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Mar 31, 2020
Hawaiian Electric Q1 2020 Earnings Report
Hawaiian Electric Industries reported consolidated net income and EPS for Q1 2020, reflecting the impact of the COVID-19 pandemic and strategic financial management.
Key Takeaways
Hawaiian Electric Industries, Inc. reported a net income of $33.4 million and EPS of $0.31 for the first quarter of 2020, compared to $45.7 million and EPS of $0.42 for the first quarter of 2019. The results reflect challenges from the COVID-19 pandemic, offset by revenue increases from rate adjustments and project recoveries, and lower interest expenses.
Net income for common stock was $33.4 million, with EPS at $0.31, down from $45.7 million and $0.42 respectively in Q1 2019.
Hawaiian Electric Company's net income decreased to $23.9 million from $32.1 million in the same quarter last year, impacted by higher operations and maintenance expenses.
American Savings Bank reported net income of $15.8 million, down from $20.8 million in Q1 2019, due to a higher provision for credit losses related to COVID-19.
The Board of Directors maintained the quarterly cash dividend at $0.33 per share.
Hawaiian Electric
Hawaiian Electric
Hawaiian Electric Revenue by Segment
Revenue by Segment
Electric Utility Revenue
CapyFin.comOther Segment Revenue
CapyFin.com Forward Guidance
HEI will conduct a webcast and conference call to review its consolidated earnings, including American’s earnings, and 2020 earnings guidance and outlook at 7:30 a.m. Hawaii time (1:30 p.m. Eastern time) on Tuesday, May 5, 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income