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Hawaiian Electric Industries, Inc. - HE STOCK NEWS

Welcome to our dedicated page for Hawaiian Electric Industries news (Ticker: HE), a resource for investors and traders seeking the latest updates and insights on Hawaiian Electric Industries stock.

Hawaiian Electric Industries, Inc. (HE) is the leading electricity provider in Hawaii, delivering power to 95% of the state's population through its subsidiaries: Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited. The company operates on five islands, including Oahu, Hawaii, Maui, Molokai, and Lanai, ensuring reliable and sustainable energy for both residential and commercial customers.

Hawaiian Electric Industries is also the parent company of American Savings Bank, a prominent banking institution in Hawaii. Together, these entities focus on enhancing the quality of life for the communities they serve by fostering economic growth and environmental stewardship.

In recent developments, Hawaiian Electric Industries has undertaken several significant projects aimed at renewable energy integration and grid modernization. These initiatives are designed to reduce carbon emissions and increase the adoption of clean energy sources, aligning with Hawaii's ambitious goal of achieving 100% renewable energy by 2045.

A strong financial position supports Hawaiian Electric Industries' strategic vision, with steady revenue streams from both its utility operations and banking services. The company's commitment to innovation and sustainability is reflected in its ongoing partnerships with technology providers and renewable energy developers.

Hawaiian Electric Industries continues to play a vital role in Hawaii's infrastructure, ensuring energy security and contributing to the state's economic resilience. For investors and stakeholders, the company represents a stable opportunity with a focus on sustainable growth and community engagement.

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Hawaiian Electric Industries (HEI) (NYSE: HE) has announced the dates for its second quarter 2024 financial results. HEI will release its results on August 9, followed by a webcast and conference call at 10:30 a.m. Hawaii time (4:30 p.m. Eastern time). American Savings Bank (ASB), a wholly owned indirect subsidiary of HEI, will announce its Q2 2024 results on July 30.

Investors can access the conference call by dialing 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) with passcode 2393042. Presentation materials and audio will be available on HEI's website. A replay will be accessible online and via phone until August 23. HEI encourages investors to monitor its website for additional disclosures and to sign up for e-mail alerts.

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On June 27, 2024, Hawaiian Electric, a subsidiary of Hawaiian Electric Industries (NYSE: HE), received approval from the Hawaii Public Utilities Commission (PUC) for a $250 million asset-based lending (ABL) facility. This revolving credit agreement uses certain accounts receivable as collateral and is detailed in HEI's SEC form 8-K filed on May 23, 2024. The approval, expedited at Hawaiian Electric's request, aids in managing liquidity and supports operational activities, especially in light of ongoing litigation related to the Maui wildfires. The PUC’s Decision and Order (number 40866) can be accessed publicly on their website.

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Hawaiian Electric Industries, Inc. (NYSE: HE) reported net income of $42.1 million and EPS of $0.38 for the first quarter of 2024, compared to $54.7 million and EPS of $0.50 in the same period in 2023. The core net income was $49.3 million and EPS was $0.45. The utility is focusing on wildfire mitigation and resilience efforts, with One 'Ohana Initiative showing progress. The strategic balance sheet repositioning led to improved profitability. Hawaiian Electric's net income decreased to $39.2 million, mainly due to higher O&M expenses related to the Maui windstorm and wildfire event. American Savings Bank's net income was $20.9 million, reflecting the release of Maui wildfire-related reserves and expenses. The holding and other companies reported a net loss of $18.0 million.

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American Savings Bank, a subsidiary of Hawaiian Electric Industries, reported a net income of $20.9 million for the first quarter of 2024, showcasing a 12.8% increase from the same period in 2023. The strategic balance sheet repositioning in the previous quarter contributed to improved profitability and net interest margin expansion. The release of Maui wildfire-related reserves indicated a positive outlook for the Maui economy. Despite Maui wildfire-related expenses, core net income remained strong at $20.9 million. Financial highlights included higher net interest income due to a higher yield on earning assets and improved net interest margin. The negative provision for credit losses reflected an improved economic outlook for Maui. Total loans and deposits experienced slight declines, but ASB's capital position remained healthy.

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Hawaiian Electric Industries, Inc. (HEI) will announce its first quarter 2024 financial results on May 10, with a webcast and conference call scheduled. American Savings Bank, a subsidiary of HEI, will announce its results on April 30.
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Hawaiian Electric Industries, Inc. (HEI) reported a full-year net income of $199.2 million and diluted earnings per share of $1.81 for 2023, including expenses related to Maui wildfires and balance sheet repositioning. Despite challenges, core businesses performed well, with the utility focusing on resilience work in West Maui. ASB also strengthened its balance sheet through the sale of low-yielding securities. HEI's dividend was reduced to support utility operations. ASB reported a net income of $53.4 million for 2023, with a focus on balance sheet optimization and improved profitability.
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American Savings Bank, F.S.B. (ASB) reported a net income of $53.4 million in 2023, compared to $80.0 million in 2022. The net income included $8.3 million of Maui wildfire-related expenses after tax and an $11.0 million after-tax loss on the sale of investment securities. The bank maintained a strong liquidity position and support of a loyal, long-tenured deposit base. Net interest income was $252.0 million in 2023, compared to $252.6 million in 2022. Noninterest income for 2023 was $45.4 million compared to $57.0 million in 2022. Total earning assets were $9.2 billion as of December 31, 2023, up 0.50% from December 31, 2022.
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Hawaiian Electric Industries, Inc. (HEI) will announce its Q4 and full year 2023 financial results on February 13, with a webcast and conference call to discuss the results. American Savings Bank, F.S.B. (ASB), a subsidiary of HEI, will also announce its financial results on January 30. The conference call details and presentation materials can be accessed on HEI's website.
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Hawaiian Electric Company, Inc. (HEI) has announced the selection of its proposal to replace aging fossil-fuel generators at its Waiau Power Plant with more efficient, fuel-flexible units. The 253-megawatt project is part of a competitive procurement process for firm renewable generation on Oʻahu, and will be the largest generation project in the company's 132-year history. The project aims to transition to cleaner renewable fuels and is expected to result in significant cost savings over 30 years.
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Hawaiian Electric Industries, Inc. (NYSE - HE) reported a 3Q23 net income of $41.1M and EPS of $0.37, with $27.6M of pre-tax Maui wildfire-related expenses. Core businesses are performing well, and ASB HONOLULU maintains solid credit quality and capital position.
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FAQ

What is Hawaiian Electric Industries, Inc.?

Hawaiian Electric Industries, Inc. is the largest electricity supplier in Hawaii, serving 95% of the state's population. It also owns American Savings Bank.

What areas does Hawaiian Electric Industries serve?

The company provides electricity on Oahu, Hawaii, Maui, Molokai, and Lanai.

What are the subsidiaries of Hawaiian Electric Industries?

Its subsidiaries include Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., Maui Electric Company, Limited, and American Savings Bank.

What recent projects has Hawaiian Electric Industries undertaken?

The company has launched projects focused on renewable energy integration and grid modernization to meet Hawaii's renewable energy goals.

What is Hawaiian Electric Industries' goal for renewable energy?

The company aims to help Hawaii achieve 100% renewable energy by 2045.

How does Hawaiian Electric Industries support sustainability?

Through partnerships with technology providers and renewable energy developers, the company focuses on reducing carbon emissions and increasing clean energy adoption.

How does Hawaiian Electric Industries contribute to the community?

The company enhances quality of life through reliable electricity, economic growth, and environmental stewardship, supported by its banking services.

What is the role of American Savings Bank under Hawaiian Electric Industries?

American Savings Bank provides a broad range of banking services and supports the economic resilience of Hawaiian communities.

What is the financial condition of Hawaiian Electric Industries?

The company has a strong financial position with stable revenue streams from utility operations and banking services.

Why should investors consider Hawaiian Electric Industries?

The company offers a stable investment opportunity focused on sustainable growth, innovation, and community engagement.

Hawaiian Electric Industries, Inc.

NYSE:HE

HE Rankings

HE Stock Data

1.93B
110.30M
0.33%
59.28%
23.21%
Nuclear Electric Power Generation
Utilities
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United States of America
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