Hawaiian Electric Industries (HE) FY2016 results: revenue $2.4 billion, down 8.5% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $2.4 billion for fiscal 2016, the year ended 31 December 2016, down 8.5% on the year before. Net income was $248 million, up 55.3%, and diluted earnings per share $2.29. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$2.4 billion
-8.5% on the year
FY2009FY2016
Operating margin
14.9%
12.4% a year earlier
FY2009FY2016
Net income
$248 million
+55.3% on the year
FY2009FY2016
Diluted EPS
$2.29
+52.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,381
2,603
3,240
-8.5%
Operating income
356
323
333
+10.3%
Operating margin
14.9%
12.4%
10.3%
Interest expense
88.6
88.5
87.2
+0.1%
Pre-tax income
374
255
266
+46.7%
Income tax
124
93.0
95.6
+33.0%
Effective tax rate
33.1%
36.5%
36.0%
Net income
248
160
168
+55.3%
Net margin
10.4%
6.1%
5.2%
Diluted EPS
$2.29
$1.50
$1.64
+52.7%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
496
357
n/a
+38.9%
Capital expenditure
330
364
365
-9.3%
Free cash flow
166
-6.9
n/a
Free cash flow margin
7.0%
-0.3%
n/a
Cash from investing
-736
-706
n/a
Cash from financing
219
474
n/a
-53.8%
Depreciation and amortisation
205
196
183
+4.7%
Share-based compensation
4.8
6.5
9.3
-26.8%
Dividends paid
117
132
126
-11.0%
Dividend per share
$1.24
$1.24
$1.24
0.0%
Diluted shares, weighted
108m
107m
103m
+1.5%
Shares outstanding at period end
109m
107m
103m
+1.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,067
1,928
1,791
+7.2%
Redeemable equity
34.3
34.3
34.3
0.0%
Deposits
5,549
5,025
4,623
+10.4%
Debt
1,812
2,010
1,916
-9.9%
Other liabilities
2,420
2,793
2,819
-13.3%
Total liabilities and equity
11,882
11,790
11,184
+0.8%
Fixed assets
4,603
4,378
4,149
+5.2%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
208
213
120
-2.5%
Loans
4,683
4,566
4,389
+2.6%
Cash and equivalents
278
300
n/a
-7.3%
Other assets
2,027
2,251
2,445
-10.0%
Total assets
11,882
11,790
11,184
+0.8%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.