{"id":525104,"date":"2021-08-09T06:03:46","date_gmt":"2021-08-09T10:03:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hei-reports-second-quarter-2021-results\/"},"modified":"2021-08-09T06:03:46","modified_gmt":"2021-08-09T10:03:46","slug":"hei-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hei-reports-second-quarter-2021-results\/","title":{"rendered":"HEI Reports Second Quarter 2021 Results"},"content":{"rendered":"
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2Q21 Net Income of $63.9 Million and Diluted Earnings Per Share (EPS)\u00b9 of $0.58<\/h2>\n

Utility Focused on Cost Efficiencies to Benefit Customers and Progressing Hawaii’s Climate Goals<\/h2>\n

Bank Results Reflect Improved Economy and Credit Quality, Stable Net Interest Margin<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HONOLULU<\/span>, Aug.\u00a09, 2021 \/PRNewswire\/ — Hawaiian Electric Industries, Inc. (NYSE – HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2021 of $63.9 million<\/span> and EPS of $0.58<\/span> compared to $48.9 million<\/span> and EPS of $0.45<\/span> for the second quarter of 2020.<\/p>\n

“HEI delivered strong consolidated financial results in the second quarter as Hawaii’s<\/span> economy strengthened and as we advanced key priorities across our enterprise,” said Constance H. Lau<\/span>, HEI president and CEO. <\/p>\n

“At our utility the new performance-based regulation (PBR) framework is now fully in effect as of June 1<\/span>, and we’ve begun delivering savings from our cost management program to our customers. We remain focused on cost efficiencies as we make needed investments to continue to provide safe, reliable electricity and reach Hawaii’s<\/span> climate goals.<\/p>\n

“Our bank’s strong second quarter results reflect the reopened local economy and increased tourism, solid execution and our bank’s continuing efforts to work closely with its customers through the pandemic. The bank’s results benefited from a release of reserves for credit losses, driven by the improved economy and credit quality, while the bank continues to transform its operating model to provide excellent customer service in an increasingly digital world,” said Lau. <\/p>\n

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\n 1\u00a0\u00a0\u00a0 <\/sup>Unless otherwise indicated, throughout this release earnings per share (EPS) refers to diluted earnings per share.\u00a0\u00a0 <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n HAWAIIAN ELECTRIC COMPANY EARNINGS
<\/b>Hawaiian Electric Company’s (Hawaiian Electric) net income for the second quarter of 2021 was $41.9 million<\/span>, compared to $42.3 million<\/span> in the second quarter of 2020, primarily driven by the following after-tax items:<\/p>\n