Hawaiian Electric Industries, Inc. (HE), a provider of electric utility, banking and other businesses, Monday reported a decline in profit for the third quarter on lower revenues. However, earnings beat analysts' expectations.
Net income for common stock for the quarter declined to $33.48 million or $0.37 per share from $37.28 million or $0.44 per share in the prior-year quarter.
The Honolulu, Hawaii-based company's quarterly revenues decreased to $620.31 million from $915.43 million in the year-ago period.
Analysts polled by Thomson Reuters expected the company to earn 29 cents a share on revenue of $773.77 million.
Segment-wise, Electric utility net income for common stock increased to $26.5 million from $25.9 million a year ago. The segment recorded revenues of $548.44 million, lower than $827.79 million in the previous year.
Bank net income was $11.3 million, down from $15.4 million a year ago. The segment reported revenues of $71.95 million, lower than $87.68 million last year.
Net interest income for the quarter dropped to $50.5 million from $52.3 million in the year-ago quarter. Noninterest income declined to $11.9 million from $16.7 million in the same quarter a year earlier.
The bank recorded a $5.2 million provision for loan losses, much higher than $2.0 million in the third quarter of 2008. Hawaiian Electric noted that majority of the provision for the quarter reflected an increase in nonperforming residential lot loans and 1-4 family mortgages.
The holding and other companies' net losses were $4.4 million in the third quarter of 2009, relatively flat compared with $4.1 million last year.
For the nine-month period, net income for common stock was $70.77 million or $0.76 per share, lower than $77.80 million or $0.91 per share in the previous year. Year-to-date, revenues plunged to $1.69 billion from $2.42 billion last year.
HE closed Friday's regular trading at $17.85 per share on the New York Stock Exchange.
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