Welcome to our dedicated page for Hawaiian Elec Industries news (Ticker: HE), a resource for investors and traders seeking the latest updates and insights on Hawaiian Elec Industries stock.
Hawaiian Electric Industries, Inc. reports on the financial performance and regulatory developments of its electric utility business in Hawaii. Its utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is focused on renewable energy progress, decarbonization, grid modernization, hardening, resilience and public safety.
Recurring HE news includes quarterly and annual results, operations and maintenance costs, storm response, insurance and power supply expenses, liquidity, credit ratings and utility financing. Company updates also cover Maui wildfire-related expenses and settlement obligations, wildfire safety strategy, Public Utilities Commission matters, renewable portfolio standard progress and capital actions tied to utility infrastructure investment.
American Savings Bank (ASB), a subsidiary of Hawaiian Electric Industries (NYSE: HE), reported a Q2 2024 net loss of $45.8 million, primarily due to an after-tax goodwill impairment of $66.1 million. Excluding this impairment and Maui wildfire-related expenses, ASB's core net income was $20.7 million, slightly down from $20.9 million in Q1 2024 but up from $20.2 million in Q2 2023. The bank's net interest margin expanded to 2.79%, up 4 basis points from the previous quarter. ASB's parent company, HEI, is conducting a strategic review of options for the bank, which led to the non-cash goodwill impairment. Despite this, ASB maintains strong liquidity and ability to serve customers' needs.
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.
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.
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.
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.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.