Hawaiian Electric Q2 Earnings Nearly Flat, Beats Estimates - Quick Facts

(RTTNews) - Hawaiian Electric Industries Inc. (HE), an utilities and banking company, Monday reported nearly flat second-quarter earnings, amid weak revenue growth and a decline in profit from the banking segment. Earnings, however, topped analysts' estimates.

For the three months to June, net earnings stood at $41.42 million or $0.41 per share, compared with $40.59 million or $0.41 per share a year earlier.

On average, six analysts polled by Thomson-Reuters estimated the company's earnings to be $0.39 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues increased to $798.66 million from $794.57 million in the same period last year. Analysts expected revenues of $795.97 million.

Total banking revenues declined to $60.62 million from $66.03 million a year ago. Net interest income of American Savings Bank was nearly flat at $44.14 million, compared with $44.38 million a year earlier, while earnings from the banking arm declined to $11.68 million from $15.92 million last year.

The utility segment of the company registered earnings of $34.2 million, up $5.5 million from last year, on revenues of $738.43 million.