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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.
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 11:30 a.m. Hawaii time (4:30 p.m. Eastern).
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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