Hawaiian Electric Industries (HE) FY2017 results: revenue $2.6 billion, up 7.3% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $2.6 billion for fiscal 2017, the year ended 31 December 2017, up 7.3% on the year before. Net income was $165 million, down 33.4%, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2018.
Revenue
$2.6 billion
+7.3% on the year
FY2010FY2017
Operating margin
13.5%
14.9% a year earlier
FY2010FY2017
Net income
$165 million
-33.4% on the year
FY2010FY2017
Diluted EPS
$1.52
-33.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,556
2,381
2,603
+7.3%
Operating income
346
356
323
-2.7%
Operating margin
13.5%
14.9%
12.4%
Interest expense
91.1
88.6
88.5
+2.9%
Pre-tax income
277
374
255
-26.0%
Income tax
109
124
93.0
-11.6%
Effective tax rate
39.6%
33.1%
36.5%
Net income
165
248
160
-33.4%
Net margin
6.5%
10.4%
6.1%
Diluted EPS
$1.52
$2.29
$1.50
-33.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
420
496
357
-15.2%
Capital expenditure
495
330
364
+50.0%
Free cash flow
-74.7
166
-6.9
Free cash flow margin
-2.9%
7.0%
-0.3%
Cash from investing
-815
-736
-706
Cash from financing
378
219
474
+72.9%
Depreciation and amortisation
222
205
196
+8.4%
Share-based compensation
5.4
4.8
6.5
+12.8%
Dividends paid
135
117
132
+15.0%
Dividend per share
$1.24
$1.24
$1.24
0.0%
Diluted shares, weighted
109m
108m
107m
+0.6%
Shares outstanding at period end
109m
109m
107m
+0.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,097
2,067
1,928
+1.5%
Redeemable equity
34.3
34.3
34.3
0.0%
Deposits
5,891
5,549
5,025
+6.2%
Debt
1,993
1,812
2,010
+10.0%
Other liabilities
2,519
2,420
2,793
+4.1%
Total liabilities and equity
12,534
11,882
11,790
+5.5%
Fixed assets
4,460
4,603
4,378
-3.1%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
1,446
208
213
+596.0%
Loans
4,617
4,683
4,566
-1.4%
Trading assets
1,401
n/a
n/a
Cash and equivalents
262
278
300
-6.0%
Other assets
266
2,027
2,251
-86.9%
Total assets
12,534
11,882
11,790
+5.5%
10-K for the year ended 31 December 2017, filed 1 March 2018: the filing.