HAWAIIAN ELECTRIC INDUSTRIES INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
HE$9.08+0.1%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements
Condensed Consolidated Statements of Income (unaudited)
| Three months ended September 30 | Nine months ended September 30 | |||
|---|---|---|---|---|
| (in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| Revenues | ||||
| Electric utility | $829,617 | $794,987 | $2,410,526 | $2,419,539 |
| Bank | 105,144 | 100,974 | 312,231 | 291,716 |
| Other | 3,622 | 5,912 | 10,144 | 14,540 |
| Total revenues | 938,383 | 901,873 | 2,732,901 | 2,725,795 |
| Expenses | ||||
| Electric utility (includes $163 million and $1,875 million of provision for Wildfire tort-related claims recorded in quarter and nine months ended September 30, 2024) (Note 2) | 934,181 | 723,629 | 4,096,175 | 2,198,681 |
| Bank (includes $82 million of goodwill impairment recorded in second quarter of 2024) (Note 5) | 81,972 | 88,415 | 320,913 | 230,769 |
| Other (includes $35 million of impairment recorded in third quarter of 2024) (Note 3) | 48,778 | 14,718 | 84,917 | 34,737 |
| Total expenses | 1,064,931 | 826,762 | 4,502,005 | 2,464,187 |
| Operating income (loss) | ||||
| Electric utility | (104,564) | 71,358 | (1,685,649) | 220,858 |
| Bank | 23,172 | 12,559 | (8,682) | 60,947 |
| Other | (45,156) | (8,806) | (74,773) | (20,197) |
| Total operating income (loss) | (126,548) | 75,111 | (1,769,104) | 261,608 |
| Retirement defined benefits credit—other than service costs | 1,106 | 1,256 | 3,669 | 3,561 |
| Interest expense, net—other than on deposit liabilities and other bank borrowings | (32,085) | (32,629) | (96,076) | (91,259) |
| Allowance for borrowed funds used during construction | 1,331 | 1,372 | 4,061 | 3,798 |
| Allowance for equity funds used during construction | 3,300 | 4,000 | 10,276 | 11,073 |
| Interest income | 3,662 | — | 9,929 | — |
| Income (loss) before income taxes | (149,234) | 49,110 | (1,837,245) | 188,781 |
| Income tax expense (benefit) | (45,303) | 7,521 | (480,898) | 36,915 |
| Net income (loss) | (103,931) | 41,589 | (1,356,347) | 151,866 |
| Preferred stock dividends of subsidiaries | 471 | 471 | 1,417 | 1,417 |
| Net income (loss) for common stock | $(104,402) | $41,118 | $(1,357,764) | $150,449 |
| Basic earnings (loss) per common share | $(0.91) | $0.37 | $(12.16) | $1.37 |
| Diluted earnings (loss) per common share | $(0.91) | $0.37 | $(12.16) | $1.37 |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 114,358 | 109,728 | 111,636 | 109,606 |
| Diluted | 114,358 | 109,917 | 111,636 | 109,932 |
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