ENP Newswire -
Release date- 12082014 -
'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
HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS FOR IMPROVED RELIABILITY TO BETTER SERVE OUR CUSTOMERS
Net revenues were
These increases were partially offset by the following (on an after-tax basis):
Operations and maintenance (O&M) expenses3 were
Depreciation expense for the second quarter of 2014 was
Interest expense was
Net revenues represent the after-tax impact of 'Revenues' less the following expenses which are largely pass through items in revenues: 'fuel oil', 'purchased power' and 'taxes, other than income taxes' as shown on the Hawaiian Electric Company Consolidated Statements of Income.
Excludes net income neutral expenses covered by surcharges or by third parties of
AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE
Second quarter 2014 net income was
Compared to the second quarter of 2013, net income decreased by
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were
This release may contain 'forward-looking statements,' which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'predicts,' 'estimates' or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements.
Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the 'Forward-Looking Statements' and 'Risk Factors' discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended
These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI,
EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES
Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1earnings to non-GAAP core earnings for both the utility and HEI consolidated and the corresponding adjusted return on average common equity (ROACE).
The reconciling adjustments from GAAP earnings to core earnings are limited to the settlement charge for the partial write-off of utility assets in the fourth quarter of 2012. For more information on the settlement charge recorded in 2012, see the Form 8-K filed on
The accompanying table also provides the calculation of utility GAAP O&M adjusted for 'O&M-related net income neutral items' which are O&M expenses covered by specific surcharges or by third parties. This item is grossed-up in revenue and expense and does not impact net income.
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