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HEI posts drop in Q1 core earnings, revenues

HawaiianElectric Industries Inc. on May 4 reported first-quarter coreearnings of $33.9 million, or 31 cents per share, compared with $36.6 million,or 35 cents per share, in the same period of 2015.

The first-quarter 2016 results exclude $1.6 million inafter-tax costs associated with the pending acquisition by and the spin-offof ASB Hawaii Inc.

The company posted first-quarter consolidated net income forcommon stock of $32.4 million, or 30 cents per share, compared with $31.9million, or 31 cents per share, in the 2015 quarter.

Revenues totaled $551.0 million in the most recent quarter,down from $637.9 million in the prior-year period, while operating income was$68.9 million, down from $69.5 million in the 2015 first quarter.

Hawaiian Electric Co, which refers to regulated utilitysubsidiaries Hawaiian ElectricCo. Inc., MauiElectric Co. Ltd. and HawaiiElectric Light Co. Inc., recorded net income of $25.4 million inthe first quarter of 2016, compared with $26.9 million in the same quarter in2015. The decline was mainly due to higher depreciation expense and theintegration of more renewable energy.

The HEI board maintained the quarterly cash dividend of 31cents per share, or $1.24 per share on an annualized basis. The dividend ispayable June 15 to shareholders of record at the close of business May 31.