Hawaiian Electric Industries (HE) FY2014 results: revenue $3.2 billion, unchanged on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $3.2 billion for fiscal 2014, the year ended 31 December 2014, unchanged on the year before. Net income was $168 million, up 4.2%, and diluted earnings per share $1.64. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$3.2 billion
+0.0% on the year
FY2008FY2014
Operating margin
10.3%
9.8% a year earlier
FY2008FY2014
Net income
$168 million
+4.2% on the year
FY2008FY2014
Diluted EPS
$1.64
+1.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,240
3,238
3,375
+0.0%
Operating income
333
318
284
+4.8%
Operating margin
10.3%
9.8%
8.4%
Interest expense
87.2
85.6
89.4
+1.9%
Pre-tax income
266
250
217
+6.3%
Income tax
95.6
86.2
76.9
+10.8%
Effective tax rate
36.0%
34.5%
35.4%
Net income
168
162
139
+4.2%
Net margin
5.2%
5.0%
4.1%
Diluted EPS
$1.64
$1.62
$1.42
+1.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Capital expenditure
365
389
371
-6.3%
Depreciation and amortisation
183
167
158
+9.4%
Share-based compensation
9.3
7.8
6.7
+19.4%
Dividends paid
126
98.4
96.2
+28.5%
Dividend per share
$1.24
$1.24
$1.24
0.0%
Diluted shares, weighted
103m
100m
97m
+3.3%
Shares outstanding at period end
103m
101m
98m
+1.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,791
1,727
1,594
+3.7%
Redeemable equity
34.3
34.3
n/a
0.0%
Deposits
4,623
4,372
4,230
+5.7%
Debt
1,916
1,843
1,702
+4.0%
Other liabilities
2,819
2,363
2,623
+19.3%
Total liabilities and equity
11,184
10,340
10,149
+8.2%
Fixed assets
4,149
3,859
3,595
+7.5%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
120
160
254
-25.1%
Loans
4,389
4,110
3,737
+6.8%
Other assets
2,445
2,129
2,481
+14.8%
Total assets
11,184
10,340
10,149
+8.2%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.