Hawaiian Electric Lowers 2013 EPS Guidance from $1.58-$1.68 to $1.52-$1.62

Hawaiian Electric Industries, Inc. HE (HEI) today announced that as a result of the Maui Electric Company, Limited (MECO) 2012 test year final rate case decision and order (D&O) issued by the Public Utilities Commission of the State of Hawaii (PUC) on May 31, 2013, it has lowered its 2013 earnings per share (EPS) guidance from its previous range of $1.58 to $1.68 to a revised range of $1.52 to $1.62 on a GAAP basis.  Excluding the refund of MECO revenues attributed to 2012, the EPS guidance range would be $0.02 higher or $1.54 to $1.64.  The corresponding revision to the EPS guidance for Hawaiian Electric Company, Inc. (HECO) and its subsidiaries reduces the previous range from $1.23 to $1.29 to a revised range of $1.17 to $1.23 on a GAAP basis (or $1.19 to $1.25 excluding the $0.02 discussed above).  The revised guidance assumes $7.8 million lower MECO annual revenues in accordance with the MECO final D&O.  Of this amount $1.5 million relates to pension and other postretirement benefits (OPEB) which will be offset by lower pension expense (as a result of the pension tracking mechanism).  The EPS guidance assumptions previously disclosed in HEI's fourth See full press release