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Sep 30, 2024
Hawaiian Electric Q3 2024 Earnings Report
Hawaiian Electric Industries reported a net loss for Q3 2024, impacted by wildfire liabilities, but core operations showed solid performance.
Key Takeaways
Hawaiian Electric Industries (HEI) reported a consolidated net loss of $104.4 million, or $0.91 per share, for the third quarter of 2024. This includes a $203.0 million accrual for estimated wildfire liabilities and a $35.2 million asset impairment at Pacific Current. Excluding these items, core net income was $52.2 million. The utility continued wildfire mitigation efforts, and American Savings Bank (ASB) expanded its net interest margin. HEI is undertaking a strategic review of Pacific Current.
HEI finalized settlement agreements to resolve Maui wildfire tort litigation.
Q3 2024 net loss was $104.4 million, or $0.91 per share, including wildfire liabilities and asset impairment.
Core net income was $52.2 million, or $0.46 per share, excluding wildfire-related accruals and asset impairment.
American Savings Bank's net interest margin expanded to 2.82%.
Revenue by Segment
Forward Guidance
HEI expects to pay the total $1.92 billion payment obligation in four equal annual installments of approximately $478.8 million, and the company is now positioned to fund HEI’s first settlement payment, which is expected to be required in late 2025.
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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