Hawaiian Electric Industries Inc. HE reported adjusted earnings of 31 cents per share in the first quarter of 2016, missing the Zacks Consensus Estimate of 37 cents by 16.2%. Earnings also dropped 11.4% from the year-ago adjusted number of 35 cents.Including after-tax merger-related costs associated with the pending merger with NextEra Energy, Inc. NEE and the spin-off of ASB Hawaii, the company’s earnings were 30 cents per share for first-quarter 2016, compared with 31 cents in the year-ago period.Total RevenueTotal revenue in the reported quarter was $551 million, down 13.6% year over year. The top line declined primarily due to lower contribution from Electric Utility, partially offset by higher contribution from Bank.Operating StatisticsTotal expenses were down 15.2% year over year to $482.1 million. Total operating income was $68.9 million, down 0.9% mainly due to lower contributions from Electric Utility and Bank. Interest expenses amounted to $20.1 million, up from $19.1 million in the prior-year quarter.Segment DetailsElectric Utility: Segment revenues in the reported quarter were $482.1 million, down 15.9% year over year. Net income decreased 5.6% to $25.4 million from $26.9 million a year ago. The downside resulted primarily from higher depreciation expenses.Banking: Segment revenues in the reported quarter were $68.8 million, up 7%. Net income came in at $12.7 million, down 5.9%.Other: The segment reported a quarterly net loss of approximately $5.7 million, narrower than the year-ago loss of about $8.5 million.Financial UpdateCash and cash equivalents as of Mar 31, 2016, were $334.7 million, up from $300.5 million as of Dec 31, 2015. Long-term debt, net other than bank, was $1,578.6 million, up from $1,578.4 million at 2015 end.GuidanceHawaiian Electric reaffirmed 2016 adjusted earnings per share in the range of $1.62–$1.75. The company also reiterated its rate base growth expectation of 3–4%.The company continues to expect 2016 utility earnings in the range of $1.28 to $1.36 per share and bank earnings in the range of 50 cents to 54 cents per share.Peer ReleasesCMS Energy Corp. CMS reported first-quarter 2016 adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 68 cents by 13.2%. Quarterly earnings also plunged 19.2% from the year-ago figure of 73 cents.DTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.Zacks RankHawaiian Electric currently carries a Zacks Rank #3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CMS ENERGY (CMS): Free Stock Analysis Report HAWAIIAN ELEC (HE): Free Stock Analysis Report NEXTERA ENERGY (NEE): Free Stock Analysis Report DTE ENERGY CO (DTE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research