Hawaiian Elec Industries Stock Price, News & Analysis

Hawaiian Electric Industries, Inc. (HEI) is set to announce its first quarter 2023 financial results on May 9, 2023. The company will hold a conference call at 10:15 a.m. Hawaii time to discuss consolidated earnings and 2023 guidance. American Savings Bank, a subsidiary of HEI, will report its results on April 28, 2023. Investors can access the call through a dial-in number or by visiting HEI's website. The replay of the call will be available online for an extended period after the event. HEI, along with Hawaiian Electric, aims to keep investors informed via its website and SEC filings. The company plays a crucial role in Hawaii's economy, providing energy and financial services while focusing on sustainable initiatives.

Hawaiian Electric Industries (HEI) reported a consolidated net income of $241.1 million for 2022, with a diluted EPS of $2.20, down from $246.2 million and $2.25 in 2021. The utility achieved strong financials amid regulatory changes and inflation challenges, including the transition to a coal-free energy source. The quarterly dividend increased to $0.36 per share. Notably, American Savings Bank (ASB) saw a significant 15% growth in loans, despite a net income drop to $80 million from $101.2 million. The bank's credit quality remained strong with the lowest net charge-off ratio since 2014.

On February 10, 2023, Hawaiian Electric Industries, Inc. (HEI, NYSE:HE) announced an increase in its quarterly cash dividend from $0.35 to $0.36 per share, payable on March 10, 2023. Shareholders of record by the end of business on February 23, 2023 will receive the dividend, which reflects an annual rate of $1.44 per share and a dividend yield of 3.4% based on the closing share price of $42.41 on the announcement date. Dividends have been consistently paid since 1901.

American Savings Bank (ASB), a subsidiary of Hawaiian Electric Industries (HE), reported a net income of $80 million for 2022, a decline from $101.2 million in 2021. Strong loan growth of 15% contributed to a net interest income increase of 6.5%, reaching $252.6 million. The net charge-off ratio improved to 0.03%, the lowest since 2014, while the provision for credit losses was significantly lower at $2 million compared to a negative $25.8 million in 2021. However, noninterest income fell to $57 million, down from $64.7 million in 2021. Overall, ASB maintains a robust capital position and a Tier 1 leverage ratio of 7.78%.

Hawaiian Electric Industries, Inc. (HE) is set to release its fourth quarter and full year 2022 financial results on February 14. Concurrently, its subsidiary, American Savings Bank (ASB), will announce its results on January 30. A live webcast and conference call will occur on February 14 at 11:15 a.m. Hawaii time, discussing consolidated earnings and 2023 guidance. Access to the call is available via phone or HEI's website. A replay will be offered online and by phone until February 28. HEI and Hawaiian Electric Company aim to use their website for ongoing investor updates.

On January 3, 2023, Hawaiian Electric Industries (NYSE: HE) announced the appointment of Paul K. Ito as the new executive vice president and chief financial officer (CFO), effective January 1, 2023. Ito has served as interim CFO since July 2022 and has been with HEI since 2018, previously overseeing various financial functions. His promotion follows a national search by HEI's leadership. Ito’s leadership is anticipated to enhance financial management and support the company’s mission to improve Hawai’i. He holds degrees from the University of Hawai'i and the University of Texas in Austin.