Articles from Hawaiian Electric Industries, Inc.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE), the parent company of Pacific Current, LLC (Pacific Current), today announced the closing of the sale of Pacific Current’s 60-megawatt Hamakua Energy Plant on Hawaiʻi Island to a subsidiary of Harbert Management Corporation (Harbert). The transaction is not expected to be material to HEI’s financial statements.

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a net loss for the full year 2024 of $1,426 million, or $11.23 per share, compared to net income of $199 million, or $1.81 per share in 2023. Excluding the impacts of discontinued operations, Maui wildfire-related expenses and the Pacific Current asset impairment recorded in the third quarter, Core1 income from continuing operations was $124 million, or $0.98 per share, compared to $152 million, or $1.38 per share in 2023.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its fourth quarter and full year 2024 financial results on Friday, February 21 and conduct a webcast and conference call to discuss the results at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time).

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) today announced the closing of the sale of 90.1% of the common stock of American Savings Bank, F.S.B (ASB), previously its wholly owned subsidiary, to independent investors (the “Investors”) via separate agreements. The transaction values the bank at $450 million, with the Investors purchasing the 90.1% of ASB common stock for an aggregate cash consideration of $405 million.

Since launching its expanded wildfire safety strategy one year ago, Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), has made significant improvements that have reduced the wildfire risk from its equipment. Its actions include a Public Safety Power Shutoff (PSPS) program, replacing and testing thousands of utility poles, upgrading miles of overhead power lines, clearing intrusive vegetation near electrical equipment, and installing weather stations and AI-assisted high definition video cameras.

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a consolidated net loss for the third quarter of 2024 of $104.4 million, or $0.91 per share. The quarter’s results include an additional $203.0 million loss accrued for estimated wildfire liabilities from tort-related legal claims ($150.7 million after tax)1, and a $35.2 million asset impairment recorded at Pacific Current ($26.1 million after tax). Total insurance recoveries and deferrals, net of other wildfire-related expenses, provided a benefit of $27.4 million ($20.3 million after tax). Excluding these items, core net income3 was $52.2 million for the third quarter of 2024 compared to $61.5 million in the third quarter of 2023.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its third quarter 2024 financial results on Friday, November 8 and conduct a webcast and conference call to discuss the results at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its third quarter 2024 financial results on Wednesday, October 30.

Hawaiian Electric Industries, Inc. (NYSE: HE) subsidiary Hawaiian Electric today issued the following response to reports released by the Maui Fire Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives (“ATF”) detailing the findings of their investigations into the cause and origin of the Aug. 8, 2023 Maui windstorm and wildfires:

Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”) today announced that it has successfully closed an offering of newly issued shares of its common stock at a price of $9.25 per share, with net proceeds of approximately $558 million. As noted in a prospectus filed on September 24, HEI intends to use the net proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.

Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI” or the “Company”) today announced that it has priced its previously announced public offering of 54,054,054 shares of its common stock at a price of $9.25 per share. The offering is expected to close on September 25, 2024, subject to customary closing conditions.

Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI” or the “Company”) today announced it intends to make an offering of $500,000,000 of shares of its common stock. The Company’s common stock is listed on the New York Stock Exchange under the symbol “HE.”

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a consolidated net loss for the second quarter of 2024 of $1.30 billion, or $11.74 per share. The results included a $1.71 billion ($1.27 billion after taxes) loss from the accrual of estimated wildfire liabilities from tort-related legal claims, an $82.2 million ($66.1 million after taxes) loss from a goodwill impairment at American Savings Bank (ASB) and $9.8 million ($7.2 million after taxes) of other Maui wildfire-related expenses, net of insurance recoveries and deferrals. Excluding these items, core net income2 was $49.1 million for the second quarter of 2024 compared to $54.6 million in the second quarter of 2023.

Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), today announced that HEI and its subsidiary, Hawaiian Electric Company, Inc. (“Hawaiian Electric”), and other parties have reached an agreement in principle to settle all tort claims related to the August 2023 wildfires on Maui.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its second quarter 2024 financial results on Friday, August 9 and conduct a webcast and conference call to discuss the results at 10:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its second quarter 2024 financial results on Tuesday, July 30.

On June 27, 2024 Hawaiian Electric Company, Inc. (Hawaiian Electric), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI), received approval from the Public Utilities Commission (PUC) for an asset-based lending facility credit agreement (ABL Credit Facility Agreement) that allows short-term borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. The ABL Credit Facility Agreement is described in detail in HEI’s form 8-K filed with the Securities and Exchange Commission on May 23, 2024.

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. Core net income and EPS1 for the first quarter were $49.3 million and $0.45, respectively.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its first quarter 2024 financial results on Friday, May 10 and conduct a webcast and conference call to discuss the results at 10:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its first quarter 2024 financial results on Tuesday, April 30.

Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today reported full year 2023 consolidated net income for common stock of $199.2 million and EPS of $1.81 compared to $241.1 million and EPS of $2.20 for 2022. Net income for the year included $14.1 million of after-tax wildfire-related expenses, and an $11.0 million after-tax loss on the sale of investment securities executed by American Savings Bank (ASB) in the fourth quarter. The loss resulted from selling low-yielding securities in order to reduce high cost deposits, strengthening the bank’s balance sheet while positioning the bank for improved profitability. Core net income and EPS1 for the year were $224.3 million and $2.04, respectively, compared to $235.0 million and $2.14 for 2022. For the fourth quarter of 2023, consolidated net income for common stock was $48.8 million and EPS was $0.44 compared to $57.3 million and EPS of $0.52 for the fourth quarter of 2022. Core net income and EPS1 for the fourth quarter were $53.4 million and $0.48, respectively. There were no core net income adjustments for the fourth quarter of 2022.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its fourth quarter and full year 2023 financial results on Tuesday, February 13 and conduct a webcast and conference call to discuss the results at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its fourth quarter and full year 2023 financial results on Tuesday, January 30.

Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), announced today that its proposal to replace six aging fossil-fuel generators at its Waiau Power Plant in Pearl City with more efficient, fuel-flexible units has been selected to advance to the next stage of an energy procurement process overseen by the Public Utilities Commission (PUC).

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the third quarter of 2023 of $41.1 million and EPS of $0.37 compared to $62.1 million and EPS of $0.57 for the third quarter of 2022. Core net income and core EPS1 for the third quarter were $61.5 million and $0.56, respectively.

Shelee Kimura, President and CEO of Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), issued this statement today:

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its third quarter 2023 financial results on Thursday, November 9 and conduct a webcast and conference call to discuss third quarter earnings, 2023 earnings guidance and regulatory and other matters at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its third quarter 2023 financial results on Monday, October 30.

Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), today announced the following leadership plans at HEI and Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of HEI, effective October 1, 2023:

Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), today issued the following update in response to the lawsuit filed on Thursday by the County of Maui.

Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2023 of $54.6 million and EPS of $0.50, compared to $52.5 million and EPS of $0.48 for the second quarter of 2022.

On August 3, 2023, the Board of Directors of Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) declared a quarterly cash dividend of $0.36 per share, payable September 8, 2023, to shareholders of record at the close of business on August 18, 2023 (ex-dividend date of August 17, 2023). The dividend is equivalent to an annual rate of $1.44 per share.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its second quarter 2023 financial results on Monday, August 7. In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its second quarter 2023 financial results on Friday, July 28.

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2023 of $54.7 million and EPS of $0.50 compared to $69.2 million and EPS of $0.63 for the first quarter of 2022.

On May 4, 2023, the Board of Directors of Hawaiian Electric Industries, Inc. (HEI) (NYSE-HE) declared a quarterly cash dividend of $0.36 per share, payable June 9, 2023, to shareholders of record at the close of business on May 19, 2023 (ex-dividend date of May 18, 2023). The dividend is equivalent to an annual rate of $1.44 per share.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its first quarter 2023 financial results on Tuesday, May 9. In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its first quarter 2023 financial results on Friday, April 28.

Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE), the parent company to Hawaiian Electric, American Savings Bank and Pacific Current, today announced the publication of its newest consolidated report describing its updated policies, actions and performance for 2022 with respect to a range of environmental, social and governance (ESG) matters. This is HEI’s fourth annual ESG report.

On February 10, 2023, the Board of Directors of Hawaiian Electric Industries, Inc. (HEI) (NYSE-HE) increased HEI’s quarterly cash dividend from $0.35 to $0.36 per share, payable March 10, 2023, to shareholders of record at the close of business on February 23, 2023 (ex-dividend date of February 22, 2023). The dividend is equivalent to an annual rate of $1.44 per share.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its fourth quarter and full year 2022 financial results on Tuesday, February 14. In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its fourth quarter and full year 2022 financial results on Monday, January 30.