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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549
                                  FORM 10-Q/A

         [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
               For the quarterly period ended September 30, 1994
                                       OR
          [   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

 
 
Exact Name of Registrant as           Commission           I.R.S. Employer
    Specified in Its Charter          File Number          Identification No.
- ------------------------------        -----------          ------------------
 
HAWAIIAN ELECTRIC INDUSTRIES, INC.         1-8503               99-0208097
                                and Principal Subsidiary

HAWAIIAN ELECTRIC COMPANY, INC.            1-4955               99-0040500



                                STATE OF HAWAII
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        (State or other jurisdiction of incorporation or organization)


                  900 RICHARDS STREET, HONOLULU, HAWAII 96813
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             (Address of principal executive offices and zip code)

            HAWAIIAN ELECTRIC INDUSTRIES, INC. ----- (808) 543-5662
            HAWAIIAN ELECTRIC COMPANY, INC. ------- (808) 543-7771
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             (Registrant's telephone number, including area code)

                                     NONE
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  (Former name, former address and former fiscal year, if changed since last 
                                    report)
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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.    Yes  x    No
                                          ------   ------      

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

Class of Common Stock                               Outstanding November 3, 1994
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Hawaiian Electric Industries,
 Inc. (Without Par Value).......                    28,452,227 Shares
Hawaiian Electric Company,
 Inc. ($6 2/3 Par Value)........                    11,258,290 Shares (not
                                                       publicly traded)


 
Item 6.  Exhibits and reports on Form 8-K

(a) Exhibits



 
 
                      
HEI                      Hawaiian Electric Industries, Inc. and subsidiaries
Exhibit 11(a)            Computation of earnings per share of common stock, 
                         three and nine months ended September 30, 1994 and 1993
 
HECO                     Hawaiian Electric Company, Inc. and subsidiaries
Exhibit 11(b)            Computation of earnings per share of common stock
 
HEI                      Hawaiian Electric Industries, Inc. and subsidiaries 
Exhibit 12(a)            Computation of ratio of earnings to fixed charges, 
                         nine months ended September 30, 1994 and 1993
 
HECO                     Hawaiian Electric Company, Inc. and subsidiaries 
Exhibit 12(b)            Computation of ratio of earnings to fixed charges, 
                         nine months ended September 30, 1994 and 1993
 
HEI                      Hawaiian Electric Industries, Inc. and subsidiaries 
Exhibit 27(a)            Financial data schedule, September 30, 1994 and 
                         nine months ended September 30, 1994
 
HECO                     Hawaiian Electric Company, Inc. and subsidiaries  
Exhibit 27(b)            Financial data schedule, September 30, 1994 and 
                         nine months ended September 30, 1994




(b) Reports on Form 8-K

During the quarter, no Current Report, Form 8-K, was filed with the SEC.

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                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned, thereunto duly authorized. The signature of the undersigned
companies shall be deemed to relate only to matters having reference to such
companies and any subsidiaries thereof.


HAWAIIAN ELECTRIC INDUSTRIES, INC.            HAWAIIAN ELECTRIC COMPANY, INC.
                      (Registrant)                               (Registrant)



By  /s/ Robert F. Mougeot                     By  /s/ Ernest T. Shiraki
    ------------------------------                ---------------------------
    Robert F. Mougeot                             Ernest T. Shiraki
    Financial Vice President and                  Controller
      Chief Financial Officer                     (Principal Accounting 
    (Principal Financial Officer of HEI)            Officer of HECO)

Date:  August 22, 1995                        Date:  August 22, 1995

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