Hawaiian Electric Industries Inc. Earnings: Another Solid Revenue Quarter

Hawaiian Electric Industries Inc. (NASDAQ:HE) reported its results for the first quarter. Hawaiian Electric Industries, Inc. is a holding company, which through its subsidiaries is engaged in electric utility, banking and other businesses operating mainly in the State of Hawaii.

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Hawaiian Electric Industries Earnings Cheat Sheet for the First Quarter

Results: Net income for Hawaiian Electric Industries Inc. rose to $28.9 million (30 cents/share) vs. $27.6 million (28 cents/share) in the same quarter a year earlier. A rise of 4.8% from the year earlier quarter.

Revenue: Rose 14.8% to $710.6 million YoY.

Actual vs. Wall St. Expectations: HE fell short of the mean analyst estimate of 31 cents/share. Estimates ranged from 27 cents per share to 35 cents per share.

Quoting Management: “At the utility, although earnings and returns on equity remain depressed pending the outcome of the Oahu 2011 rate case and other regulatory proceedings, we are pleased that we were able to implement sales decoupling for HECO Oahu to further align our financial business model with our state’s public policy to promote energy efficiency and conservation. At the bank, we are pleased to report another quarter of solid performance with a return on assets of 1.15%, net interest margin of 4.16%, lower credit costs, and loan growth for the second consecutive quarter,” added Lau.

Key Stats:

The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 15.5%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 24.7% from the year earlier quarter.

From the fourth quarter of the last fiscal year, the company’s current liabilities fell to $354.6 million from $4.47 billion.

The company has now seen net income rise in two-straight quarters. In the fourth quarter of the last fiscal year, net income rose more than twofold from the year earlier.

Competitors to Watch: Edison International (NYSE:EIX), Portland General Electric Co. (NYSE:POR), PG&E Corporation (NYSE:PCG), IDACORP, Inc. (NYSE:IDA), NV Energy, Inc. (NYSE:NVE), UniSource Energy Corp. (NYSE:UNS), Hawaiian Electric Co., Inc. (HAWEL), PNM Resources, Inc. (NYSE:PNM), Pinnacle West Capital Corp. (NYSE:PNW), and The AES Corporation (NYSE:AES)

Stock Performance: Shares of HE are up 0.23% from the previous close.

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