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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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