Hawaiian Electric Industries Reports 2012 Year-end & Fourth Quarter Earnings; Webcast to Include EPS Guidance
Honolulu, HI, February 15, 2013 - Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) reported year-end GAAP earnings of $138.7 million, flat with $138.2 million in 2011. Diluted earnings per share (EPS) were $1.42 for 2012, slightly down compared to $1.44 for 2011. For the fourth quarter of 2012, reported earnings were $13.8 million or $0.14 EPS, compared to $34.2 million or $0.36 EPS for the same quarter last year. 2012 and fourth quarter earnings include a $24 million after-tax write-down related to the settlement agreement between Hawaiian Electric Company1 and the Hawaii Consumer Advocate, which is subject to approval by the Hawaii Public Utilities Commission.
"HEI's 2012 earnings reflect Hawaiian Electric Company's agreement with the Consumer Advocate which included a significant write-off of invested capital. If approved, the agreement will resolve many pending issues, allowing our utilities to continue their focus on reducing Hawaii's dependence on expensive oil," said Constance H. Lau, HEI president and chief executive officer.
"American Savings Bank (American) continued to deliver stable and predictable results, contributing roughly 40% to consolidated HEI earnings in 2012. Steady loan growth was supported by more than $1.7 billion in new credit and refinancings provided to customers. Strong capital ratios enabled American to pay 2012 dividends to HEI totaling $45 million, an important source of funding as HEI continues to invest in its Hawaii based businesses," added Lau.
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Shelee M.T. Kimura
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