Hawaiian Electric Industries (HE) FY2020 results: revenue $2.6 billion, down 10.3% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $2.6 billion for fiscal 2020, the year ended 31 December 2020, down 10.3% on the year before. Net income was $200 million, down 8.3%, and diluted earnings per share $1.81. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$2.6 billion
-10.3% on the year
FY2013FY2020
Operating margin
12.1%
12.1% a year earlier
FY2013FY2020
Net income
$200 million
-8.3% on the year
FY2013FY2020
Diluted EPS
$1.81
-9.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,580
2,875
2,861
-10.3%
Operating income
311
349
333
-10.7%
Operating margin
12.1%
12.1%
11.7%
Interest expense
99.8
109
104
-8.7%
Pre-tax income
241
271
254
-11.3%
Income tax
40.9
51.6
50.8
-20.8%
Effective tax rate
17.0%
19.0%
20.0%
Net income
200
218
202
-8.3%
Net margin
7.7%
7.6%
7.1%
Diluted EPS
$1.81
$1.99
$1.85
-9.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
429
512
499
-16.2%
Capital expenditure
384
458
537
-16.1%
Free cash flow
45.5
55.0
-38.1
-17.2%
Free cash flow margin
1.8%
1.9%
-1.3%
Cash from investing
-1,414
-542
-792
Cash from financing
1,116
87.7
200
+1,171.8%
Depreciation and amortisation
291
278
256
+4.6%
Share-based compensation
5.8
10.0
7.8
-41.8%
Dividends paid
144
139
135
+3.3%
Dividend per share
$1.32
$1.28
$1.24
+3.1%
Diluted shares, weighted
109m
109m
109m
-0.0%
Shares outstanding at period end
109m
109m
109m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,338
2,280
2,162
+2.5%
Redeemable equity
34.3
34.3
34.3
0.0%
Deposits
7,387
6,272
6,159
+17.8%
Debt
2,338
2,265
2,064
+3.2%
Other liabilities
2,907
2,894
2,685
+0.5%
Total liabilities and equity
15,004
13,745
13,104
+9.2%
Fixed assets
5,266
5,110
4,830
+3.1%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
2,197
1,372
1,530
+60.1%
Loans
5,233
5,068
4,791
+3.3%
Trading assets
1,970
1,233
1,389
+59.8%
Cash and equivalents
341
197
169
+73.5%
Other assets
n/a
684
313
Total assets
15,004
13,745
13,104
+9.2%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.