Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) reported consolidated net income for common stock for the second quarter of 2014 of $41.4 million, or $0.41 diluted earnings per share (EPS), compared to $40.6 million, or $0.41 diluted EPS for the second quarter of 2013.
"HEI's financial results were in line with internal expectations. Our utilities are aggressively managing costs and redirecting savings to accelerate investments for the benefit of our customers. We are making investments to improve reliability, increase the amount of renewables and pave the way for expected lower costs for customers," said Constance H. Lau, HEI president and chief executive officer.
"American Savings Bank continued to deliver solid results with year-to-date annualized loan growth of 6.5% which helped offset the impact of the continued low interest rate environment. American paid dividends of $9.75 million to HEI in the quarter while maintaining strong capital levels," added Lau.
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