Hawaiian Electric Industries, Inc. Common Stock (HE)
11.11
+0.16 (1.46%)
Hawaiian Electric Industries is a company primarily engaged in the generation, transmission, and distribution of electricity in Hawaii
It provides essential energy services to residential and commercial customers, focusing on delivering reliable power while committing to sustainability and the integration of renewable energy sources. The company also has interests in financial services, offering a range of banking and insurance products to local customers. With a dedicated approach to supporting Hawaii's unique environment and community needs, Hawaiian Electric Industries plays a vital role in the state's energy landscape and economic development.
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.
Operational expenses rose during the quarter and fiscal year 2024, weighing on the company’s net income throughout the year. Some of these expenses were related to prevention measures established by the company in light of the Maui wildfires in 2023.
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.
American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2024 net income of $18.8 million, compared to a net loss of $45.8 million in the second quarter of 2024 and net income of $11.4 million in the third quarter of 2023. Core net income1 for the quarter was $19.4 million, compared to $20.7 million in the second quarter and $17.6 million in the third quarter of last year.
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 shares are trading lower Tuesday after the company announced a secondary offering of 54 million shares of its common stock at a price of $9.25 per share. Here's a look at what's going on:
