Financial Performance - HEI reported a consolidated net loss of $104.4 million, or $0.91 per share, for Q3 2024, which includes a $203.0 million accrual for estimated wildfire liabilities[1]. - Core net income for Q3 2024 was $52.2 million, down from $61.5 million in Q3 2023[3]. - Hawaiian Electric's net loss for Q3 2024 was $82.6 million, compared to net income of $43.5 million in Q3 2023, primarily due to a $121 million after-tax loss from wildfire liabilities[11]. - The net loss for common stock was $(104,402) thousand for the three months ended September 30, 2024, compared to a net income of $41,118 thousand in the same period of 2023[28]. - Basic earnings per share for the three months ended September 30, 2024, were $(0.91), down from $0.37 in the same period of 2023[28]. - GAAP net income for the three months ended September 30, 2024, was $(104,402) thousand, compared to $41,118 thousand in 2023, reflecting a significant decline[37]. - Non-GAAP (core) net income for the same period was $52,155 thousand, down from $61,508 thousand year-over-year[37]. - The company reported a GAAP diluted loss per share of $(0.91) for Q3 2024, compared to earnings of $0.37 per share in Q3 2023[37]. - Non-GAAP diluted earnings per share for Q3 2024 were $0.46, down from $0.56 in the same quarter of 2023[37]. Revenue and Expenses - Total revenues for the three months ended September 30, 2024, were $938,383 thousand, an increase from $901,873 thousand in the same period of 2023, representing a growth of approximately 4.3%[28]. - The electric utility segment reported revenues of $829,617 thousand for the three months ended September 30, 2024, compared to $794,987 thousand in the prior year, reflecting an increase of about 4.4%[28]. - Total expenses increased significantly to $1,064,931 thousand for the three months ended September 30, 2024, from $826,762 thousand in the same period of 2023, marking a rise of approximately 28.8%[28]. - The electric utility segment incurred an operating loss of $(104,564) thousand for the three months ended September 30, 2024, compared to an operating income of $71,358 thousand in the prior year[28]. Wildfire-Related Expenses - Incremental after-tax Maui wildfire-related expenses totaled $126.3 million, impacting Hawaiian Electric's core net income[13]. - The company recorded a provision for wildfire tort-related claims of $163 million in the third quarter of 2024[28]. - The company incurred $236,396 in pretax expenses related to the Maui wildfires, with a significant portion attributed to wildfire tort-related claims[35]. - After-tax adjustments related to wildfire expenses amounted to $156,557, compared to $20,390 in the previous year[35]. - Wildfire tort-related claims expenses reached $150,727 thousand for Q3 2024, significantly higher than $55,688 thousand in Q3 2023[37]. - The company incurred after-tax expenses of $175,514 thousand related to the Maui wildfire for the three months ended September 30, 2024[37]. - The total after-tax expenses related to Maui windstorm and wildfires for the nine months ended September 30, 2024, were $1,404,495 thousand[40]. Asset and Equity - HEI's asset impairment for Pacific Current was $35.2 million, contributing to a net loss of $40.6 million in holding and other companies for Q3 2024[18]. - The return on average common equity for the twelve months ended September 30, 2024, was not meaningful (NM), compared to 9.5% in the prior year[28]. - The efficiency ratio based on GAAP for 2024 was 70.30%, an improvement from 72.30% in 2023[43]. Banking Operations - Total loans at American Savings Bank were $6.1 billion as of September 30, 2024, down 2.3% from December 31, 2023[16]. - The bank's net interest margin expanded to 2.82%, an increase of 3 basis points compared to Q2 2024[1]. - Total interest and dividend income for the three months ended June 30, 2024, was $87,655, an increase from $86,178 in the previous quarter[32]. - Net interest income after provision for credit losses was $61,986, compared to $63,594 in the previous quarter[32]. - Noninterest income totaled $17,489 for the three months ended June 30, 2024, up from $15,765 in the previous quarter[32]. - Total noninterest expense decreased to $56,046 from $136,465 in the previous quarter, primarily due to a significant goodwill impairment in the prior period[32]. - Net income for the three months ended June 30, 2024, was $18,778, a recovery from a loss of $45,787 in the previous quarter[32]. - Return on average assets improved to 0.81% from (1.97%) in the previous quarter[32]. - Return on average equity increased to 14.28% from (33.97%) in the previous quarter[32]. Management Outlook - HEI's management expressed confidence that the recent settlement agreements represent the best outcome for the company and the community[4].

Financial Data and Key Metrics Changes - For Q2 2024, the company recorded a consolidated net loss of $1.3 billion or $11.74 per share, primarily due to significant one-time losses related to wildfire liabilities and goodwill impairment [15][16] - The utility reported a net loss of $1.23 billion for the quarter, which included a $1.71 billion loss due to the accrual of estimated wildfire liabilities [15][16] - Excluding one-time losses, consolidated core net income was $49.1 million, down from $54.6 million in Q2 2023 [16][17] Business Line Data and Key Metrics Changes - Utility core net income decreased to $43.9 million from $45.3 million year-over-year, driven by higher operational and wildfire mitigation expenses [17] - American Savings Bank (ASB) core net income increased slightly to $20.7 million from $20.2 million, attributed to prudent expense management and higher non-interest income [17] Market Data and Key Metrics Changes - The utility's capital budget for wildfire mitigation efforts is nearly $120 million, representing over 35% of the total budget [10] - The utility has launched a Public Safety Power Shutoff program to enhance safety during high-risk conditions [9] Company Strategy and Development Direction - The company is focused on investing in a sustainable and resilient future for Hawaii, including enhancing wildfire safety strategies and strengthening infrastructure [9][11] - A comprehensive review of strategic options for ASB is ongoing, with no set timetable for potential actions [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the proposed settlement related to the Maui wildfires, which aims to provide a clearer path forward for the company [6][21] - The company does not intend to raise rates to cover settlement costs and believes it can meet future needs without impacting customers [35] Other Important Information - The proposed settlement includes a total payment of over $4 billion to settle wildfire-related claims, with HEI's contribution being $1.99 billion pretax [6][15] - A hearing is scheduled for August 13 to address the claims of insurance companies related to the settlement [7][27] Q&A Session Summary Question: Confidence in finalizing the settlement - Management highlighted the importance of the settlement terms and the 90-day period for discussions between plaintiffs and insurers to resolve claims [20][21] Question: Capital spending and financing options - The company is working on long-term capital plans and aims for investment-grade credit metrics to lower customer bills [22][23] Question: Court's role in insurer claims - Management explained the ongoing court proceedings and the potential outcomes regarding insurer claims against individual plaintiffs [26][27] Question: Settlement size and insurer involvement - Management expressed cautious optimism about the settlement terms and the potential for resolution between plaintiffs and insurers [30][31]

| --- | --- | |------------------------------|------------------------------------| | Charter | I.R.S. Employer Identification No. | | and Principal Subsidiary | 99-0208097 | | | 99-0040500 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact Na ...

HEI Exhibit 99 NEWS RELEASE August 9, 2024 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS SECOND QUARTER 2024 RESULTS Continued Strength of Utility and Bank Operations Quarter's Results Include Accrual for Previously-Announced Tort Litigation Settlement and Bank's Goodwill Impairment Settlement Will Help Communities to Move Forward and Aid Rebuilding • 2Q24 Net Loss of $1.30 billion, or $11.74 per share, Includes Accrual of Estimated Wildfire Liab ...

Hawaiian Electric (NYSE:HE) stock is up on Wednesday as the reports spread that Maui County is preparing to offer a settlement to those affected by the 2023 Maui fires. On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. According to these reports, the county is weighing a settlement for thousands ...

You can divide these utilities to sell into three categories. First, there are utility stocks with larger issues, which counter the possible AI-related tailwind. Second, some utilities do not benefit from this growth trend. Here's an example of each one, with three utility stocks to sell. Source: snvv18870020330 / Shutterstock.com Over the past year, HE stock has fallen in price by over 70%. On a screener, shares may look like a steal, with a forward price-to-earnings (P/E) ratio of just 5.8. However, there ...

Hawaiian Electric Industries, Inc. (NYSE:HE) Q1 2024 Results Conference Call May 10, 2024 4:30 PM ET Company Participants Mateo Garcia - Director, Investor Relations Scott Seu - President and Chief Executive Officer Scott Deghetto - Executive Vice President, Chief Financial Officer and Treasurer Dane Teruya - Executive Vice President and Chief Financial Officer Shelee Kimura - President and Chief Executive Officer, Hawaiian Electric Company, Inc. Ann Teranishi - American Savings Bank President and CEO Confe ...

HEI Exhibit 99 NEWS RELEASE May 10, 2024 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS FIRST QUARTER 2024 RESULTS 1Q24 Net Income of $42.1 million and Diluted Earnings Per Share (EPS) of $0.38 HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2024 of $42.1 million and EPS of $0.38 compared to $54.7 million and EPS of $0.50 for the first quarter of 2023. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q attributed to HEI. Hawaiian Electric Industries, Inc. and Subsidiaries Hawaiian Electric Company, Inc. and Subsidiaries Form 10-Q—Quarter ended March 31, 2024 TABLE OF CONTENTS Page No. ii Glossary of Terms iv Cautionary Note Regarding Forward-Looking Statements PART I. FINANCIAL INFORMATION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ...

Hawaiian Electric (NYSE:HE) power outages are affecting a massive number of the power company’s customers on the island of O’ahu.Almost 13,000 customers were affected by these Hawaiian Electric power outages. The company has since restored service to many of them. However, there are still about 1,800 customers that don’t have power back yet.Hawaiian Electric is working on restoring power to those customers. The company is using a helicopter to scout the island and come up with a plan of repair. It expects t ...