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Hawaiian Electric Industries posts $3.6M YOY drop in Q2 net income

Hawaiian Electric Industries Inc. on Aug. 2 reported net income for common stock of $42.5 million, or 39 cents per share, in the 2019 second quarter, down from $46.1 million, or 42 cents per share, for the comparable quarter of 2018.

The results missed the S&P Global Market Intelligence consensus normalized earnings estimate for the quarter of 43 cents per share, with three analysts reporting.

Revenues totaled $715.5 million, improving from $685.3 million a year ago. The company also reported operating income of $72.6 million, a decrease from $78.8 million a year earlier.

The company's Hawaiian Electric Co. Inc. subsidiary posted net income of $32.6 million, an increase from $31.2 million a year ago. Electric utility revenues totaled $633.8 million, compared to $608.1 million in the 2018 quarter.

"HEI's earnings for the second quarter of 2019 are in line with our expectations for the year, and we are making great strides on our strategies across our enterprise," HEI President and CEO Constance Lau said.