net income for common stock for the second quarter of 2015 of $35 million, or diluted earnings per share (EPS) of $0.33.
Hawaiian Electric Industries
Hawaiian Electric Industries   Diluted earnings per share were $0.33
Excluding $7.2 million after-tax of merger-related costs associated with the pending merger with NextEra Energy, Inc. and the spin-off of ASB Hawaii, core earnings1 for the second quarter of 2015 were $42.2 million or $0.39 EPS, compared to $41.3 million or $0.41 EPS for the second quarter of 2014.

Hawaiian Electric Company's2 net income for the second quarter of 2015 was $32.8 million compared to $34.2 million for the same quarter last year.

American Savings Bank's (American) net income for the second quarter of 2015 was $12.9 million compared to $13.5 million in the first, or linked quarter of 2015 and $11.5 million in the second quarter of 2014. Second quarter 2015 net income was $0.6 million lower than the linked quarter.

The holding and other companies' net losses were $10.7 million in the second quarter of 2015.

Excluding costs related to the pending merger with NextEra Energy, Inc. and the spin-off of ASB Hawaii, the second quarter of 2015 net loss was $3.5 million compared to $4.5 million in the same quarter last year primarily due to lower interest and other costs.

On August 7, 2015, the board of directors maintained HEI's quarterly cash dividend of $0.31 cents per share, payable on September 10, 2015, to shareholders of record at the close of business on August 24, 2015 (ex-dividend date is August 20, 2015). The dividend is equivalent to an annual rate of $1.24 per share.

Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price on August 7, 2015 of $30.99, HEI's yield is 4.0%.


 

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