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Jun 30, 2024
Hawaiian Electric Q2 2024 Earnings Report
Hawaiian Electric Industries reported a net loss for Q2 2024, impacted by wildfire liabilities and a goodwill impairment at American Savings Bank, but core operations remained strong.
Key Takeaways
Hawaiian Electric Industries, Inc. (HEI) reported a consolidated net loss of $1.30 billion for the second quarter of 2024, or $11.74 per share. This includes a $1.71 billion loss from the accrual of estimated wildfire liabilities, an $82.2 million loss from a goodwill impairment at American Savings Bank (ASB), and $9.8 million of other Maui wildfire-related expenses. Excluding these items, core net income was $49.1 million for the second quarter of 2024 compared to $54.6 million in the second quarter of 2023.
2Q24 Net Loss of $1.30 billion, or $11.74 per share, Includes Accrual of Estimated Wildfire Liabilities From Tort-related Legal Claims.
Quarter’s Results Also Include Bank’s Goodwill Impairment Related to HEI’s Ongoing Review of Strategic Options for ASB.
Excluding Accrual of Estimated Wildfire Liabilities, ASB’s Goodwill Impairment, and Other Maui Wildfire-Related Expenses, Results Were Solid for the Quarter, with Core Net Income and Core EPS of $49.1 million and $0.44.
Bank Net Interest Margin Expanded to 2.79%, Up 4 Basis Points Compared to 1Q.
Revenue by Segment
Forward Guidance
HEI and Hawaiian Electric do not yet have a financing plan in place to address the future payment of the $1.71 billion Maui windstorm and wildfire settlement accrued in the second quarter of 2024 and will disclose a “going concern” risk in their financial statements until a definitive financing plan is developed and is probable of being implemented.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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