HEI reports jump in 2Q net income on lower credit costs, drop in banking expenses

HEI reports jump in 2Q net income

HONOLULU — The parent company of Hawaiian Electric Co. and American Savings Bank on Monday reported a jump in second-quarter net income on lower credit costs and lower operating expenses at its banking operations.

Hawaiian Electric Industries Inc. reported second-quarter net income of $29.3 million, or 31 cents a share, up from $15.5 million, or 17 cents a share, for the same quarter last year.

Revenue rose to $655.7 million from $525.9 million.

Analysts had been expecting net income of 30 cents a share on $575.8 million in revenue.

Shares in Hawaiian Electric Industries ended Monday up 26 cents, or 1 percent, to $24.11.