Hawaiian Electric Industries Q2 Net Income Declines

(RTTNews) - Hawaiian Electric Industries, Inc. (HE) reported net income for common stock for the second quarter of $52.5 million and EPS of $0.48 compared to $63.9 million and EPS of $0.58, a year ago. The company said the lower net income was due primarily to the prior year's negative provision for credit losses at American Savings Bank, and the return to a more normalized provision expense due to strong loan growth. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.52, for the quarter. Analysts' estimates typically exclude special items. Total revenues increased to $895.61 million from $680.26 million, prior year.

On August 4, HEI announced that the Board has declared a quarterly cash dividend of $0.35 per share, payable on September 9, 2022 to shareholders of record at the close of business on August 18, 2022. The quarterly dividend is equivalent to an annual rate of $1.40 per share.

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