Intraday Mover: Hawaiian Electric Industries Inc. (NYSE: HE)

Frankie Walters

I am Frankie Walters and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind News Tech Markets with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Basic Materials” category.

Address: 2464 Winifred Way, Alexandria, IN 46001, USA
Phone: (+1) 765-724-9639
Email: frankiewalters@newstechmarkets.com
Frankie Walters

HONOLULU, November 30, 2019 – Shares of Hawaiian Electric Industries Inc. (NYSE: HE) gained 0.25% to $43.93. The stock traded total volume of 278.846K shares lower than the average volume of 359.39K shares.

Hawaiian Electric Industries, Inc. (NYSE: HE) reported consolidated net income for common stock for the second quarter of 2019 of $42.50M and diluted earnings per share of $0.39 compared to $46.10M and EPS of $0.42 for the second quarter of 2018.

HAWAIIAN ELECTRIC COMPANY EARNINGS:

Hawaiian Electric Company’s net income for the second quarter of 2019 was $32.60M compared to $31.20M in the second quarter of 2018, primarily driven by the following after-tax items:

  • $6.50M revenue increase resulting from rate increases and higher rate adjustment mechanism (RAM) revenues; the revenue increase included $3.60M from Hawaiian Electric (Oahu), $2.40M from Maui Electric (Maui County) and $0.50M from Hawaii Electric Light (Hawaii Island); and
  • $3.30M revenue increase from recovery of the Schofield generation project under the major project interim recovery (MPIR) mechanism.
    These items were partially offset by the following after-tax items:
  • $4.50M higher operations and maintenance expenses2 compared to the second quarter of 2018, primarily due to higher overhaul expenses and generating station preventative maintenance and repairs, partially offset by the absence of Hawaii Island lava eruption response costs experienced in 2018;
  • $2.60M higher depreciation expense due to increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency; and
  • $0.90M lower net income resulting from the inclusion of outages for preventative underground circuit maintenance in determining 2018 performance under the reliability performance incentive mechanism.

AMERICAN SAVINGS BANK EARNINGS:

American Savings Bank’s (American) second quarter of 2019 net income was $17.00M compared to $20.80M in the first, or linked, quarter and $20.60M in the prior year quarter.

Total loans were $5.00B as of June 30, 2019, up $164.50M or 6.8% annualized from December 31, 2018, driven mainly by increases in commercial loans, home equity lines of credit, and residential loans.

Total deposits were $6.30B at June 30, 2019, an increase of $98.50M or 3.2% annualized from December 31, 2018. Low-cost core deposits were $5.40B as of June 30, 2019.

HE has the market capitalization of $4.85B and its EPS growth ratio for the past five years was 1.60%. The return on assets ratio of the Company was 1.50% while its return on investment ratio stands at 6.50%. Price to sales ratio was 1.67 while 57.20% of the stock was owned by institutional investors.

Frankie Walters

Frankie Walters

I am Frankie Walters and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind News Tech Markets with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Basic Materials” category. Address: 2464 Winifred Way, Alexandria, IN 46001, USA Phone: (+1) 765-724-9639 Email: frankiewalters@newstechmarkets.com

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