Hawaiian Electric Industries, Inc. ( (HE) ) has released its Q3 earnings. Here is a breakdown of the information Hawaiian Electric Industries, Inc. presented to its investors.
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Hawaiian Electric Industries, Inc. (HEI) is a diversified energy and financial services company based in Honolulu, Hawaii, primarily operating in the electric utility and banking sectors, with a focus on advancing Hawaii’s sustainability goals through its subsidiaries.
Hawaiian Electric Industries recently reported a consolidated net loss of $104.4 million for the third quarter of 2024, primarily due to significant wildfire-related liabilities and asset impairments. Despite these setbacks, the company has finalized settlement agreements related to the Maui wildfire tort litigation, marking a significant step towards financial recovery.
The company’s core operations showed resilience, excluding the wildfire and impairment-related expenses, with the utility sector advancing strategic initiatives like wildfire mitigation and resilience efforts. American Savings Bank, HEI’s banking subsidiary, reported a strong net income of $18.8 million, reflecting expanded net interest margin and stable credit quality. The utility sector faced challenges, with a net loss attributed to increased operational expenses and wildfire liabilities, while American Savings Bank showed an improvement in profitability compared to prior quarters.
Looking ahead, Hawaiian Electric Industries remains committed to strengthening its financial position and supporting a sustainable future for Hawaii. The company continues to explore strategic options for its Pacific Current subsidiary and plans to maintain its focus on core operational improvements and resilience initiatives.
