Hawaiian Electric has stellar 4th quarter in all segments
Advertiser Staff
Hawaiian Electric Industries Inc.'s fourth-quarter 2005 net income soared 51.2 percent because of strong electricity demand and robust growth at its American Savings Bank subsidiary.
THE NUMBERS
4th-quarter revenue: $624.8 million, up 20.5 percent from a year ago.
4th-quarter net income: $37.5 million, up 51.2 percent from a year ago.
Earnings per share: 46 cents, up 48.4 percent from a year ago.
Fiscal 2005 revenue: $2.2 billion, up 15.2 percent from a year ago.
Fiscal 2005 net income: $126.7 million, up 15.3 percent.
REASONS
WHAT THEY ARE SAYING
"We had a good fourth quarter. Results were up for all segments. ... "
"We were able to hold results relatively constant with 2004, while successfully meeting significant operating challenges in 2005."
Robert ClarkeCEO, Hawaiian Electric Industries Inc.
WHAT'S NEXT
Hawaiian Electric is seeking approval from the state Public Utilities Commission to pass on costs for its energy conservation programs. In September, the PUC granted Hawaiian Electric a 3.3 percent interim rate increase, which was the company's first since 1995.
Analysts expect the company to earn about $1.74 per share for all of 2006.
Analysts also expect the company's stock to trade between $26 a share to $30 a share this year.
• Correction: Hawaiian Electric Industries Inc. received a $9 million aftertax gain from the sale of its interest in a coal-fired power plant in Georgia during the fourth quarter of 2005. A earlier version of this story incorrectly described the $9 million gain as a pre-tax profit.
