Hawaiian Electric’s Third-Quarter Profit Rises After Bank Share Sale

The company reported profit of $20 cents a share, up from 18 cents, or $31 million, in the same quarter a year earlier. The adjustment to earnings excluded certain one-time items, including those related to the Maui wildfire.

Hawaiian Electric sold 35% of its 9.9% stake in American Savings Bank during the bank’s September initial public offering, leaving it with a stake of about 6.4%. The company’s holding and other businesses, which include non-utility operations, posted a $22 million profit, compared with a $6 million loss a year earlier. The swing primarily reflected pre-tax gains from the bank-share sale.

Profit from Hawaiian Electric’s core business fell to $13 million from $37 million. Higher costs were the main reason, including increased operations and management expenses, mostly tied to storm costs in August and September.