Hawaiian Electric Industries, Inc. (HE) Thursday reported higher profit for the second quarter, as the prior-year results were hurt by charges. The company said its performance of continues to be impacted by difficult economic conditions and delayed regulatory action at the utility.
The company's consolidated net income for common stock for the second quarter of 2009 rose to $15.479 million, or $0.17 per share, from $5.136 million, or $0.06 per share in the previous year. Results of the previous year included after-tax charges of $35.6 million or $0.42 share related to strategic restructuring of the Bank's balance sheet in June 2008.
Excluding those charges, second quarter net income for common stock for 2008 was $40.7 million, or $0.48 per share.
On average, three analysts polled by Thomson Reuters expected earnings of $0.22 per share. Analysts' estimates typically exclude special items.
Operating revenues dropped to $525.90 million from $774.06 million in the prior year. Analysts estimated revenues of $657.34 million.
Revenue from Electric utility was $450.42 million, significantly lower than $688.12 million reported last year. At the Bank, revenues dropped to $75.50 million from $85.95 million last year.
Operating expenses declined to $490.85 million from $752.45 million in the previous year with lower expenses at Electric utility as well as Bank.
For the first half of the fiscal, net income for common stock was $35.87 million or $0.39 per share, compared to $39.10 million or $0. 47 per share in the prior year. First-half revenues slumped to $912.21 million from $1.312 billion in the prior year.
Further, the company said its board of directors maintained the regular quarterly cash dividend of $0.31 per share, payable on September 10 to shareholders of record on August 24.
HE closed Thursday's regular trade at $17.92, down $0.09 or 0.50%, on 562,495 shares.
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.