This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

HEI Reports 2010 And Fourth Quarter Earnings

Stocks in this article: HE

O&M expenses 1 (pretax) increased by $40 million or 12% over the prior year, slightly under our expectation for an annual increase of 13%. The increase resulted primarily from generating unit overhauls, a full year of cost for our new biofuels generating unit, CT-1, increased levels of work to address our aging infrastructure, and higher employee benefit costs.

Fourth Quarter Results:

Electric utility net income for the fourth quarter of 2010 was $18.9 million compared to $23.3 million in the fourth quarter of 2009. The decline in net income was primarily attributable to (on an after-tax basis) approximately $3 million from lower kilowatthour sales and $10 million higher O&M expenses 1. These were partially offset by $2 million of rate relief granted in our 2009 Oahu and 2010 Maui rate cases and tax settlement items which net to $6 million.

Kilowatthour sales were down 2.1% in the fourth quarter 2010 compared with the same quarter last year mostly due to cooler and less humid weather.

O&M expenses 1 (pretax) were up 23% over the same quarter last year as anticipated. This increase resulted primarily from higher generation unit overhauls, higher transmission and distribution maintenance including vegetation management and substation maintenance, and management’s action to defer work planned for the fourth quarter of 2009 to 2010.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $21.5 million in 2010 compared to $18.2 million in 2009 primarily due to the $2 million write-off of a deferred tax asset in the fourth quarter of 2010. The holding and other companies’ net losses were $7.5 million in the fourth quarter of 2010 compared to $5.2 million in the fourth quarter of 2009 primarily reflecting the $2 million write-off mentioned above.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review 2010 earnings on Friday, February 11, 2011, at 8:00 a.m. Hawaii time (1:00 p.m. Eastern time). The event can be accessed through HEI’s website at www.hei.com or by dialing (866) 713-8307, passcode: 10016892 for the teleconference call. HEI intends to continue to use its website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI’s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI’s website, in addition to following HEI’s, HECO’s and ASB’s press releases, SEC filings and public conference calls and webcasts. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC.

An online replay of the webcast will be available at the same website beginning about two hours after the event. Replays of the teleconference call will also be available approximately two hours after the event through February 25, 2011, by dialing (888) 286-8010, passcode: 28298877.

5 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs