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August 05, 2015 4:37 AM ET

Electric Utilities

Company Overview of Hawaiian Electric Company Inc.

Company Overview

Hawaiian Electric Company, Inc., together with its subsidiaries, operates as a regulated electric public utility. The company engages in the production, purchase, transmission, distribution, and sale of electricity on the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. It serves various suburban communities, resorts, U.S. Armed Forces installations, and agricultural operations. As of December 31, 2014, it owned and operated four generating plants on the islands of Oahu with generating capability of 1,322 megawatts; four generating plants on the island of Hawaii with a generating capability of 197.1 megawatts; and two generating plants on the island of Maui with a generating capability of ...

900 Richards Street

Honolulu, HI 96813

United States

Founded in 1891

2,759 Employees

Phone:

808-543-7771

Key Executives for Hawaiian Electric Company Inc.

Chief Executive Officer, President and Director
Age: 68
Chief Financial Officer and Senior Vice President
Age: 52
Senior Vice President of Operations
Age: 67
Chairman of the Board, Chief Executive Officer of Hawaiian Electric Industries Inc, President of Hawaiian Electric Industries Inc and Director of Hawaiian Electric Industries Inc
Age: 63
President of Hawaii Electric Light Company, Inc
Age: 55
Compensation as of Fiscal Year 2015.

Hawaiian Electric Company Inc. Key Developments

Hawaiian Electric Company Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015

Hawaiian Electric Company Inc. reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenues of USD 573.442 million compared to USD 720.062 million a year ago. Operating income was USD 57.636 million compared to USD 70.666 million a year ago. Income before income taxes was USD 43.223 million compared to USD 57.166 million a year ago. Net income attributable to company was USD 27.144 million compared to USD 35.690 million a year ago. Return on average common equity was 8.03% compared to 9.21% a year ago. Net cash provided by operating activities was USD 32.887 million compared to USD 0.637 million a year ago. Capital expenditures were USD 54.358 million compared to USD 64.462 million a year ago. Based on non-GAAP (core), the company reported return on average common equity was 7.86 compared to 8.69% a year ago. Net income was USD 27.1 million against USD 35.4 million a year ago.

Hawaiian Electric Company Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Hawaiian Electric Company Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported Revenue was $803.565 million compared with $764.054 million for the same period last year. Operating income was $76.156 million compared with $69.853 million for the same period last year. Income before income taxes was $62.419 million compared with $56.573 million for the same period last year. Net income for common stock was $39.149 million compared with $38.087 million or $0.48 diluted per share for the same period last year. Net revenues were $8 million higher compared to the third quarter of 2013 primarily due to $7 million in 2014 revenues attributable to the recovery of costs for clean energy and reliability investments and $1 million for better fuel efficiency performance. For the nine months, the company reported total Revenue was $2,262.056 million compared with $2,210.020 million for the same period last year. Operating income was $216.890 million compared with $179.949 million for the same period last year. Income before income taxes was $174.711 million compared with $141.645 million for the same period last year. Net income for common stock was $109.339 million compared with $91.749 million for the same period last year. Return on average common equity was 8.96% compared with 6.46% for the same period last year. Net cash provided by operating activities was $146.267 million compared with $211.310 million for the same period last year. Capital expenditures was $229.105 million compared with $237.869 million for the same period last year.

Richard M. Rosenblum Steps Down as Hawaiian Electric's President and CEO

Hawaiian Electric Company Inc. announced that Richard M. Rosenblum stepped down as its President and CEO effective September 30, 2014. On October 8, 2014, the company entered into a Release, Transition and Consulting agreement with Mr. Rosenblum where he has agreed to stay on as an employee of its until his formal retirement on January 5, 2015. Mr. Rosenblum will serve as special advisor to the Chairman of the Board of the company and will continue to receive his existing base salary and benefits until his retirement. Beginning January 6, 2015 and ending July 5, 2015, Mr. Rosenblum has agreed to serve as a consultant to the company.

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