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Hawaiian Electric books higher Q1 net income, misses estimates

Hawaiian Electric Industries Inc. on May 10 reported first-quarter 2018 consolidated net income for common stock of $40.2 million, or 37 cents per diluted share, compared to $34.2 million, or 31 cents per diluted share, in the same quarter in 2017.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 38 cents per share.

Total revenue for the first quarter of 2018 was $645.9 million, compared to $591.6 million reported a year ago. Operating income also increased, to $71.9 million in the first quarter of 2018, from $69.7 million in the prior-year period.

Meanwhile, utility subsidiary Hawaiian Electric Co. Inc. booked first-quarter 2018 net income for common stock of $27.5 million compared to $21.5 million a year ago. Revenues for the segment totaled $570.4 million in the most recent quarter compared to $518.6 million in the prior-year quarter.