Hawaiian Electric Industries, Inc. (HE), a provider of electric utility, banking and other businesses, reported Tuesday a decline in first-quarter profit, reflecting lower electric sales and higher provision for loan losses at the bank.
The Honolulu, Hawaii-based company's net income for the first quarter declined to $20.87 million from $34.44 million in the previous year. Net income for common stock was $20.39 million or $0.22 per share, compared to $33.97 million or $0.41 per share in the prior year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter dropped to $543.8 million from $729.62 million in the year earlier. Street analysts estimated revenues of $666.54 million for the quarter. Electric utility revenues were $461.8 million, down from $623.89 million last year.
Constance Lau, president and chief executive officer commented, "To help offset these negative impacts, both our utility and bank are continuing to aggressively pursue initiatives which have improved operating and financial performance over the last year and positioned us to weather this downturn and to grow as economic conditions improve."
Electric utility business net income for the quarter was $14.13 million, compared to $24.58 million in the previous year. Kilowatt-hour sales were down 7.4%, which impacted utility net income by an estimated $9 million.
Banking business net income was $10.88 million, down from $14.58 million in the prior-year quarter. Net interest income was $50.9 million, compared to $50.5 million last year. Non-interest income was $16.3 million, $1.7 million lower than the earlier year, mainly due to a gain on sale of stock in a credit card organization in 2008. Provision for loan losses for the quarter was $8.3 million, compared to less than a million dollars in the year-ago quarter.
The holding and other companies' net losses were $4.62 million, in comparison with net losses of $5.19 million in the preceding year.
In addition, the board maintained the regular quarterly cash dividend of $0.31 per share, to shareholders of record on May 21, 2009, payable on June 10.
HE closed Monday's regular trading at $15.55 on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.