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Jun 30, 2023
Hawaiian Electric Q2 2023 Earnings Report
Hawaiian Electric Industries reported net income of $54.6 million and EPS of $0.50 for Q2 2023, with utility and bank segments showing growth despite operating challenges.
Key Takeaways
Hawaiian Electric Industries (HEI) reported a consolidated net income of $54.6 million, with an EPS of $0.50 for the second quarter of 2023. The utility segment saw net income growth to $45.3 million, while American Savings Bank's net income increased to $20.2 million. Overall results reflect solid credit quality and execution on the capital plan amidst macro headwinds.
HEI reported Q2 2023 net income of $54.6 million, with EPS at $0.50, compared to $52.5 million and $0.48 in Q2 2022.
Hawaiian Electric's net income grew to $45.3 million, driven by higher revenues from ARA and MPIR mechanisms and increased AFUDC.
American Savings Bank's net income increased to $20.2 million, supported by higher noninterest income and a lower provision for credit losses.
ASB's capital position remains strong, with liquidity approximately three times uninsured or uncollateralized deposits.
Hawaiian Electric
Hawaiian Electric
Hawaiian Electric Revenue by Segment
Revenue by Segment
Electric Utility Revenue
CapyFin.comOther Segment Revenue
CapyFin.com Forward Guidance
HEI will conduct a webcast and conference call to review its consolidated results and 2023 earnings guidance and outlook today at 10:15 a.m. Hawaii time (4:15 p.m. Eastern).
Revenue & Expenses
Visualization of income flow from segment revenue to net income