Hawaiian Electric income down 12% in 1Q
CEO: Results in line with expectations; $8 million higher expenses
Hawaiian Electric Industries says its first quarter income dropped 12.1 percent to $33.7 million as its utilities invested more than $60 million in local infrastructure.
Company officials said Wednesday that its earns of 34 cents per share compared with earnings of 40 cents per share, or $38.3 million, during the first three months of 2012.
The company says its earnings dropped in part because of about $8 million higher expenses for operations, depreciation and reliability and clean energy investments.
Hawaiian Electric CEO Constance Lau says the results are in line with expectations and show significant progress to start 2013.
Lau says the company invested $60 million during the quarter on local infrastructure.
The company declared a cash dividend of 31 cents per share, payable on June 12.
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