HEI earnings off 57% in final 2006 period
Hawaiian Electric Industries Inc. posted a 57.1 percent decline in its fourth-quarter 2006 earnings due in part to investment losses at the parent company and lower income at its bank and utility subsidiaries. A proposed rate hike would increase revenue by roughly $100 million.
BY THE NUMBERS
Revenue: $607.1 million, down 2.8 percent from year ago.
Net income: $16.1 million, down 57.1 percent from year ago.
Earnings per share: 20 cents, down 56.5 percent from year ago.
2006 revenue: $2.4 billion, up 11.1 percent from 2005.
2006 net income: $108 million, down 14.8 percent from 2005.
HIGHLIGHTS
WHAT THEY ARE SAYING
"The fourth quarter of 2006 was a tough quarter all around. Results were down quarter-over-quarter for all segments — the utilities, bank and holding and other companies. ... Earnings were down year-over-year primarily due to $2.2 million of after-tax investment losses ... "
Constance lauHEI's CEO
WHAT'S NEXT
Hawaiian Electric Co. is seeking a rate increase that would increase O'ahu customers' rates by an average of 7.2 percent but would increase annual revenues by $99.6 million.
HECO is seeking regulatory approval for a $130 million power plant at Campbell Industrial Park.
Sister company Maui Electric Co. is asking for a 5.3 percent rate increase that would boost revenue by $18.9 million.
Analysts say HEI will earn $1.45 to $1.80 per share in 2007.
