UPDATE: Hawaiian Electric Q2 Profit Tops Street View

Hawaiian Electric Industries

posted better-than-expected second quarter earnings. The Honolulu, Hawaii-based company posted its quarterly net income of $41.4 million, or $0.41 per share, compared to $40.6 million, or $0.41 per share, in the year-ago period. Analysts were expecting earnings of $0.39 per share. Its total revenue rose 0.5% to $798.6 million, versus expectations of $796.0 million. The company's total expenses increased 0.3% y/y to $716.4 million, while total operating income rose 2.6% to $82.3 million. Electric utility segment revenue gained 1.4% to $738.4 million, while banking segment revenue dropped 8.1% to $60.6 million. As of June 30, 2014, cash and cash equivalents were $188.4 million, versus $220.0 million as of December 31, 2013. In the first half of 2014, Hawaiian Electric's cash from operating activities came in at $46.2 million, from $130.8 million in the year-earlier period. "HEI's financial results were in line with internal expectations. Our utilities are aggressively managing costs and redirecting savings to accelerate investments for the benefit of our customers,” said Constance H. Lau, HEI president and chief executive officer. Hawaiian Electric shares gained 1.31% to $23.94 at 11:15 a.m. ET.