Why Hawaiian Electric Industries Plunged Today
Shares of Hawaiian Electric Industries (NYSE: HE) plunged on Friday, with shares down 17.1% on the day.
Hawaiian Electric's shares were down following last night's third-quarter earnings report and update. While the company actually beat expectations on its top and bottom lines, the utility is still dealing with the fallout of this past summer's tragic wildfires. In conjunction with multiple lawsuits and payments that need to be made to a state fund for victims, the company said it would delay its financial statements.
In the third quarter, Hawaiian Electric saw revenue of $901.9 million, down 13.5% from the prior year, while adjusted (non-GAAP) earnings per share came in at $0.56, down by about two-thirds from the year-ago quarter. While both of those figures saw significant year-over-year declines, they actually came in ahead of analyst estimates.
Source Fool.com
