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Mar 31, 2021
Hawaiian Electric Q1 2021 Earnings Report
Hawaiian Electric Industries reported consolidated net income for common stock with stronger earnings, driven by the economic recovery in Hawaii and effective cost management programs.
Key Takeaways
Hawaiian Electric Industries (HEI) reported a strong first quarter in 2021, with consolidated net income of $64.4 million, or $0.59 per share, compared to $33.4 million, or $0.31 per share, in the first quarter of 2020. The utility and bank sectors showed improved earnings due to Hawaii's recovering economy. Hawaiian Electric's net income was $43.4 million, while American Savings Bank's net income was $29.6 million.
HEI reported Q1 2021 net income of $64.4 million, with EPS of $0.59, compared to $33.4 million and EPS of $0.31 in Q1 2020.
Hawaiian Electric's net income increased to $43.4 million, driven by lower expenses and higher revenues from rate adjustment mechanisms.
American Savings Bank's net income rose to $29.6 million, primarily due to a release of $8.4 million in provision for credit losses.
Total loans at American Savings Bank were $5.3 billion, while total deposits increased to $7.7 billion.
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 results and 2021 earnings guidance and outlook on Friday, May 7, 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income