Hawaiian Electric Industries Q1 Net Income Rises

(RTTNews) - Hawaiian Electric Industries, Inc. (HE) reported first quarter consolidated net income of $69.2 million or $0.63 per share compared to $64.4 million or $0.59 per share, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.44, for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $785.07 million from $642.95 million, prior year. Electric utility revenues increased to $708.79 million from $564.86 million.

"Earning asset yields are starting to improve, credit quality remains solid, and the bank is managing expenses well amid its digital transformation. We also had a gain from the sale of an investment in an electric vehicle charging company that Pacific Current has partnered with to expand charging stations in Hawaii," said Scott Seu, HEI CEO.