Hawaiian Electric Industries (HE) FY2019 results: revenue $2.9 billion, up 0.5% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $2.9 billion for fiscal 2019, the year ended 31 December 2019, up 0.5% on the year before. Net income was $218 million, up 8.0%, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$2.9 billion
+0.5% on the year
FY2012FY2019
Operating margin
12.1%
11.7% a year earlier
FY2012FY2019
Net income
$218 million
+8.0% on the year
FY2012FY2019
Diluted EPS
$1.99
+7.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,875
2,861
2,556
+0.5%
Operating income
349
333
346
+4.6%
Operating margin
12.1%
11.7%
13.5%
Interest expense
109
104
91.1
+4.9%
Pre-tax income
271
254
277
+6.7%
Income tax
51.6
50.8
109
+1.7%
Effective tax rate
19.0%
20.0%
39.6%
Net income
218
202
165
+8.0%
Net margin
7.6%
7.1%
6.5%
Diluted EPS
$1.99
$1.85
$1.52
+7.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
512
499
420
+2.6%
Capital expenditure
458
537
495
-14.9%
Free cash flow
55.0
-38.1
-74.7
Free cash flow margin
1.9%
-1.3%
-2.9%
Cash from investing
-542
-792
-815
Cash from financing
87.7
200
378
-56.2%
Depreciation and amortisation
278
256
222
+8.8%
Share-based compensation
10.0
7.8
5.4
+28.2%
Dividends paid
139
135
135
+3.3%
Dividend per share
$1.28
$1.24
$1.24
+3.2%
Diluted shares, weighted
109m
109m
109m
+0.2%
Shares outstanding at period end
109m
109m
109m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,280
2,162
2,097
+5.5%
Redeemable equity
34.3
34.3
34.3
0.0%
Deposits
6,272
6,159
5,891
+1.8%
Debt
2,265
2,064
1,993
+9.8%
Other liabilities
2,894
2,685
2,519
+7.8%
Total liabilities and equity
13,745
13,104
12,534
+4.9%
Fixed assets
5,110
4,830
4,460
+5.8%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
1,372
1,530
1,446
-10.3%
Loans
5,068
4,791
4,617
+5.8%
Trading assets
1,233
1,389
1,401
-11.2%
Cash and equivalents
197
169
262
+16.3%
Other assets
684
313
266
+118.6%
Total assets
13,745
13,104
12,534
+4.9%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.