Hawaiian Electric Industries profit drops in 3Q

AP News
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Posted: Nov 01, 2010 6:58 PM
Hawaiian Electric Industries profit drops in 3Q

Hawaiian Electric Industries Inc. is reporting third quarter 2010 consolidated net income for common stock of $32.4 million, compared with $33.5 million for the third quarter of 2009.

HEI President and Chief Executive Officer Constance H. Lau said Monday in a news release that earnings were down for the quarter primarily due to weather-driven declines in utility sales.

The company says electric utility net income for common stock for the third quarter was $22 million, down from $26.5 million in the third quarter of last year.

Meanwhile, net income for HEI subsidiary American Savings Bank was $15.3 million, $4 million more than the third quarter of 2009.