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Hawaiian Electric books lower core net income in Q2, misses estimates

Hawaiian Electric Industries Inc. on Aug. 3 posted second-quarter 2017 core net income of $38.7 million, or 36 cents per diluted share, down from $46.9 million, or 43 cents per share, a year ago. The S&P Global Market Intelligence normalized consensus EPS estimate for the quarter was 39 cents.

The results exclude costs related to the terminated merger with NextEra Energy Inc., costs related to the terminated liquefied natural gas contract and the associated canceled spinoff of ASB Hawaii Inc.

Hawaiian Electric Cos., comprising Hawaiian Electric Co. Inc., Maui Electric Co. Ltd. and Hawaii Electric Light Co. Inc., recorded an $11.0 million year-over-year decline in core earnings to $25.6 million in the second quarter of 2017 from $36.6 million in the prior-year period primarily due to certain after-tax items. Net income for the Hawaiian Electric Cos. also dropped to $25.6 million from $35.9 million in the second quarter of 2016.

Hawaiian Electric Industries total revenues lifted to $632.3 million from $566.2 million, while total operating income dropped to $75.9 million from $85.5 million, in the same period in 2016.

On a GAAP basis, Hawaiian Electric Industries booked consolidated net income for common stock of $38.7 million, or 36 cents per diluted share, down from $44.1 million, or 41 cents per diluted share, in the corresponding quarter in 2016.