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Sep 30, 2023
Hawaiian Electric Q3 2023 Earnings Report
Hawaiian Electric Industries reported a net income of $41.1 million and EPS of $0.37 for Q3 2023, with core businesses performing well despite $27.6M in pre-tax Maui wildfire-related expenses. ASB maintained solid credit quality and capital position.
Key Takeaways
Hawaiian Electric Industries (HEI) reported a consolidated net income of $41.1 million, or $0.37 per share, for the third quarter of 2023, compared to $62.1 million, or $0.57 per share, for the same period in 2022. The results were impacted by $27.6 million of pre-tax Maui wildfire-related expenses. Excluding these expenses, core net income was $61.5 million, or $0.56 per share. Hawaiian Electric's net income was $43.5 million, while American Savings Bank's net income was $11.4 million.
HEI reported a net income of $41.1 million and EPS of $0.37 for Q3 2023, compared to $62.1 million and EPS of $0.57 for Q3 2022.
Core net income and core EPS were $61.5 million and $0.56, respectively, excluding Maui wildfire-related after-tax costs.
Hawaiian Electric's net income decreased to $43.5 million, impacted by higher operations and maintenance expenses related to the Maui windstorm and wildfires.
American Savings Bank's net income decreased to $11.4 million, primarily due to pre-tax Maui wildfire-related costs and lower net interest income.
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 11:30 a.m. Hawaii time (4:30 p.m. Eastern).
Revenue & Expenses
Visualization of income flow from segment revenue to net income